womprotocol.io - The Future of Marketing is Ad-free

[crypto expert]

Authenticity is the marketing buzzword of the moment, but judging by current consumer attitudes it’s still missing from the majority of brand marketing efforts.

The latest report by Stackla found that 90 percent of consumers want to see authenticity from brands, and while 92 percent of marketers think their content resonates as authentic with consumers, less than half of consumers would actually agree. The same report showed that user-generated content has 9.8x more impact than influencer content when driving consumer purchase intent, which will no doubt be disappointing news for brands given that the very purpose of their influencer marketing campaigns is to generate something close to user-generated content.

So how did marketing end up with such a big authenticity gap? Perhaps people are just jaded by sponsored posts, paid promotions and brand advertising deals and the uncomfortable feeling that it’s a trick with no real transparency over what’s happening, what brand relationships really look like for influencers and how they are monetizing.

Perhaps the bigger question is whether authenticity and marketing can ever really go hand-in-hand when one is the pursuit of truth and the other of sales. We’ve spent the past three years working on the answer. Our solution, the WOM Protocol, combines blockchain-based technology, crypto-economic incentive models, and good old-fashioned word of mouth to deliver an alternative marketing channel that rewards people for behaving honestly and gives influencers a way to monetize without compromising their authenticity.

For our second podcast episode we invited Head of Operations, Jeremy Lindström, to unpick a topic at the very heart of our project: authenticity. You can listen to the podcast here and you’ll find the full transcript below.

Authenticity is important, it’s what we want to see, but what do we actually mean by authenticity?

When you’re authentic people feel that what they see is the real deal and not just a facade. Topical to marketing and this podcast, authenticity is recommending, promoting or otherwise talking about products and services and brands that you sincerely enjoy and not because you received a paycheck to talk about it. It’s, “hey I ate at this great place last night, you gotta check it out,” because I actually did eat at a great place last night, and I actually want you to check it out, because I believe you’ll love it. The motivation is not because the restaurant is paying me to say that.

The paycheck is the issue here though, isn’t it? Surely the moment you decide to monetize, you compromise your authenticity, so can you monetize your content and remain authentic?

It’s about transparency. Getting paid or otherwise rewarded because I recommended something isn’t inherently wrong, nor does it automatically compromise authenticity. If you are recommending something to someone, you are bringing value to that company and quite frankly much more value than any of their corporate polished marketing campaigns. So why not be compensated for it? Companies aren’t obligated to get free advertising.

Authenticity only comes when people believe in what they are recommending, and when they choose the products they want to recommend. If people are driven purely by the money, they won’t succeed in the long run. That’s what we see now with the current trends in the influencer marketing industry.

There are issues with the current industry — there’s a clear consumer trust problem. Would you say that one of the biggest problems here is that you have an industry that has encouraged and rewarded people for behaving in an inauthentic way?

There is a motivation or incentive for influencers to work the system, which we’ve seen as influencers buy followers and likes to boost their metrics and land more lucrative deals, or in not disclosing their partnerships. Or even on the flip side posting not sponsored content as sponsored to make it seem like they have brand deals. All of these things happen because of the incentive mechanisms that are put in place by brands that focus on these mostly arbitrary minimum follower counts and other metrical requirements. It’s led to these dishonest and inauthentic practices by influencers. If someone has too few followers they won’t get paid to recommend a brand or product, it’s that simple. The same goes for brand deals, if I want to get paid for recommending something, I have to have a contract or deal beforehand.

If I love adidas, for example, but I don’t have a contract with them, I won’t get paid. If Puma approaches me, now I have this incentive to talk about a brand that I may not necessarily care about. There are lots of recent reports, including those published by Stackla and Morning Consult, that state similar sentiments from consumers. We can see that people are increasingly sceptical and have been for some time. Influencer marketing is mainstream enough now, that the general consumer has become jaded to these promotions, simply because they know that the influencer is getting paid to talk about the brand and therefore they can’t be sure that the influencer actually likes it.

If we have an industry and a model that encourages people to behave in the opposite of an authentic way, then surely we need to shift that so that we have models that reward and encourage behaving honestly? Shouldn’t practices that lead to faking and insincerity get disincentivized?

Certainly, since the current incentives reward inauthenticity then the logical step would be to create incentives that reward authenticity. Of course it’s easier than it sounds, otherwise brands would already be doing it, because that’s ultimately what they are looking for anyway. That said, it is what we are doing at WOM. If people make recommendations just because they love a brand or a product, which people do more than two billions times a day, and if they do that without a brand deal, without a minimum follower account and with no guarantee of a reward, and they are potentially rewarded only after their peers feel the recommendation is authentic, then we have an economic incentivization model that rewards authenticity.

The current marketing model can be changed, paid recommendations don’t have to be inauthentic. The incentives just have to be in the right place.

OK so if we have an influencer marketing industry that then shifts to incentivize and reward authenticity, do you think that this will have the benefit of creating more accountability?

Absolutely. What we’re talking about is not just fixing something that’s broken, that’s a really worn out phrase that people love to use. We’re not fixing something that’s broken, we’re talking about improving what’s happening and improving the way that people are rewarded for their brand advocacy. We’re talking about improving the way that companies interact with consumers and bringing authenticity and transparency and honesty more to the forefront.

Certainly as those values are the values that become incentivized, then not only will the marketing industry improve and get better, but all industries as a whole would also get better. If this up-and-coming authenticity-savvy generation are being rewarded for recommending only the products they love, with no incentive to do otherwise, then naturally the companies that match their values will be talked about.

If consumers only value, “this product is cool and I don’t care how it was built,” then those companies will be the ones that get talked about and succeed. But if we have a consumer base that is very aware of social and environmental and political situations, they will expect corporate entities to take more responsibility. They are more likely to recommend products from the companies they believe are taking that responsibility, and those are the products and brands that will get talked about and popularized and come to the forefront.

Conversely, those products that don’t match these values would naturally fade into the background, thus improving these brands and the entire industry as a whole and bringing accountability far beyond the influencers and marketing alone. This would also go far beyond what legislature might try to do as well. Legislature is necessary at times, but ultimately it forces companies to do something, whereas as consumers have more of a say in what is being marketed or what is being talked about and what’s being recommended, then companies will have an incentive to change and change for the better.

Tell us what you think about authenticity in influencer marketing or share your questions with Jeremy in your local Telegram community

*Read the legal disclaimer: https://womprotocol.io/disclaimer/

[crypto expert]

The next generation of influencers have arrived at the crypto scene and they are on a mission to oust outdated social media monetization practices and champion crypto-based content revenue models that empower autonomy, authenticity and consumer mass adoption.

