The Corra Finance cryptocurrency is a plug-and-play blockchain platform that enables the monetization of digital content using NFT technology.
Content creators deserve to be rewarded for all the creative, engaging, and useful content they've put on the Internet. Unfortunately, conventional platforms aren't always fair to creators, especially when it comes to profit sharing.
Corra Finance, a platform based on blockchain, aims to turn the situation upside down by allowing creators to earn more from their published content, thanks to innovative reward schemes that come in the form of tokens, royalties and more!
In this article, we will discuss:
Knowing more about the cryptocurrency Run Finance
Jason Fang, the founder of Corra Finance, has envisioned a platform that will provide generous rewards for content creators.
This disruptive (and seemingly impossible) idea was made possible by the use of NFTs, which leverage the power of blockchain technology to provide creators with security, transparency, and better earnings.
What is Run Finance (CORA) token?
Run Finance is a plug-and-play blockchain platform that enables the monetization of digital content using non-fungible token (NFT) technology. This platform aims to solve the biggest problem for content creators with social media platforms: monetizing their content.
Although creators already receive monetary compensation for their great influence, their ventures could be more profitable if platforms were willing to provide greater incentives, a scenario that is unlikely to happen as long as the big tech giants continue to have a lot of influence.
This is where Corra comes in. The platform aims to provide content creators with greater revenue by turning their creations into NFTs and encouraging them to sell those creations coined on its platform.
Allowing regular Joes to venture into NFTs
Most NFT platforms cater to primary sources and exclusive products firsthand. In other words, they are providing services exclusively to high-end and deep-pocket investors.
Corra Finance does the opposite, providing its service to people who want to venture into NFTs but don't have enough resources, transforming their existing data like Facebook posts, tweets and Instagram photos into NFTs, allowing them to cash in on these assets.
See how platform users can start their first NFT venture in Corra:
- To get started, create a MetaMask wallet (free) to securely store NFTs and cryptocurrency assets.
- Then upload a screenshot of digital content that needs NFT handling, such as Facebook posts (text or photo), a tweet or Instagram photos, along with supporting documents that prove the content belongs to the uploader . Platform users can also upload other people's content, but their chances of being bought by the market would significantly decrease.
- Set a desired price and timer for the auction and wait a few minutes for Corra to approve the order.
If user NFTs are not rare, how can they be profitable?
Rarity, like any piece of art, is what drives NFT prices, but Corra has found a way to make users' digital assets valuable (even if that content is already existing data) by enabling NFT packages. By allowing users to combine multiple NFTs, it has already allowed millions of future users to create rarities in the easiest and arguably most creative way.
Product Categories
Once approved, the content will fall into three categories, which are called “Triple Moon”, “Double Moon” and “Single Moon”.
- The Triple Moon Category is the preferred category in the market and a product will fit into this group if the uploader is a Key Opinion Leader (KOL) in partnership with Corra.
- The Single Moon Category is for non-KOL in Run uploaders, your product will go straight to this rating.
- The Double Moon Category is for uploaders who do not want their products to fall into the Single Moon group, they must provide more information about themselves to join this category.
These categories will allow brokers (NFT creators in Corra) and bidders to establish trust with each other. Uploaders have two options for monetizing their digital assets: increase their upvote or auction their assets immediately.
The entire auction process is fast and straightforward. Once the product timer expires, the transaction will take place immediately and the profit will go straight to the uploader's MetaMask wallet. In addition, they can also earn royalties on all future transactions of their digital assets.
Corra Finance's new NFT categories
NFT on social media
Even though Corra's users aren't as many as conventional social media platforms, the platform's users can still have a wide reach as they can align their NFT auction with posting to their social media accounts. Corra users will have no difficulty finding potential buyers for their digital assets.
NFT in non-profit organizations
Corra also uses its blockchain technology to help charities collect donations around the world efficiently and securely and allow non-governmental agencies (NGOs) to fund their specific causes immediately.
But, in addition to the speed and security of this transaction, the transparency aspect is arguably its greatest and most notable innovation.
The traditional way for NGOs to raise funds is through merchandise and online donations, and donors have no choice but to wait for their donations to be properly managed and allocated. But through Corra, that positive thinking is eliminated by publicly sharing the portfolios of nonprofit organizations, allowing everyone to see exactly where their funds are going.
If NGOs wish to allocate a certain amount of pool funds to a specific venture, event or equipment, they must first propose it to the community. This process is revolutionary in every way, as it would ensure that funds are managed properly and would dramatically reduce (if not eliminate) mismanagement of funds.
NFT in digital content
Corra Finance allows content creators to make bountiful profits from their digital content, allowing people, especially their fans, to earn a share of their intellectual property. This piece can be resold by new owners, possibly for a higher price, as the creators receive royalties.
NFT on DeFi Market
Corra Finance will propose NFT use cases in decentralized finance (DeFi) products, which include reducing lockout periods for picket-related products in (X) time, increasing APY for loan-related products in (X) time and increasing the right to vote. The platform will also ship multiple versions of the leading DeFi products on the market to showcase critical NFT applications.
CORA token
CORA is the Corra platform's native token, which will allow users to monetize their digital content.
On many social media platforms, the best incentives that content can earn are just likes. But in Corra, these digital creations can earn truly valuable rewards through CORA tokens based on the number of “upvotes”.
The more positive votes, the greater the visibility of the product on the platform's auction page, which is a similar concept to paid marketing in Google search results. Users can increase their positive votes by sharing their content with their friends, family and followers, which is analogous to sharing content on Facebook to get more likes.
CORA tokens are available in decentralized and centralized crypto exchanges, and users can purchase them through fiat and other cryptocurrencies.
token design
CORA is an ERC20 token that allows users to vote positively on Corra Finance. Positive voting is highly necessary to place an NFT on the platform's home page for more visibility and, of course, profits.
To deal with issues related to the economy, Corra's developers designed the token to exercise justice in all sorts of situations. One of these measures works like this: when the price decreases, the CORA becomes cheaper for brokers to vote up their NFTs and, as a result, token usage increases.
In addition, any CORA used will be burned by the end of each month, ensuring that its total supply is reduced, which would maintain (and increase) its value.
Conclusion
Finally, a platform that recognizes the enormous importance of content creators in the cyber world, rewarding them, not with mere likes, but with greater earnings not only with the sale of digital content, but also with royalties. Run's concept is truly revolutionary, and only time will tell whether major social media platforms will follow suit.
