Enabling financial attributes for NFT? Read about Corra.Finance, which makes NFT accessible to ordinary people

Corra.finance is a platform that uses NFT technology to cash in on online digital content by allowing users to cash in on content posted on social media platforms such as Facebook, Instagram, Twitter, YouTube, etc. after NFTing it.

Author | Nancy

Whether in terms of market participation or sales, NFT is undoubtedly the “new favorite” investment this year. The rapidly growing popularity of NFT is gathering unprecedented attention from outside the circle, with art, gaming, sports, entertainment and other industries going crazy for it.

In this carnival feast of NFT, Yao Ming, Zion Williamson, Eminem and other traditional celebrities with their own traffic forcefully entered the game, so that all kinds of incredible high prices appeared one after another. Although the celebrity effect has made NFT, a popular celebrity, earn a lot of attention, but it is still a long way from really going to the public. Finance, for example, is adding another fire to NFT, making it possible for everyone to become an NFT “trendsetter.

Not only crypto art, but also social media content can be NFT

Crypto art is one of the main triggers for NFT to become the new “top stream” in the crypto world. In the past few months, the market has been on a gold rush with the skyrocketing prices of works after NFT’s surprise attack on crypto art, as evidenced by the growth of the trading market, with Cryptoart.io data showing that the total value of crypto art has exceeded $700 million and over 200,000 pieces of art sold so far.

However, the continued popularity of crypto art has also led outsiders to imagine that NFT was once stuck in the art field. Although NFT has been a “gold rush” in both the art and gaming sectors, Jason Fang, founder of Corra. For the NFT industry as a whole, art is not a very good application direction. As an NFT enthusiast and early participant, Jason Fan told PANews he wants to bring more possibilities to NFT development.

Jason Fang is an early practitioner in crypto circles and blockchain. Back in 2016, Jason Fang joined Distributed Capital, a well-known investment house, to be in charge of North American blockchain projects. Subsequently, Jason Fang joined Matrix Meta, a blockchain infrastructure technology service provider, and was mainly responsible for overseas market.

After gaining extensive experience in the blockchain industry, Jason Fang founded Sora Ventures, Asia’s first digital asset fund, in 2018, which now has $10 million in assets under management. In the past few years, Sora Ventures has invested in a number of NFT projects, such as the blockchain card game Gods Unchained, a game whose popularity is second only to the exploding crypto-cat. Not only that, but in order to accelerate the growth and adoption of NFT across various ecosystems, Sora Ventures has also launched the NFT Fund (which will manage $10 million in assets) with the aim of providing funding and community support for NFT projects.

It is thanks to years of experience with NFT and recognition of its promising future that Jason Fang has created Corra.finance, which will be launched on May 13. Corra.finance is a platform that uses the NFT technology to cash in on online digital content, allowing users to NFT content posted on social media platforms such as Facebook, Instagram, Twitter, YouTube, etc. to cash in.

Enabling financial attributes for NFT? Read about Corra.Finance, which makes NFT accessible to ordinary people

In fact, in the traditional Internet social platform, almost everyone is a Prosumer. However, quality content is often caught in the strange circle of “good but not good”, and even the content will be used or sold indiscriminately, which makes it difficult for many creators to get a considerable income, especially for the relatively small size of fans, and it is even more difficult to realize the content. At the same time, those fans who invest real money to support the creators not only have to be charged a significant share of the platform’s service fees, but also can not enjoy the platform’s revenue.

NFT, however, can reconfigure the relationship between fans, creators and distribution platforms, not only allowing creators to directly gain the ability to cash in and keep gaining revenue during the flow of their works, but also allowing fans to directly support creators. For example, in March this year, Twitter CEO Jack Dorsey’s first tweet was auctioned off after being cast as an NTF through the Valuables tool for $2.9 million, with the original tweet creator, Jack Dorsey, receiving 95% of the total price and 10% of the revenue from the secondary sale.

Corra.Finance is one such platform that can NFT digital content from social media and is revolutionizing social media content. For creators such as KOLs, Corra.Finance not only brings in more revenue (including initial sales and self-imposed royalties), but also helps creators to further expand their visibility, thus allowing NFTs purchased by their fans to have an appreciable value.

Break the high threshold of NFT participation, Corra.