Worth $6 billion in 2020 and set to rise to $24.1 billion by 2025, influencer marketing is a scaling industry. Influencers are typically known for making money through sponsored posts and paid brand promotions on social media, but such methods have led to friction between influencers and their audiences. These brand deals usually happen off-platform through agencies and the reliance on advertisers to monetize has bound influencers into contracts and campaigns that stifle creativity. This has tarnished the industry with trust issues: only 10 percent of young consumers have a lot of trust in such promotions and 88 percent believe influencer authenticity should be more important than anything else.

At the same time, social networks have been fueling ads to monetize their platforms, in turn jeopardizing their user experience. Frustrated users are bombarded with sponsored posts from influencers and on top of that, with invasive ads. However, with ad blockers, banner blindness, and an innate sense of when to click the “skip ad” button, audiences have found new ways to circumvent, ignore and spot obvious selling techniques.

Consumer demand for more transparency and trust is nudging a growing subset of influencers to subsequently seek out alternative technologies and content monetization methods. Consumer-facing apps are harnessing blockchain technologies to meet this demand with crypto-based content monetization models. At the intersection of these two trends sits the WOM Protocol, which leverages blockchain technology to incentivize and reward an entire ecosystem of creators, authenticators, publishers, and advertisers through its native WOM (which stands for word of mouth) Token.

Driving Mainstream Blockchain Adoption

The WOM Protocol aims to bring blockchain to mainstream adoption and the WOM network is designed to grow through economic incentive systems that distribute rewards to everyone who positively participates in the network. Its strategic first partnership with video-based social commerce app, YEAY, enables users with absolutely no prior experience in blockchain technologies or cryptocurrencies to set up wallets, stake tokens and start earning crypto-based rewards for authentic content creation. Users can exchange their WOM Tokens for gift cards from major brands such as Adidas, Spotify, Playstation and many more (2,500+ brands across 150 countries). In December 2020 alone, some 153k reward transactions were executed.

This lowered barrier to blockchain entry is encouraging lifestyle influencers to migrate to the YEAY platform. Currently, more than 45 influencers, with a combined reach of more than 47+ million, are monetizing their product recommendations on the YEAY app, receiving WOM Token rewards for recommending the products they love. The highest earner so far received a payout of more than $2,000 in WOM Tokens — despite earning nothing from the same activities on TikTok.

Some of the influencers on YEAY include the famous 13-year-old gamer, Faze H1ghsyk1, successful Youtuber and Streamer, GrantTheGoat, growing TikTok/Youtube and Instagram lifestyle influencers, Corey Campbell, Derek Trendz, Aya Tanjali, famous European songwriter and musician, Lukas Rieger, and many more.

The crypto scene is, of course, no stranger to influencers. There are many revered names leading the crypto and blockchain conversations on Twitter, with significant followings and a celebrity-status within the community. Even the most notorious of crypto influencers, however, whose reach typically extends into the hundreds of thousands, or at the upper end a million, would be considered a micro-influencer in the lifestyle scene, where followings typically reach into the millions. This makes lifestyle influencers the more powerful accelerators of blockchain adoption precisely because they can reach further into consumer markets far beyond blockchain and bring their young audiences over with them.

Growing Organic Market Demand

Aligning interests between creators, advertisers and platforms is actually possible, as enabled by the YEAY app and underlying WOM Protocol. On YEAY, creators are not paid to promote brands per se. Instead, they choose to recommend the brands and products they truly love and get rewarded specifically for those recommendations.

The more the YEAY app fills with quality product recommendation content, the more it boosts the supply side of the WOM marketplace. This in turn fuels organic market demand from brands, who can purchase WOM Tokens to gain access to authenticated recommendations for marketing and sales initiatives. Tools such as the WOM Campaign Manager enable such brands to launch campaigns to promote and boost the visibility of authentic content with the explicit consent of the creator. Meanwhile, plugins that can be placed directly on partner websites give brands and ecommerce platforms the ability to capture and feature this organic word-of-mouth content directly on their product pages.

At the same time, platforms have the opportunity to monetize their interface by using word-of-mouth content instead of invasive ads, which are more trusted than any other form of advertising.

Driving Network Growth

On YEAY, users get rewarded with WOM Tokens depending on the content engagement and a peer rating their content receives. This peer rating process — where members of the community stake WOM Tokens to rate content for its authenticity — means that fake or insincere content is naturally filtered out of the marketplace. For influencers looking for an alternative means of monetizing their content without compromising trust, this model provides an opportunity to rebuild more organic mutual relationships with their communities.

Mutuality is a fundamental pillar of the WOM economy, which has been built to encourage value-sharing as a key driver of network growth. This can be seen through features such as the Team Feature, which gives select creators the power to onboard friends and followers onto their team — and increase everyone’s WOM Token earning potential.

Crypto In Consumer Hands

Lifestyle influencers with no background in blockchain are turning to cryptocurrency monetization methods that have simplified the process of earning and spending crypto. These apps enable them to be rewarded for their “mindshare,” while staying true to themselves and their communities. Fairer distribution and mutual reciprocity are important ideals for this new class of social media monetizers — and their migration to consumer-friendly blockchain apps, bringing along their communities — may represent the tipping point to blockchain mass adoption.

[crypto expert]

Find WOM Protocol’s CEO Melanie Mohr on the Clubhouse stage discussing Crypto‘s inevitable Ascension with Dave Chapman, Executive Director BC Group / OSL and Maryanne Morrow CEO and founder of 9th Gear Technologies. Melanie is hosting the session together with famous Nasdaq TV host Jane King and Val Nzhie from Bervann Capital.

 

[crypto expert]

Find WOM Protocol’s CEO Melanie Mohr on the Clubhouse stage discussing Crypto‘s inevitable Ascension with Dave Chapman, Executive Director BC Group / OSL and Maryanne Morrow CEO and founder of 9th Gear Technologies. Melanie is hosting the session together with famous Nasdaq TV host Jane King and Val Nzhie from Bervann Capital.

[crypto expert]

YEAY - the first platform that has integrated the WOM Protocol - is mentioned in the renowned magazine VARIETY, along with amazing other platforms like TikTok or Pinduoduo. https://variety.com/vip/video-commerce-past-present-and-future-1234789625/

[crypto expert]

In the 20th-century economy, most of us had to find a way to fit into the workforce. Passion-driven careers, while lucrative for the lucky few, were not a luxury afforded to the majority of people with bills, debts, and no real knowledge or tools to monetize their personal skills. Job stability and security were wiser and more reachable ambitions compared with the financial risks and uncertainties of exploring self expression.

