A YouTube-focused tokenised social media influencer economy has received investment from major YouTubers Mr Beast and KSI.
Xcad Network says its platform will allow the next generation of content creators to monetise their content and create NFTs, meanwhile fans will be rewarded for engagement and viewing of content.
The start-up recently raised £2.8 million to commence the build of its ecosystem, generating significant interest from the YouTuber community and is also expected to announce other big content creators backing the project next week.
Oliver Bell, CEO and co-founder of Xcad Network, said: “When we started discussing our vision for Xcad Network with both Mr Beast and KSI they jumped at the chance to become part of the project.
“It’s great to have such well–known and successful influencers backing us and we look forward to working with them to build out our tokenized ecosystem globally.”
Xcad Network says its utility token XCAD marketplace will provide one–click creation of NFTs by content creators. NTFs will become an integral part of the ecosystem, allowing users to create unique memorabilia that people can buy and trade amongst each other.
Joel Morris, co-founder of Xcad Network and a YouTuber with over 2.5 million subscribers, said: “The Xcad Network will enable greater engagement amongst YouTubers and their viewers, providing the ability to monetise activity via a tokenised economy that rewards users for engagement and viewer loyalty.
“Mass adoption is the end goal here; KSI and Mr Beast investing is one giant step towards that goal.”
Xcad Network will have a plugin for YouTube, allowing content creators to tokenise themselves and earn rewards from their content, while also enabling viewers to earn rewards from watching videos and engaging with the content.
It says this is directly on YouTube and will not change their existing user flow. YouTubers will become part of an ecosystem that will reward content creators according to various criteria such as subscriber size, views and watch time.
Zilliqa, a $2 billion market cap project, has invested in XCAD and is building the entire blockchain technology side of the project.