Unlike NFT platforms such as Nifty Gateway, Rarible and MakersPlace, “Corra.Finance allows anyone to create an NFT without paying any fees, and it only charges a service fee after the casting and first successful sale of an NFT. ” Jason Fang noted.

In other words, regardless of age, background or income level, both celebrities, KOLs and ordinary people can participate in the content NFT sale for free, and the platform will only charge a fee after a successful bid.

In fact, despite the extraordinary popularity of NFTs, it is not easy for ordinary creators to distribute and successfully sell NFTs, even for crypto artists who have risen to fame. Especially with the rising ethereum Gas fee, creators have to pay a significant Gas fee even before their works are sold, and at some point this cost of uploading is much higher than the price of the work itself.

“Whether the Gas fee is high or low, this invisible threshold will dissuade users from participating to a certain extent.” In Jason Fang’s view, only by truly breaking down the wall of the threshold for participation can more and more users join the NFT ecological construction.

Indeed, for the long-term development of NFT, even if the dual effect of celebrity and money can capture the hearts of users for a while, the poor user experience brought by high Gas fee will be difficult to retain and even expand new users. As the lifeblood of the product, user experience will directly determine the development of the application in the market.

In addition to opening the door for NFT creators to participate with free Gas fees, Corra.Finance also supports credit cards. In fact, although cryptocurrencies are coming into the mainstream day by day, the more complicated operation process has discouraged many people, and the introduction of credit card function will be extremely friendly to users outside the circle.

Finance not only lowers the barrier to entry and cost of participation, but also allows more people to get a fairer income from NFT through creativity, digital content, products and other NFTs.

It is worth mentioning that not only for social media creators, Corra.Finance is also working with nonprofits around the world to develop a blockchain solution to enable more donations, which can take the form of cryptocurrency. Jason Fang told PANews that with Corra. Corra.Finance allows nonprofits to create new donation pools by creating NFT products online and sharing them with supporters. Because the entire donation process is recorded on the chain and the nonprofit’s wallet is public, outsiders have a very good idea of where the money is going, greatly ensuring transparency. At the same time, nonprofits receive royalties all the way through the flow of these NFT products. Of course, if the brand value of the non-profit organization is enhanced, the value of the buyer’s NFT will also be increased, which can be said to be a double benefit.

IDO will be opened soon, Corra.Finance has opened the whitelist

On May 15, 2021, Corra.Finance will also conduct IDO on the cross-chain token issuance platform WeStarter, and the whitelist is now open. It is reported that the whitelist opening time is May 10 Beijing time, the closing time is May 13 at 24:00, the whitelist results are announced on May 14.

Enabling financial attributes for NFT? Read about Corra.Finance, which makes NFT accessible to ordinary people

Meanwhile, the whitelist is expected to release 2,400 CORA tokens worth $30,000 at a price of $12.50 per CORA. The whitelist will be limited to only 500 users randomly determined by the system to make a grab, of which only 300 will eventually be able to grab CORA on a first-come, first-served basis. each user can only grab it with USDT, with a limit of $100.

According to official disclosures, Corra.Finance’s governance token CORA totals 10 million, and they play an important role in its NFT ecosystem. Similar to Rarible, which allows the platform’s most active creators and collectors to vote for platform upgrades through its governance tokens, Corra.Finance’s governance tokens can be used to boost the ranking of NFT works. The more tokens a creator’s work receives, the more exposure it receives and the more likely it is to be sold.

Enabling financial attributes for NFT? Read about Corra.Finance, which makes NFT accessible to ordinary people

It is around the NFT product that Corra.Finance has won the recognition of capital. Recently, Corra.Finance announced the completion of a new round of funding from three categories of investors: exchanges, media and investment institutions, including MXC, BitForex, Hotbit, Lbank, FMF Capital, BTC Inc., ICO Pantera, NewTribe Capital itsBlockchain, Jeffery Huang, PANONY, DFG, CDI, PhoenixVC, ChronosVC, BSS Finance and Cryptomeria Capital.

Finance will truly change the relationship between content production and consumption, and take the vision of “NFT for everyone” one step further.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/enabling-financial-attributes-for-nft-read-about-corra-finance-which-makes-nft-accessible-to-ordinary-people/
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