【MetaX】Protocol for recording contributions on social networking services and distributing proprietary tokens / Direct economic benefit from users' social actions
"MetaX" is a protocol that allows on-chain recording and fair rewarding of behavior on social networking sites such as Twitter and Discord.
Good morning.
This is Mitsui, a web3 researcher.
Today, I researched "MetaX”.
"Table of Contents"
1、What is MetaX?
- How it works
- NFT
- Roadmap
2、Enjoy Visualizing Contributions
What is MetaX?
MetaX" is a protocol that allows you to record your actions on social networking sites such as Twitter and Discord on-chain and reward you fairly.
In the current SNS, all content posted by users is owned by the platform. Also, for example, contributions and contributions for the acquisition of WL for NFT projects are often managed centrally, resulting in a very ambiguous evaluation mechanism.
MetaX keeps track of everything a user tweets or says on Discord for the community and distributes tokens according to their contributions.
With the vision of "realizing direct economic benefit from users' social actions," MetaX aims to create a world where users' contributions and contributions are legitimately recorded and valued.
Let's take a closer look at how it works.
■How it works
First, two words are explained.
POSW (Proof of Social Work): Called Proof of Social Work, proof of a user's contribution on a social networking site.
$MetaX: ERC-20 standard cryptographic assets used within MetaX
Simply put, when a user makes a contribution such as making a statement on a SNS, a POSW is accumulated as the user's DID credential. Depending on that POSW, $MetaX will be distributed.
The $MetaX can be cashed in, but it can also be used to purchase goods in the community and in a social metaverse called MetaGalaxy.
MetaX is currently in the beta testing stage, and the proprietary token "$MetaX" has not been released.
■NFT
There are two NFTs in MetaX
PlanetGenesis NFT: a membership NFT required to introduce the MetaX system to your community.
PlanetMan NFT: A membership ticket to the first MetaX community.
○PlanetMan NFT
As mentioned above, MetaX is currently being tested in beta. The NFT required to participate in the test is the PlanetMan NFT.
PlanetMan NFT" can be obtained through freemints.
↓I also registered on the test site to get "PlanetMan NFT", and it seems that my comments on Discord and Twitter will be recorded from now on.
By the way, here are the criteria for obtaining POSW
🟣Discord
Messages: 3
Reactions: 1
Invitation: 10
Tweets: 5
Likes: 1
Mentions: 1
Replies: 2
Quotes: 4
Retweets: 3
Twitter allows community owners to specify a specific #tag, and tweets that follow the #tag are recorded. Also, liking or RTing a tweet with a # tag counts as POSW for the recipient. The person who just likes or RTs the tweet will not be counted. In other words, the person who tweets a good tweet that gets a lot of responses will get more POSW.
○PlanetGenesis NFT
And PlanetGenesis NFT is what you will need when you want to introduce MetaX to your own community as well.
Here is a summary of the information currently available.
2,222 units
Sold to WL acquirers
Scheduled to be sold in June 2023
BNB chain
Price is 1 BNB
Will be a pass right to participate in MetaX social mining
Owner incentive of 5% of $MetaX allocation is provided to earn unearned income
Receive rewards such as high-value airdrops for each Web3 project and L2 infrastructure system
Daily POSW accumulation is capped at a certain amount of tokens, but this can be increased by owning a PlanetGenesis account.
Earn more $MetaX per POSW unit.
You can rent out your $MetaX to other communities and get owner incentive by sharing the $MetaX profit and activating the community.
The key feature of the $MetaX Allocation 5% unearned income.
$MetaX is a token used in the MetaX protocol, and its allocation is planned as follows. The key points are the allocation to "Communities in the Ecosystem" and "Community Owners".
The "community in the ecosystem" is $MetaX distributed based on POSW accumulated by community members, and the "community owner" is a reward that is distributed automatically, and the more active the community is, the more will be distributed.
By owning a PlanetGenesis NFT, you can build your own MetaX community and earn $MetaX rewards as that community thrives. Those who do not build their own communities can also rent out PlanetGenesis NFTs and earn a portion of the $MetaX reward for the communities they rent out as a license fee.
In addition, $MetaX will be locked until 100 communities have adopted MetaX in order to boost the entire ecosystem, not just a single community.
■Roadmap
We are planning to launch to the mainnet at the end of May 2023 and PlanetGenesis NFT in June 2023. This will be followed by the construction of MetaGalaxy in the Metaverse space.
For other detailed explanations of POSW distribution standards, etc., please see WhitePaper and Discord!
Enjoy visualizing your contribution.
From here, I will write my impressions based on my research.
I have limited myself to just an overview because it would take too long to write an article explaining all of them, but when I looked at WhitePaper and Discord, I found that they were designed in a very detailed manner.
What I personally enjoyed was the UI of the site and the design of the NFT.
I have researched loyalty program-type services that visualize contributions on Discord and Twitter before, but most of them were simply visualization services. Of course, it may be better to have a loyalty program than not to have one, but from the user's point of view, it is not very fun.
I believe that what loyalty programs need is not the fact that contributions are accumulated, but rather the fun of accumulating them. Filling up the loyalty card itself is fun, or the prizes you get for redeeming points are not for sale and are a joy, etc. It is not worth it to accumulate points for the sake of interest. It is not cosmetic in any way.
For example, I believe that Starbucks' loyalty program works because the process itself is fun (e.g., stylish stamps NFT are distributed) and the prizes are Starbucks-branded and not for sale.
MetaX had a unified space theme, and the PlanetMan NFT that I was able to win in the free mint allowed me to choose my own design from a number of different designs. I chose the soccer ball design because I like soccer, but there were many others.
It is a small thing, but I feel that the design that I chose and that I like is a great reason for me to use the service. Also, it seems that there will be a feature that will allow you to grow your NFT with the $MetaX you earn in the future, so you can further customize it to your liking.
Loyalty programs are not as cost-effective for the owner as they are for the user, who is forced to make endless returns. Therefore, it is necessary to offer something else that is fun.
The same is true for loyalty programs that utilize web3. Right now, many projects are distributing WL or limited-edition goods, but I felt that it would be interesting to have a game-like element to nurture original NFTs like MetaX. I also feel that it would be more fun to work hard.
However, there are many things that can only be understood through experience, so I will try to experience MetaX's services myself first!
That's all for now, I would appreciate it if you could help me by liking, commenting, and sharing on social networking sites. Thank you very much for taking a look!
«Reference Link»
Disclaimer: This is written after careful examination of researched information, but since it is privately operated & the source is often in English, there may be some mistranslated or incorrect information. Please understand that some information may be mistranslated or incorrect. Also, we may introduce Dapps, NFTs, and tokens in the articles, but we do not have any solicitation purpose. Please purchase and use all at your own risk.
Writer
mitsui@web3researcher
Daily information about web3 (projects, news, explanations of vocabulary, interviews with project owners, and articles about learning and thinking from research).
I run a web3 based Substack with over 1,000 subscribers in Japan. If you have a project that you would like to expand for Japan, please contact me on Twitter.
※This is a translation of a Japanese article, so I apologize for any unnatural English.