The Local Social
Whitepaper v 2.1
Mission:
The Local Social’s mission is to protect our users' inherent rights – from ownership of intellectual property to data transparency.
Goal:
Content creators you’re the main character of your story.
The Local Social’s here to help you recognize that.
Business Objective:
The Local Social is a creator centric social media app. Our objective is to streamline the agency process, through data transparency and facilitating the automation of smart contracts using the NFT platform. Our company will prioritize the building of our platform which will support a global network of creators. We will gauge its success by reaching 1% of the existing creator market before site launch.
“More than 50 million independent content creators, curators, and community builders fueling this new [creator economy].”
- Forbes
Problem and Solution:
The Local Social bridges the massive gap between creatives and businesses. Content is the lifeblood of all social media networks yet the majority of content creators aren’t equitably compensated for their work. The growing number of new businesses has simultaneously increased the number of online businesses, as the global health crisis has illustrated the value of a social media presence. However the average small business can not afford the time or capital required to source the right creators to execute content at the existing volume demanded by the algorithm.
We understand this problem intimately. We solve this problem for creators and business owners by providing a platform that enables a transparent database and automates outsourcing content creation through smart contract functionality. The Local Social will serve as a marketplace where businesses and creators meet. Businesses will be able to outsource content creation. While creators will be able to sell their work(s) at a fair market value through the NFT smart contracts.
Did You Know?
54% of Americans don’t trust major news outlets While 46% of Americans between the ages of 18-35 get their news from social media.
Social Media Facts
- Gen Z & Millennials
- Americans
- Gen Z & Millennials
- Americans
Unique Selling Proposition:
A decentralized agency that allows businesses and creators to do business directly. The Local Social provides creators a secure and quick payment system to do business through the use of blockchain technology. There is no marketplace where creators can set their own terms and conditions while maintaining ownership of their intellectual property. The platform facilitates creators making their own smart contracts using our templated database, where creators can leverage their data for monetization without an intermediary. Additionally, the more users the platform acquires the larger the database will be for businesses to source creatives. The platform will be built to have detailed search features that allow business owners to leverage KPIs to find the right creators for their business niche.
This will allow business owners to make more discerning decisions that will give them the desired results for growth, engagement, brand awareness, website traffic etc. According to Forbes, “this generation of micro-entrepreneurs is currently valued at $20 billion with estimations that it could grow to a $104.2 billion market in 2022.” The platform’s growth will have a network effect that directly impacts the creator economy and social media industry. As a result users participation will dictate the fair market value for creative works.
Set Your Own Terms
Creators and business owners will be able to do business in a fair marketplace which will facilitate transparent business deals. The use of smart contract technology will ensure the proper execution of each contract.
Target Market:
Primary Target:
Freelancers between the ages of 18-38
This age group makes up 77% of the 58 Million freelancers in the US.
64% of American Gen Z and millennial consumers “really enjoy and feel loyal to” creators and influencers.
Secondary Target
Business owners between the ages of 27-65 in the US.
94% of business owners in the US are 35-and older according to the US census.
The highest rate of entrepreneurship in America has shifted to the 55-64 age group, with people over 55 almost twice as likely to found successful companies than those between 20 and 34 as indicated by data from the Kauffman Foundation.
Product Market Fit:
Value Proposition:
The Local Social is where creators can enter the market. The platform facilitates creators doing direct business at fair market value through data transparency and the use of smart contracts on the NFT platform. The volume of content and transaction process make doing business more time efficient and cost effective for the existing demands of the digital marketplace.
Minimum Viable Product:
For us to provide our MVP prototype we will need to build a platform that aggregates all users' social media insights into a transparent database and facilitates B2B transactions using smart contract functionality with NFT technology.
Where We Want To Go:
Once we’ve met our goals users will have access to more refined capabilities. The user profile will have access to the smart contract templates and transparent database on their dashboard. Not only will creators be able to monetize their data, creator accounts will also have access to upload their content as NFTs to sell in the marketplace as direct to consumer items or commissioned works. Business accounts will have access to post jobs to the job board, commission works directly from creators, download content directly from creators profile, and source creators using the platform's database. The database will facilitate business owners searching for creators by location, industry, audience niche, price range, and social KPIs.
Features:
Network
Database
Dashboard
Digital Library
Smart Contract
Communication Center
Payment Center
Benefits:
More transactions and people to transact with
Discoverability, ability to review insights, social proof, ranking system, job facilitation
Easy access to the market, convenient
Access to content, can create content at scale, can license content out like stock video and images
Secure privacy, equity, ownership, transparency
Discuss terms of contract before job is initiated, track service, inquire with person(s) being commissioned
Secured transactions