Going Beyond Digital Arts
Corra will enable the monetization of digital content through the creation of NFT. Instead of gaining likes from your photos on Instagram, you can sell them to your fans. Anyone can create NFT products, auction them, and monetize their ideas, words, digital content, products, and much more. Corra strives to push NFT use cases beyond just gaming and digital arts. The platform will introduce four new categories to curate NFT products: DeFi, digital content, social media, and non-profit. Users can create and list products for free without paying gas fees. Only when the users auction out a successful sale will the platform charge a fee, guaranteeing a profit to all NFT creators on Corra.
NFT in Social Media
Social media platforms such as Instagram, Tik Tok, and Facebook monetize on our digital content whenever we post photos, short clips, or any content on their platform. Realistically, users should get paid as the companies are monetizing on our data, but we all know that will never happen — this is where Corra comes in. When users post anything on their social media platform and share it with their friends, they can also post it on Corra and auction it in the form of NFT. Users can align the NFT auction with the post on their social media account so their friends or followers can see it. Anyone who finds it interesting and wants to support or have a piece of your IP can execute a bid on Corra and ultimately purchase it. Now your friends can own a piece of your IP.
NFT in Non-Profit
Corra also wants to work with non-profit organizations around the world to open up a blockchain solution that funnels more donations to support their mission. Traditionally, non-profit organizations would attract funding from supporters through the purchase of merchandise or online donations. As donors, we can only assume that the money is going into the right hands for a good cause once the money is sent. With Corra, non-profits can create a new pool of donations by creating NFT products online and sharing them with their supporters. The donation can be in the form of crypto, whereby the wallet of the non-profit organization is shared publicly so people know where the funding went. The non-profit can then make a proposal to the community each time they wish to allocate a certain amount of donation from the pool on a new initiative, and the transaction will be recorded on the blockchain. This would increase transparency on where the funds went. If the non-profit provides a credible report on how the replication went, donors will continue to support the non-profit by purchasing NFTs, and the pool will remain open for anyone to inspect. Over time, if the non-profit’s brand increases, the buyers of the NFTs can resell them in the marketplace, which would earn the non-profit royalties on future sales from the NFTs.
NFT in Digital Content
Digital content can be in many forms. It could be a photo, a video, a message, or even a philosophy. Historically, when artists first painted, no one knew that their artwork could have a price tag attached to it, nor sold and resold for hundreds of years. Just like artwork in the past, digital content today should have a price, but because we are so used to giving that value to the hands of giant tech firms, and have been so institutionalized by their rules, we never thought of the idea that our own content in their platform can have some form of monetized value.
Corra aims to break that stereotype by allowing anyone to freely create their NFT attached with their digital content, and then opening up a marketplace specifically for this use case. Each user can test how much their messages are worth, not worth likes or comments, but through real money. For example, KOLs can share their photos on Instagram and at the same time share that photo on Corra to be auctioned out. His or her fans can purchase it and support the KOL. It is a better form of online gifts because your fans are purchasing a piece of your IP, which can grow over time and re-sold to the market. If future sales were to occur again, you as a KOL will get royalties from the sale and would be incentivized to further grow your brand. Corra aims to open up an entirely new market for KOLs, public figures, and celebrities to monetize their digital content. Don’t work for the giant tech companies, work for yourself.
NFT in DeFi Market
Corra will introduce NFT use cases around new or existing DeFi products. Below are sample ideas on NFT use cases that can be implemented to existing Defi products:
- Reducing lock up for staking related products by X time.
- Increasing APY for lending-related products by X time.
- Decreasing APY for others, while increasing your own APY within X amount of time.
- Increasing voting rights.
- Reducing APY for borrowers by X time.
In addition to working with existing DeFi companies, Corra will fork several versions of the most popular DeFi product in the market to showcase how NFT can be applied.
