Uhive social network enables users to mint their profiles into NFTs
Uhive is the world’s first blockchain-based, AI-powered social platform. This disruptive social network is shaking up the social media sector using a unique and innovative interest-based content discovery model, alongside tokenized content creation within Uhive’s decentralized economy and its very own cryptocurrency – Uhive Token HVE2.
At the center of Uhive’s groundbreaking app resides the Oasis; an interactive, VR-supported physical-esque dimension comprising an infinite number of ‘spaces’. These spaces are similar to profiles, or pages on other social platforms, but that is where the similarities end.
What are Uhive spaces?
Think of Uhive spaces as parcels of virtual land some with and some without properties. Their intrinsic value fluctuates and is dependent upon many factors including, but not limited to; location, the level of engagement a space receives, and the amount and quality of followers a space has (follower quality is determined by their social scale).
As far as social networks are concerned, the concept of virtual real-estate is unique to Uhive, but Uhive takes it one step further by turning spaces into non-fungible tokens (NFTs). As far back as 2018, Uhive foresaw the benefits of rewarding content creators and so from the get-go, the Uhive team designed these spaces as non-fungible tokens (NFTs).
What are NFT’s and how are they created?
If you haven’t heard of NFT’s, or nifties, don’t worry, you are not alone. With COVID dominating the 2021 news cycle it is no wonder that most are unaware of this $338 million (Non-fungible) market taking the digital world by storm. Demand is skyrocketing and it’s no wonder that everyone from artists to businessmen to sports franchises is creating their own version of these unique, high-value, digital assets in their attempt to cash in on the burgeoning demand.
In addition to virtual land, some other forms of collectibles that have undergone this digital transformation are original works of art, songs, sporting highlights, and even digital pets that have become some of the most valuable, sought-after NFTs.
Non-fungible tokens are created by coding a collectible’s unique identifying information into a smart contract. The resultant digital file becomes an unforgeable and indivisible digital collectible. Once cryptographically encoded onto a blockchain, a copy of this file is then uploaded to an NFT auction market where it can be purchased and/or resold with cryptocurrency.
So, how do NFT’s apply to Uhive?
In Uhive’s case, designing each space as its own NFT gives the end-user something tangible; a unique, immutable, and valuable collectible that becomes owned as the underlying distinguishing data also acts as the spaces certificate of authenticity/ownership. Included in this data is the NFTs unique token address specific to each space’s physical location within the Oasis.
This digital land deed grants the owner exclusive rights to the space in question, all of its content and followers, and allows them to withdraw the NFT to their preferred wallet in order to sell or trade the space. If you’re still not convinced of the possible value these digital lands and property nifties can hold, consider just one outrageous example of an exorbitant sum being spent in some other virtual communities, such as this virtual property which sold for a whopping $1.5 million in Ethereum!
Uhive’s idea to make spaces available as NFTs is brilliant and aligns perfectly with one of the platform’s core values; rewarding the original creators whose content is responsible for a majority of the platform’s success.
Spaces can be purchased using Uhive’s very own ERC-20 cryptocurrency – Uhive Token HVE2. HVE2 which resides on the Ethereum blockchain not only powers transactions across the Uhive network, but also abides by the compliance guidelines that allow a token to be a tradeable asset. Investors and traders alike can now purchase the platform’s native currency on LATOKEN using Tether or Ethereum trading pairs or on PROBIT exchange with bitcoin.
Uhive’s user-centric business model goes against the grain of traditional social platforms. Facebook, Twitter, Instagram, and others have actively ignored their users by designing a social environment solely beneficial to those running the show.
Conversely, by creating a social network that rewards the end-user, Uhive will not only promote a self-sustaining economy but also position itself to benefit greatly from the network effects inherently produced by the platform. This creator-first and feature-rich social network have set its sights on becoming a major competitor and position itself among the social media giants while redefining the entire category.
To learn more visit www.uhive.com
Telephone: +44 20 8638 6083
Written by Samuel Cole
Disclaimer: This article is a paid post and must not be considered as news/advice.