It's been 5 days since I first joined Bitclout which is another blockchain-based social media platform. It has a Twitter-like feel to it with most of the content is short-form and it has a 280 character limit. Although there are 3rd party tools that allow a user to create a post up to a few thousand characters of the post.
Every account has its own $creator coin. It's unique for every account and the name of the coin is the username of the account. At first, it feels weird to be having my own coin but over time I get used to it.
An interesting aspect of the creator coin is its financial attributes. It serves as a store of value. In a way, it can be used as a basis for the account's reputation on the platform. The users with a high price of $creator coins appear to have a strong influence among other users. This is especially true if the user with a high-priced $creator coin has influential backers who invested their money into the user's coin.
So, if you want to boost your social influence into the platform then you may either pump the price of your own coin by buying a bunch of it or get your rich friends to invest in your coin. As the price of your coin increase then your ranking on the leaderboard will also improve.
And when you get into the top 10 creators list then your name will be showcased in the Bitclout leaderboard and will be visible to all users of Bitclout.
Currently, Elon Musk holds the top ranking in this leaderboard.
What's even more interesting is the fact that Elon Musk has not claimed the account yet. It will stay idle until it is claimed by the rightful owner of this account.
My journey to the world of crypto.
NFA: Not Financial Advice!
The challenge here is that anyone who buys your coin, you have no control on when they will dump/sell them.
With the release of NFTs, the winner will be the account who will attract the most buyers.. the most creative who will be able to sell a lot of NFTs... Holders will gain royalty for each NFTs sold. Still a lot of changes to be coming I think.
$Creator coins have a tendency to be extremely volatile, that was the case until Bitclout launch NFT.
You are right about this, nowadays most investors are inclined to invest in coins that can consistently nail NFT sales. And it's already happening, the DiamondHands account invested 50k worth of $CLOUT in buying $cloutpunk coins to earn 10% royalties on every sale of CloutPunk NFTs.
The launch of Bitclout NFTs made a remarkable turn of events on the way users invest and even socialize within the Bitclout platform.
It's just less than a week after the NFT launch. Everyone is still gauging the new feature. Although it's a great addition to the platform only time will tell if it can really bring real attention to Bitclout.
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