Journalist and author Adam Davidson calls this period in history the widget economy, which, he says, has reached the end of its technologically-disrupted road. In its place the so-called Passion Economy is emerging and along with it entirely new career opportunities and methods of monetizing that make following passions profitable.

Over the past decade we have already seen a shift towards more self employment through the gig economy. Thought-leader Li Jin writes about the topic extensively and explains how automated digital marketplaces
emerged within sectors such as food deliveries and taxi services with the
advantage that they managed the business side of things, such as setting market prices and driving customer acquisition, while workers could just get on with the job.

The gig economy positioned itself as the way to “become your own boss”, but in reality it wasn’t so different from the widget economy in that it provided a narrow scope of commoditized career options that people had to fit into regardless of their actual interests -- and without the steady security of fixed employment.

These middle-man marketplaces took control of customer relationships leaving little room for workers to nurture their own entrepreneurial growth or business expansion -- the only way to earn more revenue was to work harder and longer.

In the time-honored tradition of digital transformation, the gig economy is now being disrupted by even newer platforms that put people in charge of their own consumer relationships, while providing them with the entrepreneurial tools to monetize their creativity and passion.

Accessible Entrepreneurialism

Emerging marketplaces and SaaS platforms are democratizing the paths to making money independently and -- in contrast to the widget economy -- do not necessarily focus on tangible products or in-person services, but rather digital products and virtual services.

These new SaaS platforms are essentially B2B software solutions targeted directly at entrepreneurial consumers. They give individuals a way to set up independent businesses and grow their own customer bases, appealing to professionals who want to develop their careers. Marketplaces, meanwhile, tend to be more entry-level and appeal to consumers ready to monetize their digital creativity without the need for prior business acumen and with minimal setup requirements to start earning revenue.

Such platforms typically monetize by taking a percentage of a user’s earnings, which grows in proportion with that person’s success. This means that there is an incentive for the platform to nurture the ongoing growth and success of its users rather than purely relying on one-off transactions.

In comparison with the more one-dimensional gig economy and its predetermined career routes and earning potential, that success can grow in many different directions driven by the individuals who use the platforms.

Platforms That Monetize Knowledge

Take the rise of the “knowledge influencer”, namely people who are turning their expertise and skills into online courses. At the more hands-on end, SaaS platforms such as Podia provide professionals with a way to build and grow their own businesses out of online video courses. Marketplaces such as Out school, meanwhile, give people a way to monetize remote learning
classes for children, while tasks such as marketing or paperwork are taken care of by the platform.

Platforms such as these enable subject-matter experts, former teachers, and stay-at-home professionals to continue using and monetizing a broad variety of specialisms and skills via video -- even during a global pandemic -- while reaching an audience far further than in-person classes. The scope of classes and curriculums is determined by the uniqueness of the teachers using the platform -- the more variety the platform delivers, the
broader its potential reach.

Platforms That Monetize Content

Platforms underpinned by a mix of blockchain technology, social media, and cryptocurrencies are also creating innovative entry points into the Passion Economy. Blockchain makes it possible to facilitate micropayments and cross-border transactions, as well as establish decentralized, trustworthy systems, which create fair, transparent gigs and micro jobs out of digital creativity.

Investors are getting wise to this, and VC funds, such as the $515 million Andreessen Horowitz fund set up to invest into crypto networks and businesses, are being established.

Projects are bringing innovation to this space through the monetization of digital content. One example is the social blogging platform Steemit, where creators share content, such as blog posts and videos, and earn STEEM tokens based on user engagement. The more successful a writer becomes,
the greater their earning potential. Moreover, the scope of topics they can
produce content about is limitless, once again showing how the Passion Economy benefits from enabling unique individuality over commodity.

The WOM Protocol is another example of this blockchain-based wave of online economic development, offering people new ways to earn through user-generated marketing. Creators produce recommendation content about products and brands of their choice on participating platforms such as YEAY. Once that content passes a peer-review process where community members rate it on factors such as authenticity and likeability, the creators start earning WOM Tokens based on the level of engagement the content generates.

People who may be entirely new to blockchain and have no previous experience building their online influence now have ways to immediately start monetizing their content and accumulating cryptocurrencies that have the potential to keep gaining value as their prices rise. They also
have a greater incentive to cooperate and contribute towards the success of these platforms in order to continually increase their earning potential.

Platforms That Monetize Community

Musicians have never had the most clear-cut career path and
the events of the past year have created even more financial instability by
compromising one of the industry’s biggest revenue streams -- live music.
Without the ticket sales of tours, festivals and one-off concerts, artists have
to find alternative ways to monetize online.

Creative thinkers are realizing the potential to bring their fan bases into so-called “social token communities” where people can earn and spend cryptocurrencies to access discussion groups that bring them value. One such example is Friends With Benefits ($FWB), founded by musician meets tech start-up founder, Trevor McFedries. Friends With Benefits is built on
community-management system Collab. Land and uses a chatbot integration with Discord so that when community members have enough $FWB tokens in their crypto wallets they can access various Discord channels on topics such as music production or breaking news. Examples such as this show how musicians can capitalize on technology products to gain more control of their incomes.

Passion Can Be Profitable

For those of us born and raised in the widget economy, it takes a leap to faith to imagine that unique passions can be brought to life through digital products and virtual services, and, further still, that it’s possible to make a living this way. One year into a global pandemic that has caused countless business closures and job cuts around the world, however, it seems more necessary than ever for people to gain more autonomy over their sources of income and better access to platforms and tools that make it possible to build revenue-generating businesses.

[crypto expert]

WOM Protocol’s founder & CEO will speak on Wednesday 10th at 10:30 - 11:30 am GMT +0 -> stay tuned 👉https://digitalweek.online

[crypto expert]

Catch WOM Protocol’s CEO - Melanie Mohr tomorrow / Wednesday 10th March / at Digital Week Online for a panel discussion with Hatcher Chairman & CEO, John Sharp, and Plutus VC CEO & founder, Calvin Ng, on funding, the startup ecosystem and digital strategies. They’ll be online from 10:30 am GMT and you can get 50% off tickets with this code *DWOSPK50* https://digitalweek.online/

[crypto expert]

NEWS NEWS NEWS

The WOM development update has been on a brief hiatus since the start of this year while all efforts have been focused on new products and fresh features. We are very pleased to say that some +95,000 lines of code later (!) we are ready to share a glimpse of all that hard work, more of which will be revealed in the coming weeks.

We have now developed a fully functional brands and products system, made multiple refinements to our user experience, and tightened our security. We also implemented the ERC20 EIP-2612 Permit function on the WOM Token contract. This enables us to speed up the deposit process and saves on GAS fees.

