What is FreshCut (FCD) and How Does it Work? | KuCoin Crypto Gem Observer
The social media industry is rapidly growing as the world transitions into a digital era. At the moment, the industry rakes in North of $120 billion. However, the sector has been leeching on free content from creators and free engagement from fans and members. Although the sector relies heavily on creators and fans, they get little or no share.
Apart from taking the largest share of the revenue generated, the web2 industry does not have a dedicated home for gaming content. The gaming industry is spread across multiple platforms that are not designed to handle short-form or gaming content.
For instance, in 2020, there were 87 million gaming content channels on YouTube and Twitch. By factoring in short-form platforms like TikTok, Instagram, and Reddit, this number rose sharply to hit hundreds of millions.
While this industry has been growing at a 40% rate year-over-year for the past three years, creators continue to suffer under the tyranny of social-video platforms. For instance, Instagram creators got nothing despite having millions of followers and fan engagement.
On the other hand, TikTok creators are making single-digit dollars. Additionally, revenue share economies take rates ranging from 30% to 50%.
Hoping to address these issues, FreshCut launched as a web3 gaming content platform and community for fans and creators. The platform seeks to host the freshest video moments in the gaming community.
To achieve and sustain this moment, FreshCut intends to empower fans and creators to share the best moments in gaming. Additionally, the platform intends to fairly compensate fans and creators in its ecosystem. Watch the FreshCut (FCD) Deep Dive Video and Subscribe to the KuCoin YouTube channel: https://youtu.be/r2IVxLnF2Kc
How Does FreshCut (FCD) Work?
FreshCut focuses on disrupting the web2 standards in the social-video industry and shaping the sector’s future. The platform seeks to achieve this by sharing value back to creators and fans, who play a vital role in building and maintaining a healthy, fun, and engaging community.
The FreshCut ecosystem features a token dubbed FreshCut Diamonds (FCD). FCD is an ERC-20 community token that runs on Polygon, an Ethereum sidechain scaling solution. Fans and creators can earn it in multiple ways, including community membership, engaging with the platform, and patronage/tipping.
The FreshCut platform has integrated Engage-and-Earn and Create-and-Earn mechanisms. Additionally, the platform aims to add a patronage product, which returns 90% of the value to creators. Unlike other profit-oriented organizations, FreshCut allocates the remaining 10% to its community treasury.
At the moment, creators can earn the FCD token through the Engage-and-Earn and Create-and-Earn mechanics through the FreshCut mobile app or Discord community. Fans that hold FCD can tip creators for their content. In the future, FreshCut aims to introduce an option to purchase digital collectibles, which it will co-create with creators on the platform.
FCD holders will also get membership benefits within the FreshCut ecosystem and contribute to the platform’s governance through FreshCut DAO.
What Makes FreshCut (FCD) Unique?
Unlike web2 social-video platforms, FreshCut enables active content creators that contribute back to the community to earn regular FCD rewards. The platform will only distribute these rewards to creators who complete tasks.
Creator tasks include publishing video content, fostering viewership and fan engagement, sharing video content, engaging fans through FreshCut, participating in events like tournaments, as well as creating and organizing sanctioned FreshCut events for fans and community members.
Through the Engage-and-Earn mechanism, FreshCut allows fans that contribute to its discord channel to earn rewards. Tasks that creators need to complete to earn FCD include watching videos, engaging with creators, sharing and promoting creator content, and participating in community events.
After earning FCD, fans can use their holdings to tip creators, get access to events, and earn exclusive drops. Additionally, they can qualify for community membership and/or creator benefits.
Creators and fans that hold FCD qualify as members. Getting the member status enables users to get perks in the FreshCut app and the platform’s ecosystem. Benefits include getting exclusive FreshCut merchandise, gaining access to FreshCut events and IRL meetups, entry into monthly gaming giveaways, and access to a members-only Discord channel.
As development continues, FreshCut aims to team up with strategic advertisers and sponsors to increase the rewards that creators and fans receive. After the project achieves this milestone, FCD holders will enjoy both product and reward opportunities via special campaign activations.
Considering FCD runs on Polygon, token holders get fast transaction speeds, low transaction costs, Ethereum’s security, a vibrant and rapidly growing EVM ecosystem, and robust development tools and environment.
Who Created FreshCut (FCD)？
FreshCut is the brainchild of three individuals: James Kuk, Ben Stueck, and Ernie Le. James serves as the company’s CEO and has more than 10 years of experience in the gaming and creator economy. Before FreshCut, he worked as the Head of Global Business Development & Strategic Partnerships at Twitch. James also worked at Xbox Studios.
Ben is FreshCut’s Chief Product Officer. He is a product development officer with vast experience building for gaming creators and their communities at Twitch.
Ernie serves as the company’s Chief Content Officer. He previously worked at Twitch and helped the platform’s creator program grow to over 30,000 partners. Ernie also led the Publisher and Developer team at Twitch and is a Forbes 30 under 30 alumni.
The rest of the team includes Frank Shotwell as VP of Engineering, Syed Hasnain as Blockchain Engineer, Ken Wattana as the Head of Marketing, Alice Wang as Finance Lead, Kevin McCarthy as Operations Lead, and Derek Hunten as Product Design Lead.
FreshCut also has a rich team of advisors, including Twitch co-founder Kevin Lin, Republic Crypto co-founder Bryan Myint, Loot Squad co-founder Bryce Johnson, web3 content creator and YouTube creator Brandon Martyn, Ex Populous Soban Saqib, and Tribe Gaming founder and CEO Patrick Carney.
By providing tangible value to creators and fans through the Engage-and-Earn and Create-and-Earn mechanisms, FreshCut is well-positioned to revolutionize the social-video industry. The project also helps build and sustain a healthy, engaging, and fun community.
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