In addition, Vanter owners can earn unique user grades, levels, and statuses-similar to boosting character abilities in video games with power-ups. Though the way said quests will work hasn’t been specified by VIM’s creators, they will require an additional NFT, “Rainbow Goggles,” to complete. Using NFTs called “Vanters,” users negotiate with virtual influencers to pick up profit-making Daily Quests. VIM users will be able to boost their favorite influencers through activities that earn VIM TOKENS. VIM’s creators say the service links to the blockchain to form an ecosystem of games, shopping, virtual performance, and social networking services. But again, both models rely on hype and FOMO driving usership. The latter moves fast, forcing creators to tap into early adopter funding to keep attracting interest. Theoretically speaking, the difference between X2E and a Ponzi scheme is the former accrues interest and buy-ins gradually, using hype and FOMO. It’s a tricky model, and VIM indicated as much to dot.LA. X2E's goal is to have people take part in a hype exchange of interests and rights. X2E, which stands for “X to Earn,” is a Web3 growth model that rewards users for referring friends to a platform with digital goods like NFTs or cryptocurrencies. Primarily, VIM hopes to shed the reputation that X2E projects are merely Ponzi schemes. In addition, the project’s creators say they are seeking to “solve the problems caused by” other X2E projects. Participants, according to VIM, can earn profits by supporting virtual influencers with subscriptions and interacting with and promoting them. The rep wrote that people who join the platform get rewards from “marketing activity, not gas fee(s) generated from computing power.” Via email, a company spokesperson told dot.LA that VIM is, first of all, “a marketing platform” that facilitates connections between humans and “virtual humans.” Here, the focus is on users and virtual personas rather than creating specialized spaces as in Decentraland. ![]() All such creations can be traded away, put up for sale, or otherwise monetized. It allows the creation of anything from buildings to animation, wearables for characters, and artwork. Once you own a parcel there, you can build anything you want using the Decentraland builder. Decentraland, a virtual world with its own blockchain-enabled currency, represents just one notable example of C2E. So - what is C2E, and how does it work? It’s as simple as creating new digital content: think avatars, skins, digital art, or perhaps music, then minting it and selling it as an NFT. Since then, the stock has risen another 21%, including a near-5% bump on Friday by the market's close. It remains to be seen how exactly the company will integrate Voisey, but the acquisition signals a broader continuation of the rising prominence that music plays in social media.Snap's stock has been on a tear since its upbeat Q3 earnings report, which goosed a next-day share price increase of 28%. The move follows Snap's recent launch of its TikTok-esque "Sounds on Snapchat" feature. As of September, the app housed over 11 million new songs, which had collectively been played over 200 million times, according to Music Business Worldwide. Snap did not reply to dot.LA's request for comment.Īs an indicator of how these tools and services can lead creators to legitimate success, earlier this year, California-based artist Olivia Knight signed with Island Records and Warner/Chappell Music after she gained traction on Voisey by creating over 100 videos on the platform. "We are on the cusp of a revolution in music making," Mulligan wrote, "with a host of new tools and services set to create the fastest growth in music creativity ever seen. Music industry analyst Mark Mulligan of MIDiA, a research firm, put the acquisition in the context of the ongoing growth of music-oriented creator tools like L.A.-based Output, which recently raised $45 million in its first ever fundraise. Among those investors was Norwegian DJ duo Stargate, which described Voisey as 'the future of songwriting.' It subsequently picked up just shy of $2 million in investment, according to Pitchbook. Voisey was founded by a group of music-tech entrepreneurs from Norway and the U.K. Music producers upload their own beats, upon which more users can then add layers like vocals, harmonies or percussion, with support from tech features like auto-tune or other audio enhancements. ![]() ![]() Whereas TikTok allows users to lip sync and dance to songs in the app's library, Voisey enables users to co-create new songs, or parts of songs, up to a minute in length. Voisey is a mobile app similar to TikTok, but with more of a creator-oriented bent. The deal was reported by Business Insider, which did not include terms. Santa Monica-based Snap has acquired Voisey, a U.K.-based music-tech startup that launched in 2019.
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