Read the latest update here

https://medium.com/wom-protocol/wom-protocol-development-update-march-2021-8ff4e64d4e9c

[crypto expert]

YEAY launches LA influencer house to bring down barrier to blockchain adoption for GenZ

 

YEAY, a social commerce platform that uses blockchain technology to reward creators for sharing shoppable product recommendations, today launched the YEAY House to give lifestyle influencers and their GenZ audiences a new way to monetize content while driving consumer blockchain adoption.

For the next month, a collective of lifestyle and crypto influencers with a combined reach of more than 40 million followers will be living, working, and creating content together in the latest Los Angeles collaboration house.

Some of the participating influencers include:

keemokazi (16m TikTok followers)
swagboyq (11.8m TikTok followers)
alexyoumazzo (6.1m TikTok followers)
dayynaa (5.4m TikTok followers)

Together, they will be teaching their communities how to realize the value of their own digital creativity by showing them how to monetize content on the YEAY app, a platform that offers performance-based rewards in the form of WOM Tokens in exchange for authentic word-of-mouth recommendation videos. The influencers will be sharing their lifestyle by recommending the brands and products they love on the app and monetizing their content based on engagement after it has passed authentication.

The rewards are distributed through a blockchain protocol, the WOM Protocol, which provides the YEAY app with an economic incentive system to encourage positive participation and deter bad behavior. The WOM incentive system requires users to put down a token stake, which is essentially a deposit, before creating content. It also establishes a content authentication process that ensures other members of the community rate content against a set of criteria before rewards are distributed. Both the creators and the authenticators are rewarded for their contribution.

The influencers in the YEAY House have embraced this alternative social media monetization model as an opportunity to shift away from ‘Influencer Marketing 1.0,’ which was defined largely by transactional (and often not transparent) relationships with brands in the form of sponsored posts and paid promotions. Instead, through YEAY — where brands do not control or drive the recommendation process — they have the opportunity to establish more authenticity and autonomy over the brands and products they choose to promote and monetize.

The influencers can also further pass the benefits on to their communities by onboarding them onto the YEAY app to join their Teams and earning mutual rewards. This increases the earning potential of the influencer and their Team members. Brands will also soon be able to harness all this user-generated content for their marketing campaigns using a dedicated campaign manager, while also being able to embed it directly into their e-commerce sites.

All of this seamlessly transitions an entire cohort of Generation Z consumers into everyday blockchain adopters, providing a user-friendly way to set up wallets, stake tokens, and start earning rewards for authentic content creation. Users can exchange their WOM Token rewards for gift cards from major brands such as Adidas, Spotify, Playstation, and many more (2,500+ brands across 150 countries).

Musician and TikTok star, Kareem Hesri (keemokazi), said: “What gets me most excited about being part of the YEAY House is having the opportunity to be in a creative space with creative people to recommend our favorite products. I feel like I can be more authentic because the products I am recommending are products that I use on a day-to-day basis. As the world progresses I feel like crypto is a great way to earn money and I think it would be a great opportunity for my followers to learn more about crypto and join the community.”
TikTok star, Alex Youmazzo (alexyoumazzo), who is known for dance and lip-sync videos, said: “It’s amazing having a new opportunity to create content with new people! I get to give honest reviews on products I like, I have a new opportunity to make money and my community can also learn about a new form of receiving money.”

TikTok star, Dayna Marie (dayynaa), who is known for fun prank videos and lifestyle content, said: “The YEAY House is a new setting and opportunity to meet new creators and create content. I get to recommend products I love, have another source of income and share a new way of earning money with my community.”

Melanie Mohr, the founder of YEAY and CEO of WOM, said: “Blockchain and cryptocurrencies have had many evangelists over the years, but so often they are only notorious within the existing echo chambers, or else they are tech-savvy experts who aren’t really accessible or relatable to the regular person. We have such a powerful opportunity now to bring accessible lifestyle influencers together in the YEAY House and convert them, and their GenZ followers, into blockchain adopters. This is how we bring blockchain to the mainstream, one user-friendly use case after the next.”

About YEA

YEAY is the leading community for Generation Z to share honest recommendation videos with one another about the products they love. The YEAY app started integrating and testing the WOM Protocol at the start of 2020 and decided to further scale through influencer marketing at the end of 2020. Since then the app has facilitated 1m+ transactions and more than 30k videos have been created, generating a high engagement of more than 3m views. For more information about YEAY: https://yeay.com

About the WOM Protocol

WOM (word-of-mouth) is building a blockchain-based protocol that gives brands, content creators, publishers, and social networks a way to monetize word-of-mouth recommendations on any app or platform. WOM is backed by dozens of seasoned investors from around the globe. For more info about WOM: https://womprotocol.io/

About the YEAY House

The YEAY House is part of a series of creator collectives sponsored by YEAY to bring together influencers to collaborate and onboard their communities to the YEAY app. Together, they can amplify the creative power and social reach for direct conversations about the products and brands they love. The 2-story YEAY House will become the home base for numerous major influencers, including Keemokazi, Dayna Marie, Swagboyq, and more – with a combined reach of more than 40m followers.

Media Contact

Company: WOM Protocol Pte. Ltd.

Address: 1 Nanson Road Level 3, Singapore

Contact: Vivienne Rudcenko

Telephone: +16692212169

Email: info@womprotocol.io

[crypto expert]

Melanie (the CEO) and her team will be joining us to explain some more about this big project

Crypto United will be hosting an AMA with WOM Protocol tomorrow at 21:00 pm CET
Follow via: https://t.me/crypto_united_tm

Melanie (the CEO) and her team will be joining us to explain some more about this big project

What is WOM Protocol?
The WOM Protocol is a brand new user-generated marketing channel that fairly rewards creators while bringing value to brands, publishers and ecommerce platforms. The first application to launch using the protocol is the Yeay! app, currently used by dozens of influencers with millions of followers.

Community session
The Crypto United community will be able to participate in this AMA near the end. Make sure to prepare some valuable questions since we'll be giving away 50$ worth of ETH to the best question!

Extra information on WOM protocol:

Website
Telegram

[crypto expert]

To say that digital marketing will benefit from blockchain is an understatement. Digital marketing needs blockchain to course-correct its conflicting relationship between platforms, brands, advertisers and consumers. And blockchain’s underlying infrastructure technologies need digital marketing to unlock use cases with mainstream accessibility.

While the attention is currently on DeFi (decentralized finance) as the mainstream gateway for cryptocurrency, digital marketing is a less hyped, but arguably even more influential opportunity for speeding up adoption. The digital marketing industry is currently valued at $340 billion — up from $290 billion the previous year. It’s a profitable industry, but the profits have largely been pocketed by centralized intermediaries that essentially exploit user data to target advertising. Such practices could not be more at odds with changing consumer attitudes towards privacy and ownership of personal data. As increasing numbers of decentralized alternatives emerge onto the market (and given digital marketing’s numerous b2b, b2c and even c2c use cases for blockchain and crypto, they will continue to do so) it is only a matter of time before many of the MarTech and AdTech practices of today become redundant, replaced by blockchain alternatives that reach deep into consumer markets. To put it in perspective there were already more than 219 blockchain marketing companies on record by 2019.

These projects and DApps are being developed for integration without any prior need to understand blockchain or crypto and they are reaching across mass media, social networks and ecommerce platforms. Such projects enable consensual and more accurate customer profiling, prevent click-fraud, deliver clearer conversion data, and provide greater transparency and accountability over brand promises and values. Arguably the most important opportunity for blockchain to course-correct digital marketing, however, is the transfer of data ownership to the individual.

Control of Data Ownership
We all know that centralized intermediaries, such as Google and Facebook own, collect, store and monetize untold volumes of personal data with no transparency over what is actually being collected and sold, or to whom. We know that they know all the sites we visit, the links we click, the comments we leave and that they resell this to the highest bidder. It’s an agreement based on blind faith and no one has any control over whether that data is resold to political parties, insurance companies, or elsewhere

With decentralized alternatives this can’t happen — the data never leaves people’s devices and the individual owners have the sovereignty and the security to choose which personal attributes (their age, country, gender and so on) they wish to share or not. Better yet, they themselves, rather than any intermediary, can choose whether they actually want to sell their personal data to companies for analysis or marketing purposes, and the companies can pay an access fee for the privilege.

One example is blockchain-based web browser Brave, which blocks ads and tracking software and enables users to earn BAT (Basic Attention Tokens) by choosing to view adverts that they control. Viewers can then contribute the tokens to support content creators, meaning the creators can earn back the revenues lost to ad blocking. With an estimated 27 percent of the US population using ad blockers this provides a more mutual content monetization model that’s accessible to all creators and publishers.

Podminers, meanwhile, is a podcast and live streaming platform which plans to use blockchain to address issues such as fake analytics, ad fraud and fake reviews within the growing podcast industry. Smart contracts enable creators to earn its internal cryptocurrency, the PodMiners Token, for their content, with micropayments received from consumers for monthly subscriptions or individual downloads of episodes. Content consumption is recorded on the ledger, enabling only those who have paid and consumed content to leave reviews, while advertisement analytics data are recorded on blockchain with a publicly available timestamp for anyone to verify.

Another example is the WOM Protocol, which provides a user-generated marketing channel that simultaneously addresses the needs of marketers, publishers, consumers and ecommerce platforms. It is based on the premise that consumers and their genuine word-of-mouth recommendations about brands and products are the most effective forms of marketing and that people should therefore take ownership — and have the ability to monetize — their own product marketing content.

The project has so far developed two consumer-facing apps, YEAY, that enables creators to earn native WOM Tokens based on the performance of their content, and the WOM Authenticator, which enables people to rate the user-generated content for its honesty (among other quality controls) before it can start earning. Both the creators and the authenticators are rewarded for their efforts and the tokens can be taken to exchanges or converted into gift cards directly on the apps. These gift cards can be spent online and in-store across household brands and it is these examples of ease of use that have appeal far beyond the existing crypto community.

This week a collaboration of lifestyle and crypto influencers, including Keemokazi (18.7m+ combined social followers), swagboyq (11.8m TikTok followers), Alexyoumazzo (6.1m TikTok followers), and dayynaa (5.1m TikTok followers), have moved into a creator house in LA. Together, they are combining their 40m+ reach, to educate their communities about crypto, while inviting their young communities to follow them to the YEAY app with collaborative incentives that encourage network growth by enabling everyone to increase their token earnings through collaboration.

This in-turn creates organic demand from brands and advertisers who can pay into the system to feature the content in their marketing campaigns with full consent and fair remuneration for the creators. Ecommerce platforms, meanwhile, can access tools to feature this word-of-mouth content alongside their product listings to boost conversion and offer customer rewards. Such partnerships require no knowledge of blockchain technology and mean that integrations can happen en masse and crypto monetization can quickly spread.

Digital Marketing Is the Blockchain Underdog

Niche as the relationship between blockchain and digital marketing might seem, the industry’s easily-integratable and consumer-friendly use cases make its reach extend far further than the self-contained crypto and spectator communities. As a force majeure driving a significant portion of global GDP, digital marketing is also far from a niche industry for blockchain to have on board.

Read more about the influencers bringing down the barrier to mainstream blockchain adoption

*See the legal disclaimer

[crypto expert]

So many news to share

Check out the new influencer initiative by YEAY!

We have top new creators with millions of reach in the house everyone earning and staking WOM!

They are all eager to earn a lot of $WOM from now on

https://youtu.be/RsSRrw0qdYs

[crypto expert]

WOM Launches Campaign Manager and Unlocks Marketing Channel For Brands

Today our project reached its next major milestone as we officially launched the WOM Campaign Manager giving brands direct access to quality-controlled word-of-mouth marketing content.

Brands are already indirect benefactors of WOM’s user-generated marketing channel thanks to a rising number of consumers joining participating apps such as YEAY to create brand and product recommendations of their choice in exchange for WOM Tokens. Now brands can directly access this content and increase its exposure and conversion through targeted marketing campaigns.

Since integrating the WOM Protocol at the start of last year the YEAY app has accumulated more than 30,000 product recommendation videos, generating more than 3 million views, contributing to an ever-growing pool of authentic user-generated content featuring shoppable links. Creators must stake tokens and pass their content through peer review before being able to generate performance-based rewards meaning that only the highest-quality and most-engaged content filters through to the WOM Campaign Manager.

The appeal of a marketing channel that puts the creator in control over what they promote has not been lost on lifestyle influencers looking for a way to monetize while remaining authentic. WOM’s untapped pool of organic brand content already includes recommendations from influencers including the famous 13-year-old gamer, Faze H1ghsyk1, successful Youtuber and Streamer, grantthegoat, famous European songwriter and musician, lukasrieger. The highest earner so far received a payout of more than $2,000 in WOM Tokens (thanks to the level of engagement their content generated) despite earning nothing from the same activities on TikTok.

The model gives micro influencers with highly engaged audiences a strong incentive to monetize through WOM, and this is the driving force behind the latest creator house in LA. Here lifestyle and crypto influencers, including musician and TikTok star, keemokazi, and TikTok stars, swagboyq, alexyoumazzo, and daynamarie, are collaborating on content, while educating their social media communities about crypto content monetization.

How It Works

1. Brands gain access by setting up a free account via the WOM Campaign Manager. Once logged in you’ll be able to browse through the entire library of WOM-approved video content and search for your own branded and competitor content.

2. Next you’ll need to set up a wallet and purchase WOM Tokens directly in the Campaign Manager.

3. After that simply select the videos you want to add to your campaign. You can filter by your brand or specific product sets.

4. Set your campaign criteria, including dates and budget, then launch your campaign to boost selected videos with increased exposure on the YEAY platform.

5. You can monitor the success of your campaign, drill into the performance of individual videos, and add and remove content at any time.

The WOM Campaign Manager can also help you drive consideration and purchases further down the funnel and we will soon be releasing more information about our available suite of ecommerce tools.

Create an account for free today to access, track and scale authentic word of mouth for your marketing campaigns: https://cm.womprotocol.io/home
*Read the legal disclaimer: https://womprotocol.io/disclaimer/

[crypto expert]

WOM Protocol‘s founder and CEO Melanie Mohr will speak at the AIBC Summit in Dubai 25-26th May 2021!

👉 https://aibc.world/events/uae/general-info/

[crypto expert]

WOM FAQ #1: How Can I Earn More WOM Tokens?

We regularly receive questions from our community on all sorts of topics relating to WOM, so we have decided to start a Medium series responding to some of the most frequently asked questions.

To kick the series off we have chosen the topic of earning WOM Tokens. Creators and authenticators across our fleet of partner apps often ask us how they can increase their WOM Token earnings.

The simple answer is to focus on quality. The WOM Protocol was designed in such a way as to quality-control every piece of content that is submitted.

Before any content can start earning WOM Tokens it must first be approved by WOM Authenticators via the WOM Authenticator app. They rate each recommendation on three metrics:

1.    Authenticity: how honest does the recommendation feel?
2.    Creativity: how much effort did the creator put into the recommendation?
3.    Positivity: how positive is the recommendation?

Providing the authenticators reach a consensus and agree that a recommendation feels genuine, demonstrates that effort was put into the making of the content, and shows that the creator actually likes the product, then the content can start earning based on its engagement. Those authenticators who successfully reached the consensus over the recommendation (rather than giving the content a wildly different rating to everyone else) can also start earning based on the content’s performance.

Assuming the content passes these three metrics and is eligible for earning, the next questions are how can creators give their recommendations the best possible chance of high engagement and how can authenticators ensure they only give positive ratings to content with the greatest earning potential?

Creators and authenticators should look out for the following aspects when producing — and rating — recommendation content.

Tip #1 — Quality Lighting

Even if you think the lighting is reasonable while you are filming your recommendation, make sure you play it back to see whether the video appears darker than you expected. People need to clearly see the product and the more natural light you can use the better, so filming directly by a window or outside on a bright day definitely helps, although filming outside can come with its own challenges, especially if it’s a noisy or busy location.

An easy way around this is to invest in a good ring light for filming somewhere quiet indoors. We often get recommendations for ring lights used by influencers themselves on the YEAY app and here are some preferred options to suit different budgets:

@keemokazi uses the Ring Light by OEBLD

@julianbarboza uses the Neewer Ring Light

Tip #2 — Clear Product Focus

Make sure you only feature one product per recommendation and ensure the recommended product is clearly visible and in focus. If it’s something wearable such as anything cosmetic, or an item of clothing or a pair of shoes, then your recommendation will be more impactful if you demonstrate how the item looks on you. If it’s a piece of technology or a gadget then demonstrate how it works. Show the product from different angles to give a good sense of it and if you want to give viewers a close-up of the product to clearly show the name or ingredients then make sure that you hold the product steadily and give the camera time to come into focus, otherwise your viewers will only see a blurry shot — always watch it back to see what your viewers will see before submitting.

Tip #3 — Good Audio

Give viewers a good understanding of the product by explaining what it is, how to use it (or simply show it in use) and list all of the reasons why you recommend it, how it benefits you personally, and why you choose it over competitor alternatives. Again it’s important to play back once you’ve recorded the recommendation to make sure you can hear the audio. You might find that your location has too many distracting background noises such as cars or people, and you’ll want to refilm somewhere quieter. Or you might find you can’t really hear yourself speaking and you need to speak louder or hold your phone a little closer to pick up your voice more clearly.

The following video from successful influencers on the YEAY app provides further advice about creating quality content to ensure good ratings and better earning potential:

Quality really is the key to earning more WOM Tokens and the incentives are even higher now that WOM has been unlocked for brands. Brands can browse through approved WOM content to put marketing budget behind selected videos and feature them in campaigns. The more brands pay into marketing campaigns the higher the available rewards pool for creators and authenticators so everyone has a shared incentive to focus on creating and approving only the

 

Do you have an FAQ for WOM? Feel free to share in the comments below or in any one of our

Telegram channels: https://womprotocol.io/telegram/

*Read the legal disclaimer: https://womprotocol.io/disclaimer/

[crypto expert]

Download the WOM Authenticator App and earn $WOM by rating content.

Download the WOM Authenticator App and earn $WOM by rating content.

So many videos in there.

Earn $WOM easily and bring trust into the content with your voting!

[crypto expert]

Join WOM Protocol’s CEO Melanie Mohr, for #obcsummit with over 20 Government and 70 Industry Experts on 21st of April at 9:30 GMT +1

Register here 👉

https://www.eventbrite.co.uk/e/openbusinesscouncil-summit-and-awards-tickets-136828817677?ref=eios

[crypto expert]

For the second article in our FAQ series we are turning our attention to the recently launched WOM Campaign Manager.

The WOM Campaign Manager gives brands direct access to authenticated word-of-mouth recommendations and enables them to increase the exposure and conversion of those recommendations through targeted marketing campaigns.

In order to explain how this works we have prepared a walk through below of each step starting with how WOM content is created, through to how brands can capture this content in their campaigns.

Before we get started here’s an explainer video to provide further context about the WOM Campaign Manager and the value of setting up a campaign.

Step 1: How WOM Content Is Created

Creators on partner apps such as YEAY film recommendations about their favorite products, tagging the relevant brands and products and adding shoppable links.

Once the video is uploaded creators can stake WOM Tokens to submit their content for WOM Authentication. This enables them to earn rewards for their content. At this point the content passes over to the WOM Authenticator app, where Authenticators also stake WOM Tokens to rate the content based on a series of metrics:

    Authenticity: how honest does the recommendation feel?
    Creativity: how much effort did the creator put into the recommendation?
    Positivity: how positive is the recommendation?

Providing the WOM Authenticators reach a consensus the content can then start earning WOM Tokens for the creator and the relevant WOM Authenticators based on the video’s engagement. Content that has successfully passed the authentication process then feeds into the WOM Campaign Manager.

Step 2: How To Find Your Branded Content

You can create an account on the WOM Campaign Manager for free by following this link and supplying basic details including your company name and email >> https://cm.womprotocol.io/home

Once you are logged into the Campaign Manager go to the Discover feed.

Here you will find a tiled overview of the best performing WOM authenticated videos, which you can choose to browse through or filter down by searching for keywords such as a brand name, product line, or more general product categories to get a feel for competitor content.

Step 3: How To Set Up a Campaign

Once you have searched through the Discover feed to find relevant content you can go ahead and set up a campaign. This enables you to boost selected videos with increased exposure on WOM-supported platforms such as YEAY.

Before creating a campaign you’ll first need to purchase WOM Tokens directly in the Campaign Manager by following the Buy WOM link in the top right.

Here you can select the preferred payment currency and amount and you will be shown how many WOM Tokens you will receive. Your purchased tokens will be stored in the WOM Wallet that is automatically generated when you create your WOM Campaign Manager account. You can view your wallet at any time by following the My Wallet link.

Once you have purchased WOM Tokens click on the large blue Create Campaign button and give your campaign a unique name e.g. adidas Campaign UK April 2021.

After that you can select specific videos to add to your campaign by tapping the plus button on the videos.

You can also choose to View Stats if you want more of an overview of the video’s performance and here you will see the engagement metrics, such as Views, Likes and Saves, as well as the Average Authentication Score the video achieved.

Next set your campaign start and end dates.

Finally set your budget amount to deduct your available WOM Tokens from your WOM Wallet.

After that you are ready to publish your campaign to start boosting your selected videos with increased exposure on the YEAY platform.

Do you have an FAQ for WOM? Feel free to share in the comments below or in any one of our Telegram channels: https://womprotocol.io/telegram/

*Read the legal disclaimer: https://womprotocol.io/disclaimer/

[crypto expert]

Our goal with WOM has always been to reach beyond the self-contained crypto communities and into consumer markets. We want to give people with zero background in blockchain an easy entry-point into cryptocurrencies, and we have built partnerships with consumer-friendly apps such as YEAY to make it as simple as possible to walk through every step from creating a wallet, to converting tokens into gift cards.

Cryptocurrencies need use cases beyond speculation, which is why we get excited every time the WOM Token becomes a little bit more usable. This week YEAY launched an official merchandise store on Shopify, and the store, which sells YEAY-branded streetwear, including hoodies, tees, and accessories, has integrated digital currency payments service provider, CoinPayments. This means that shoppers will be able to pay for purchases directly using WOM Tokens, alongside standard online payment methods.

Creators and Authenticators within the WOM Ecosystem will now be able to use their earned WOM Tokens to purchase products in the YEAY store, which is the latest available way to spend earnings. Earlier this year YEAY integrated a white label third-party solution to offer gift cards and digital cash cards, enabling people to earn WOM Tokens and exchange them for things such as iTunes vouchers, thousands of various participating brands, and digital Visa and Mastercards. The digital cash cards can also be spent in physical stores such as Starbucks, making it easy to turn earned WOM Tokens into purchases as simple as a coffee.

Psst, There’s More Ecommerce News To Come…

The integration of WOM payments into YEAY’s Shopify store signals part of a wider focus on ecommerce integration for WOM. Inviting brand and ecommerce platforms into the WOM Ecosystem and unlocking the sheer conversion power of word-of-mouth recommendations was always part of the master plan first laid out in the WOM whitepaper.

n the coming weeks we’ll be divulging more details on exactly how ecommerce sites can take advantage of the WOM ecommerce tools on offer, but for now we want to share a quote from Anurag Gautam, first published in Hackernoon earlier this year, which perfectly captures the need for word of mouth in ecommerce:

    “When someone visits an ecommerce site they are at a highly targeted moment in the customer journey. They are open to considering products to buy and those that find what they want may go on to purchase. Those who enjoy the experience may convert into engaged, loyal and hopefully repeat customers.

    “You need to look further down the funnel at the intent, purchase and engagement phases to find the real sweet spot for social commerce. These are the moments in the customer journey where a consumer actively wants to be targeted with appropriate products. Social networks provide the power to serve those up, not through data tracking and advertising and any number of invasive psychological tools, but through the most valuable kind of social content that brought people to social platforms in the first place — genuine communication with their peers.”

Sign up to the WOM newsletter to follow WOM’s ecommerce news as it breaks

Read the legal disclaimer: https://womprotocol.io/disclaimer/
WOM Protocol

Bringing the power and reach of word-of-mouth to the blockchain

[crypto expert]

Collab day at the YEAY House ft. kayla_bundy, elektrobotz, javiluna, nataliengibson & more...

What’s your favorite product? Your MUST HAVE?

Check out this fun video to see what the influencers in the YEAY house in Los Angeles recommend!

Recommend products you love and earn $WOM. It’s so easy!

https://youtu.be/tLXCubwNVyw

[crypto expert]

NFTs are having a moment. In mainstream media they are being popularized as a means of trading collectibles and digital artworks. NFTs, or non-fungible tokens, are essentially smart contracts, converted into tokens, that confirm the ownership of a digital asset. Unlike Bitcoin or Ethereum, or actually any currency be it USD or EUR, every NFT’s value is unique.

By now most people have heard wild stories about single NFTs selling for as much as $69m and are probably wondering why collectors are prepared to pay such incomprehensible sums to own digital artworks that probably wouldn’t get many art critics excited.

The Daily Show’s Ronny Chieng doesn’t hold back in his interviews with Mark Cuban and digital artist Mike Winkelmann concluding that NFTs are overhyped — regardless, a heady mix of desirability and scarcity have clearly created a valuable NFT market.

Polarized as the NFT debate might be, it’s currently based on a very one-dimensional view of precisely how NFTs can be implemented. Pop culture has painted them as collectibles, but arguably their use cases are far broader and their potential to disrupt entire industries may well be potent.

One case in point is the social media industry and Alex Masmej, co-founder of Showtime, who goes as far as to claim that NFTs are going to eat social media.

It’s a bold claim, but what exactly do NFTs have to do with social media and what makes them so disruptive? Here are two NFT use cases in social media to better understand and explore Masmej’s statement.
Use Case #1: BitClout

Social networks have fallen from grace in recent years as their one-sided monetization models and exploitative data practices have entered the public psyche. To bring the balance of power back, decentralized blockchain technologies have emerged as a means of keeping data at the device level and distributing it away from central intermediaries.

In the world of social media this is creating better ways for creators and communities to gain greater control and, simply put, decentralize social media.

One example of this is BitClout. The social network launched in March and though the developers behind it have remained anonymous (the CEO calls themselves Diamondhands) they claim that BitClout is not a company, but a proof-of-work custom blockchain.

    “Its architecture is similar to Bitcoin, only it can support complex social network data like posts, profiles, follows, speculation features, and much more at significantly higher throughput and scale. Like Bitcoin, BitClout is a fully open-source project and there is no company behind it — it’s just coins and code.”

The user experience is unashamedly Twitter-like — people’s Twitter profiles have been scraped and replicated on BitClout. However, unlike other platforms where the currency is content, here the tradable currency is the creator themselves and their influence — and it’s something that creators and their fans alike can own and monetize.

This is where NFTs play their part. NFTs supply BitClout with Creator Coins, which represent popular creators and influencers all the way from Joe Biden, to Elon Musk, to Justin Bieber, and the value of the Creator Coin, which users of the service can buy and sell, rises and falls with the person’s popularity. Users can therefore speculate not on an individual piece of content and its longevity as something desirable, but rather the creator and their long-term impact.

Not all creators whose profiles have been scraped onto BitClout have activated their accounts (Musk included) although this doesn’t limit people’s ability to speculate on the associated coins. Founder anonymity, unapproved Twitter profile scraping and speculation without the creator’s permission has led some to question BitClout as a scam.

To others, the controversy surrounding BitClout has only added to its allure and accelerated its growth. As of last month more than $225 million Bitcoin had already flowed into BitClout, and high profile crypto venture capitalists, including Andreessen Horowitz, Sequoia and Social Capital, have backed BitClout with more than $100m. Joey Krug, co-chief investment officer of Pantera Capital, values BitClout at more than $1bn and NYMag’s Jen Wieczner, calls BitClout:

    “A way to finally capitalize on the viral power of Twitter, where virtually anyone can have skin in the game; if it catches on, it could upend social media as we know it.”

Use Case #2: Showtime

On May 5th Showtime introduced itself as a brand new user-owned NFT social network. In other words the creators, not the platform, will be the ones to control, govern and profit from the content.

The platform will be free of Web2 advertising and has raised $7.8m in a funding round led by Paradigm. Only the NFTs on Showtime are currently decentralized, though its ultimate goal is to become a decentralized social media protocol.

In a recent podcast with Software Engineering Daily, Showtime co-founder & CEO, Alex Masmej, describes Showtime as a sort of Instagram for NFTs, where people can browse and sell digital art, but with all of the social aspects of a social network, such as having a profile where all NFT artworks can be displayed in one portfolio, along with features such as connecting, following, commenting and sharing so that it isn’t purely a transactional space.

Masmej predicts that the forthcoming scaling of Ethereum this year will act as a catalyst to an “explosion” in NFT use cases:

    “So that explosion will lead to any kind of social media, not simply digital art, but any kinds of videos, photos, memes will become NFTs, and that’s exciting because basically like this will disrupt Instagram and other social media.”

He also states that Showtime has future plans to enable people to tokenize their digital identities, in a similar way to his own self-tokenization in 2020, where $ALEX token holders could vote on his life choices (e.g. diet and exercise).
NFT Social Networks Bite Back

Whether people will want to start giving away the ownership of their lives and life choices has yet to be seen, although perhaps making money from absolving responsibility for one’s actions is actually quite appealing.

What is clear is that both the BitClout and Showtime examples offer a glimpse into an emerging direction for NFT use cases that are already taking a big bite out of the current social networking space. And this is just the start.

We have some exciting NFT news of our own coming soon. Join the waitlist to stay informed.

*Read the legal disclaimer: https://womprotocol.io/disclaimer/

[crypto expert]

Nils just got started using YEAY to earn $WOM for authentic product recommendations. More and more influencers join week by week.

a

[crypto expert]

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[Shariar Porosh]

We have designed our platforms to be safe and enjoyable environments for our creator and authenticator community and we can all play our role in contributing towards this.

We therefore have to sometimes take decisions, such as banning accounts, which are not easy nor light to make, but necessary in order to protect the Ecosystem.

Why Do We Need To Protect The Community?

Given the nature of the YEAY and WOM platforms we are at an increased risk of attack when compared with “normal” social networks. This means we need to be more vigilant and strict about protecting the Ecosystem.

Instagram isn’t really hurt if people sign up under multiple accounts and in some ways even benefits. There are some downsides which is why Twitter has policies about cross-posting and reciprocal engagement. But in all cases, a certain subsection of people are hurt and the vast majority of users aren’t affected or aware of a problem.

In the case of WOM, however, one bad actor literally impacts every single person and organization in the Ecosystem. One false like or comment on someone’s recommendation takes WOM rewards from you. So we must strictly enforce one account per person and swiftly stop any inflationary actions that skews the rewards to undeserving people.

How Do We Protect The Community?

One of the most important ways that we protect the community is by identifying and eliminating fraudulent activity. The fraudulent activity we see on the platforms can take several different forms across a number of different tactics. We are confident in our decisions and we have always reserved the right to remove fraudulent users from the system.

We will therefore not go into details regarding the fraudulent activities as this may hint at methods to bypass our detection.

That said, our Terms & Conditions state that we may take actions we deem reasonably necessary to prevent fraud and abuse. These were recently updated to clarify some examples of fraud and abuse and common reasons for an account ban on the WOM and partner app, YEAY, platforms may include:

    Creating more than one App account and more than one WOM Token account per App.
    Influencing, inflating, or otherwise manipulating any content in the Services or partner Services (e.g. YEAY GmbH and its YEAY app) or colluding or otherwise working together with other parties to do the same.
    Any action regarding conversion of fiat currencies to WOM, or WOM to fiat currencies that are subject to mandatory reporting for Money laundering and funding of terrorism, such a multiple accounts transfering WOM to a single external address, or a single external address transferring WOM to multiple internal accounts.

Given the level and severity of certain fraudulent activities, it takes time for us to fully remove these accounts from the system. As a result, content from banned users may continue to appear in the apps for a short period after they are banned.

A Few Words From WOM

Here are a few words from our Head of Product, Chris Hardaker:

    “I would like to thank my team, the YEAY and WOM communities, and those community members who helped us to improve our fraud detection processes and systems. We are now in a better position to protect our creators and, as the community goes from strength to strength, I believe that those who truly embrace the power of Word of Mouth marketing in an honest, engaging and positive manner will reap greater and greater rewards.”

You can read the full Terms & Conditions of using our platforms here

If you have any further questions please contact our help desk

*Read the legal disclaimer: https://womprotocol.io/disclaimer/