Social (social) will also add DeFi.
Introducing the concept of Web3, a blockchain social mining project named Monaco Planet appeared. On November 28, the project’s beta website was launched. It is a platform similar to Weibo, where users can post pictures, texts and videos, and display their NFTs. In addition, users can participate in "Write to Earn" mining, and follow, like, and comment on the platform to mine the native token MONA.
At the start of the project, Monaco engaged in a wave of "viral marketing". Only users who purchased the NFT of its yachts in the early stage can create accounts on the platform first. Since each NFT holder has 5 invitation codes, there has been a wave of "chasing codes" on social media, and the invitation codes have been fired for hundreds of dollars at one point. The high market enthusiasm has made Monaco temporarily stand out in the early stages of development.
However, the project stated on November 30 that "only English-language content can be mined." This statement ignited the anger of the Chinese-speaking community. Later, some users pointed out that there were Chinese characters in the error code of the project, and questioned that Monaco was actually operated by a Chinese team and pretended to be a foreign project. Soon, Chinese users went to the official social channels of the project to criticize and criticize, and Monaco, which focuses on decentralized social networking, "dead".
From the point of view of the operating mechanism alone, Monaco, which is labeled with Web3 and SocialFi, is also lacking in innovation. Content creation or mining is not a new concept. As early as 2017, a social blogging DApp called Steemit was born. Chinese users are familiar with it. Bihu has also adopted a similar operating mechanism.
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Monaco SocialFi Platform Invitation Code Has Been Stirred
In the opening chapter of Monaco Planet, it describes a story to all onlookers.
In 2150, humans have detected that a huge black hole is approaching the solar system. The huge gravitational force of the black hole will ruthlessly tear the entire solar system apart, and the earth will eventually turn into stardust. In order to continue to survive, human beings have to fly into space to find new homes suitable for survival.
Decades later, astronauts discovered a water planet light-years away with gravity, temperature, oxygen and water similar to Earth's environment. "Just call her Monaco," the astronaut excitedly sends coordinates to Earth. Soon, the first batch of 9,999 human advance teams arrived in Monaco. They lived on yachts transported from the earth, shared the ownership of the entire Odaily, and achieved common prosperity through joint governance.
Monaco depicts a utopian world. It hopes to use the blockchain to launch the "Odaily Migration" plan to build a new social and content creation network.
The story is indeed fascinating. Monaco believes that for a long time, a small number of large companies have dominated the Internet, and users have little control over personal data and creations, and have no income from the placement of advertisers. Therefore, Monaco wants to use SocialFi (social finance) as a breakthrough to return data ownership to users and give users creative benefits to promote the transition of the Internet from Web 2.0 to Web 3.0.
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On Monaco, users only need to connect to the Ethereum wallet to complete the login, but in the early stage, only users with yacht NFT can create accounts and publish content on the platform. At the same time, each user who owns NFT can get 5 invitation codes to invite other players to join.
According to the introduction, Monaco has set up a "Write to Earn" content mining mechanism to benefit active content creators and discussion participants. They can obtain the platform's native token MONA through following, liking and commenting, as well as NFT display and Staking.
"Mining" is always the most exciting method for users at the start-up stage of a new project. Soon, a large number of users went to buy yacht NFT in order to obtain early mining qualifications. On November 29, the floor price of yacht NFT once rose from 0.15ETH to 0.5ETH. Those users who are unwilling to buy NFT are asking for invitation codes in various communities and social platforms, hoping to get a "boat ticket" to Monaco. At the peak of fanaticism, an invitation code was fired to hundreds of dollars.
Labeled Web3 and SocialFi, Monaco is on fire. From its official website, Monaco is very much like a blockchain version of Weibo/Twitter, except that it is a traffic and content aggregation site dedicated to the encryption community, where users can display their own NFT, And discuss encryption topics.
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Monaco restricts Chinese content "mining" to raise doubts
On the way to free content utopia, Monaco first restricts the freedom of some people.
On November 30, Monaco posted on its official Twitter that only publishing English content is considered "content mining". This clearly differentiated tweet immediately aroused dissatisfaction in the Chinese community.
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Monaco's statement that "Only English can mine" caused controversy
In fact, if you look carefully at the published content on the Monaco platform, it is not difficult to find that there are a large number of Chinese-speaking users on the platform, and many people's nicknames and speeches contain Chinese. Some community members speculated that Monaco did not issue mining rewards for Chinese content, possibly in order to comply with China's strict regulatory policies. Soon it was revealed that there were Chinese traces in the Monaco code.
According to the records posted by Twitter user Paradise, the Chinese characters "msg: Incorrect type" appeared in the error report of the Monaco App interface. The user questioned that the project behind Monaco was originally a Chinese team. In the limited public information available to the outside world, people only know that the project has received investment from Three Arrows Capital and IMO Ventures, but it is still unknown who is in charge of the project.
Before leading to the new Odaily, Monaco "dead" in the Chinese community. A large number of Chinese-speaking users posted accusations and boycotted Monaco. This popular traffic project encountered a group defection. At the same time, the yacht NFT issued by Monaco also experienced a large drop in the secondary market, falling from 0.35ETH to 0.14ETH at one point.
The controversy has cast a shadow over Monaco's prospects. From the perspective of the operating mechanism alone, Monaco, which claims to build the SocialFi platform, does lack innovative highlights.
Judging from the products currently presented by Monaco, its main feature is that it does not require identity authentication to protect user privacy, while giving active users and creators Token benefits. But this model has been explored by pioneers for a long time. In 2017, Steemit, a social blog DApp deployed on the Steem chain, has appeared. Users can publish content on it and record it on the chain, and at the same time get Token benefits; Bihu, which is familiar to Chinese-speaking users, also adopted this creative incentive method at the beginning of its establishment.
Steemit once became the largest encryption community on the chain, attracting a large number of encryption enthusiasts from all over the world. However, due to the subsequent sharp drop in the price of tokens, the participation enthusiasm of new users has also declined, and Steemit is alive and tepid.
Today, Monaco, which is similar to the Steemit model, is coming again under the guise of Web3 and SocialFi, which has also been questioned by some players as "old wine in new bottles". On social media, a big V commented that Monaco is just a blockchain Weibo, which happens to be on the outlet of SocialFi, "I think it is impossible to do it with a high probability, and social networking is too difficult."
Obviously, at the current stage, Monaco is still far away from the free and beautiful "water planet" it describes, and the controversial incident of "English-only mining" is particularly contrary to the "decentralization" it emphasizes. Monaco needs more convincing to be SocialFi's answer.
