A Platform for Creators and their Fans
Interactions between creators, product users, friends and fans have been the core of communities formed based on mutual interests. In a way to take this form of relationship further, Creators can implement a form of financial incentives for their fans and followers using cryptocurrency tokens as incentives for their loyalty. Think of a country with their national monetary system. As people work hard to provide valuable goods and services that helps push the country forward, they are rewarded with the country’s currency to represent the value created. So also, anyone creating goods, products and services that falls into the creator economy can also create a form of micro-community which allows a full expression of support between the artistes and their fanbase.
This has a lot of benefits for both the creators and the fans. For the token creator, the following are some it:
- It fosters a community of organized people with a common interest that aids proper structure and organization that makes the brand that is being portrayed unique.
- It makes it easier for the Creators to get access to their fanbase directly by using the token holders as the proper way to know and engage with them.
- It can help the Creators create a gated system for their community that is independent of centralized platforms.
- Creators can be directly rewarded for their works when their fans purchase their tokens (or NFTs) with proceeds that go to them directly instead of through the middleman platforms.
- It allows portability of fans in the sense that if the creator were to be removed from a platform where their users connect to them, they can be supported using decentralized platforms to operate and earn.
For the users or the fans of a creator, being token holders of their favorite creators, they can get access to:
- Exclusive meetups, private chats with the Creators
- Discounted Merchandise sales
- Early access to the creators’ projects
- Voting on the directions of some projects from a creator.
Wallets and Services Supported
Built firstly on Twitter during the SolanaSZN Hackathon, