Kaichi for DRiP artists: Diversify to multiply!

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28 Sept 2024

125

If you haven't read our intro post, then head here and do so first as in the post below we assume you're familiar with the project.
https://www.bulbapp.io/p/c1c385e3-5351-492e-8651-ff8fadebdf1a/soart-socialfi-art-on-solana

Why you need an alternative

DRiP is fantastic. We love it.
It's also venture backed, centralised, and permissioned.

Instagram and X are great platforms which are also centralised, permissioned platforms owned wholly by corporate entities.

At any stage any of these platforms can

suspend your account entirely
change your revenue
meaningfully impact your ability to organically speak to your audience (possibly by pay gating access as we've increasingly seen at both Instagram and X).

Now we're not at all saying that either of those things is going to happen to you, but... we've seen plenty of example of both on all three platforms. And we'll continue to see it.

You NEED to diversify your audience.
That doesn't mean you don't need to leave DRiP, X or Instagram. They're all useful and (likely) profitable platforms for you. You wouldn't be using them if they were 'terrible'.

But you need fallbacks as insurance and different ways to engage your audience.
SocialFi is that insurance.
SocialFi is that difference.

https://kaichi.xyz/@Xoniyagar/post/8130-let-s-go-kaichi

Kaichi: A Solana SocialFi made for creators

(NOTE: Please see the post linked at the start of this article for a more in-depth run down on Kaichi).

Kaichi is still a very early socialfi platform but it offers far more ownership and tools to creators than most other socialfi platforms out there.
It's on Solana so you're on the same network as your fans on DRiP, which is important as it allows you to interact easily with them at the blockchain level.

It's very simple to set up an account. Find out all the details here https://docs.kaichi.xyz/ (😸 Referral code: DRiPdrop).

Kaichi has the standard creator monetisation features many platforms, such as subscriptions, paid posts and (of course) tipping in any token (either directly on posts or via the profile wallet) but it's the token creation tool where Kaichi really comes into it's own.

Your Token = Many Possiblities

Once you're set up you're going to want to mint a token. The token is the key to realising greater control over your revenue and engaging your fan base.

At present there's two token types available (called presets)

The third, Project, is slated to be released later on. https://docs.kaichi.xyz/essentials/3-token-presets#id-2-project-preset-for-crowdfunding so we'll focus on the two present currently available.

Creator preset

This is a fairly standard implementation of a token we've seen before from places like Friend.Tech (RIP... https://x.com/hasufl/status/1833446427055317320) and Only1 (Penetrating Mainstream. As the leading Web3 content… | by Only1 | Sep, 2024 | Medium).

You generate revenue via both transactions fees from people trading your token and from selling paid post and subscriptions, all of which your token holders share in, which includes you.
You decide how to allocate that share of revenue via the token somewhat but the majority stays with the creator.

It's model that overlaps a lot with the DRiP model, though not entirely.

Token supply is limited on Kaichi whereas the NFT supply on DRiP is theoretically unlimited
Your fans on both Kaichi and DRiP can both share in your success, but on DRiP this isn't explicit as it also depends on how liquid your NFTs are whereas on Kaichi the token revenue share is explicit
Both DRiP and Kaichi have both direct pay-for-content features and on-going commission feature (DRiP = NFT sales, Kaichi = transaction fees).

Creator preset token design possibilities

Here's some ideas/thoughts about how you could utilise this token model (we're sure you'll have more!):

Offer the exact same content on both DRiP and Kaichi and let your fans decide where they want to consume it
- NOTE: I'm not sure what the exact restrictions are from DRiP as they're a centralised platform with their explicit own rules (which are subject to change at any point). This may not be possible without getting kicked off the platform.
Offer different content exclusively on DRiP and Kaichi, and experiment to see which platform performs best for different content.
Offer cross platform rewards, for instance you could reserve some Legendary mints for holders of your Kaichi token e.g., top 5, hold more than X tokens etc...

And nothing says you can't adjust and change over time based on what works and what doesn't.

Memecoin preset

Whilst the creator preset is a great option, it's the memecoin preset we think holds the most interesting and potentially valuable design possibilities.

On the face of it the memecoin preset is a worse deal for the token creator.
Just look at this distribution. You have to buy your own token!

But in this design lies the most important difference to the Creator preset: It's a better deal for your fans.
Firstly: You can't dump free tokens on them as you first need to buy them.
Secondly: You can only buy up to 47.5% of the token so even if you did buy as much as you could you'd still be half and half ownership with your community (and most creators are much smaller holders than that due to the pricing curve).

The 47.5% community distribution is where things get really interesting. This is automatically distributed by Kaichi based on engagement. You have a built-in incentives program with your token.

Reminders all web3 creators need

There is no revenue without your fans.
Who wants 80% of $100 when you could have 10% of $1000?

Memecoin preset token design possibilities

As you've likely already picked up on we're pretty excited about the memecoin preset as a design space. There's a lot of ways you can use the token to help engage and grow your fan base. Here's just a few ideas we've had:

The incentives program, we believe, is crucial to lean into first and foremost. We've all seen the massive growth these programs can bring to projects in crypto. We've also seen the steep decline in users and revenue that the end of these result in too. The most successful incentive programs are able to turn a larger percentage of new users into long term fans. Whilst your token is being distributed as incentives make sure you have lots of interesting and meaningful ways your audience can engage with you and your content, such as:
- Use polls to gather insights from your audience: Find out their likes and dislikes related to your content. Let them have some say in content creation. Even if it's just selecting a version of an image, it will make them feel more connected to you and community you're building.
- Use paid content: The token incentives reward for engagement and whilst Kaichi is not explicitly listing out their metrics they're using and how they're ranked (to help stop bots), obviously buying your content is going to rank highly. So, use this to help find out what works as paid content with your audience and, probably more importantly, what doesn't.
- Tie in token holding with some of your DRiP drops: Whilst you can have things like 'top X holders get a Legendary' type of promotions you can also get creative to encourage more of your audience to get involved. 'Random 10 holders who hold exactly x number of tokens get a Legendary' or 'hold more/less than x tokens for a chance for 30 Legendries' can offer ways to increase the accessibility of promos across your audience and encourage more trading (which means more fees).
- Put your money where your token is: There's nothing like a fan base seeing physical proof of committed creator. Most creator platforms (DRiP included) only ever ask fans to pay. Whether it be subscriptions, NFTs/tokens, or simply tipping, the onus is always on the user to pay the creator. People like memecoins so much partly because they are a lot fairer than existing creator/fan model. Even non-memecoin tokens are normally heavily weighted toward users who didn't buy the token but rather got it granted to them somehow. Memecoins frequently launch with all their tokens in the market from the start meaning if you want exposure as the creator you have to buy in like everyone else. The Creator present on Kaichi even heavily favours the creator with 80% of supply at TGE allocated to them. However, if you, the creator, wants to hold any amount of your Kaichi memecoin you need to buy it: Just like everyone else. There's a 'skin in the game' aspect here which goes a long way to building trust in a space so fond of the saying "verify, don't trust".

This is just scratching the surface for what you can do. We're sure in a short space of time we'll see plenty more designs emerge as different content creators pop up on Kaichi.

The $SOART DRiP-to-Kaichi incentive program

We're happy to announce our incentive program to help bring DRiP artist onto Kaichi and expand their socialfi footprint in meaningful ways!

Each month we'll feature a new set of in focus artist on our Socially Artful Kaichi account for which we have collected art from their DRiP profiles to reward $SOART holders with.

On top of that we'll be extending to those DRiP artists an offer of 100K of $SOART dependant on the following conditions

they create a Kaichi account and mint a token
they make at least 5 original posts, with media, on their Kaichi account

Any DRiP artists interested in being an in-focus artist on Socially Artful please feel free to reach out to us either here on Bulb or on our X profile.