Calaxy, a social media platform which facilitates direct interactions and payments between social media creatives and audiences, made its official launch last week.

According to press information Calaxy gives creators options to set their own pricing for their service, and collect payment from fans, while avoiding costly middle players that characterize other platforms.

Who are the kinds of creators being targeted for uptake? Social media influencers, personalities, entertainers, artists, athletes, coaches, thought leaders, consultants, etc.

Calaxy provides social media entrepreneurs with a toolbox to sell a variety of experiences, grow their communities, and be paid instantly. 

Interactive features of the platform include options for exclusive content, video chats, and more. 

The app’s home feed connects users with the platform’s experience. It also has an experience scroll where users can find custom experiences offered by their favorite artists.

Calaxy is built on the Hedera network, which is known for its unique consensus mechanism, fast and low-cost transaction times, and smart contracting features.

Multiple major companies currently run governing nodes of the network, though no one company controls the network.

Hedera also has a timeline for becoming more decentralized by opening the ability to run nodes to more entities.

According to payments insight website thepaypers.com, Calaxy uses the Hedera network to transact NFTs that can be bought with fiat or crypto including USDC. (“Calaxy social marketplace launches app built on Hedera,” 11 Aug 2023.)

Money earned by creators can also be paid out in the same way.

TRENDPOST: Calaxy is another sign that Web3, though slower in developing practical products than some would hope, is continuing to offer a vision of how the internet may transform over the next half-decade.

Instead of YouTube or Facebook or Twitter controlling the social media process, taking cuts of revenue from creators, and profiting with advertisements and other sophisticated monetization of user content and data, Calaxy offers a radically different paradigm.

As thepaypers.com noted, the creator economy is currently a $250 billion market, and ranks as one of the fastest-growing sectors of the internet, with some 200 million estimated content creator participants.

While content creatives have exploded, the platforms they use have been long siloed (ie. controlled by a few major tech companies), and relatively stagnant and unresponsive to what creatives want and are demanding, in the way of compensation and creative freedom.

Web3 tech has answers, though the answers have been largely conceptual, with fleshing out only in a few prominent areas like DeFi and NFT art.

But web3, like AI in 2023, may be set for a much larger impact and uptake in the near future. 

BE ADVISED: Nothing in Trends in Cryptos represents investment advice.

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