Unsuccessfully, Monaco’s “yacht” is difficult to board Web3 planet

Social (social) will also add DeFi.

Introducing the concept of Web3, a blockchain social mining project named Monaco Planet appeared. On November 28th, the project’s beta website was launched. It is a platform similar to Weibo, where users can post graphics and videos, and display their NFTs. In addition, users can participate in “Write to Earn” for mining, and follow, like, and comment on the platform to mine the original token MONA.

During the project’s launch phase, Monaco engaged in a wave of “viral marketing”, and only users who purchased the NFT of its yacht in the early stage could create an account on the platform first. Since each NFT holder has 5 invitation codes, a wave of “code-seeking” has been set off on social media. The invitation code was once fired to hundreds of dollars. The boom in the market has made Monaco appear in the early stages of development.

However, the project stated on November 30 that “only English content can be mined”, which immediately ignited the anger of the Chinese-speaking community. Later, some users found out that there were Chinese characters in the error code of the project, questioning that Monaco was actually operated by the Chinese team and pretending to be a foreign project. Soon, Chinese users went to the official social channel of the project to criticize and criticize Monaco, the main decentralized social network.

From the perspective of the operating mechanism alone, Monaco, which is labeled Web3 and SocialFi, also lacks innovative quality. Content creation or mining is not a new concept. As early as 2017, a social blog DApp named Steemit was born, and Chinese-speaking users are familiar with it. Bihu has also adopted a similar operating mechanism.

The story Monaco wants to tell is to lead people to a new planet of decentralized, co-government content, but the controversial remarks of “English mining only” and not-so-fresh products deviate from its own concept.

Monaco SocialFi platform invitation code gets fired

In the opening chapter of Monaco Planet, it described a story to all onlookers.

In 2150, humans have detected that a huge black hole will approach 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, humans have to fly into space to find a new home suitable for survival.

Decades later, astronauts discovered a water planet a few light years away with similar gravity, temperature, oxygen, and water to the Earth’s environment. “Just call her Monaco”, the astronaut excitedly launched the coordinates to the earth. Soon, the first 9999 human advance team arrived in Monaco. They lived on a yacht transported from the earth, shared ownership of the entire planet, and achieved common prosperity through joint governance.

Monaco depicts a utopian world, and it hopes to use the blockchain to launch the “Planet Migration” plan to build a new social and content creation network.

This story is indeed very 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 creation, and they cannot get revenue from advertisers . Therefore, Monaco wants to use SocialFi (social finance) as a breakthrough point to return data ownership to users and give users creative benefits, so as to promote the transition of the Internet from Web 2.0 to Web 3.0.

From November 11th to 14th, based on the Ethereum network, Monaco issued 9999 Yacht NFTs as a means of transportation for the pioneers to the “planet”. On November 28th, the Monaco SocialFi Beta platform was launched. It is a NFT/Crypto native social network designed to become the opinion and traffic center of the crypto community.

Unsuccessfully, Monaco's "yacht" is difficult to board Web3 planet

User displays NFT avatar on Monaco page

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 post content on the platform. At the same time, each user with 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 for active content creators and discussion participants to benefit. They can obtain the platform’s native token MONA through following, likes and comments, NFT display and staking.

“Mining” is always the most exciting way to motivate users during the start-up phase 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 the yacht NFT once rose from 0.15 ETH to 0.5 ETH . Those users who are unwilling to buy NFT ask for invitation codes on various communities and social platforms, hoping to get “ferry tickets” to Monaco. When it was the most fanatical, an invitation code was fired for hundreds of dollars.

Affixed with Web3 and SocialFi tags, Monaco is on fire. From its official website page, Monaco is very much like a blockchain version of Weibo/Twitter, except that this is a traffic and content aggregation site exclusive to the encrypted community, where users can display the NFTs they own under their names. And discuss the topic of encryption.

In the early stage of the project’s development, the use of NFT hotspots to gain huge exposure, but can it really lead people to the wonderful world of Web3?

Monaco’s restriction of Chinese content “mining” raises doubts

On the way to a free content utopia, Monaco first restricted 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 caused dissatisfaction in the Chinese community in an instant.

It is said that if we migrate to a new planet and humans share the ownership and governance rights, why can’t mining in Chinese? Below this tweet, a user responded in Chinese “Chinese is the most spoken language in the world, and one-fifth of the world’s population currently speaks Chinese as their mother tongue” in response to the project’s prejudiced comments.

Unsuccessfully, Monaco's "yacht" is difficult to board Web3 planet

Monaco’s “only English can be mined” statement sparked controversy

In fact, if you look carefully at the published content of the Monaco platform, it is not difficult to find that Chinese-speaking users are widespread on the platform, and many people’s nicknames and speeches are in Chinese. Some community members speculated that Monaco did not issue mining rewards for Chinese content, which may be in order to comply with China’s stringent regulatory policies. Soon it was revealed that there were traces of Monaco code in Chinese.

According to the record posted by Twitter user Paradise, the Chinese character “msg: Incorrect type” appeared in the error report of the Monaco App interface. The user questioned that the project behind Monaco is the 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. It is not yet known who runs the project.

Before reaching a new planet, Monaco was first “community dead” in the Chinese-speaking community. A large number of Chinese-speaking users have posted accusations and boycotts Monaco, and this explosive traffic project has suffered group defection. At the same time, the Yacht NFT issued by Monaco also saw a significant decline in the secondary market, once falling from 0.35 ETH to 0.14 ETH.

This controversy cast a shadow over Monaco’s prospects. From the operating mechanism alone, Monaco, which claims to build the SocialFi platform, does lack innovative highlights.

From the perspective of Monaco’s current products, its main feature is that it does not require identity authentication to protect user privacy, while giving active users and creators Token revenue. However, this model has long been explored by pioneers. In 2017, the social blog DApp Steemit deployed on the Steem chain has appeared, and users can post content on it and record it on the chain, and at the same time obtain Token revenue; 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 on-chain encryption community, attracting a large number of encryption enthusiasts from all over the world. However, due to the subsequent sharp drop in the price of the token, the participation enthusiasm of new users has also decreased, and Steemit is alive tepidly.

Today, Monaco, which is similar to the Steemit model, has come again wearing the coat 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, just on the outlet of SocialFi, “I don’t think it is possible to do it, socializing is too difficult to do.”

Obviously, at the current stage, Monaco is still far away from the free and beautiful “water planet” it describes, and the controversy of “English mining only” is particularly contrary to its emphasis on “decentralization.” Monaco needs to be more persuasive if it wants to be the answer to SocialFi.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/unsuccessfully-monacos-yacht-is-difficult-to-board-web3-planet/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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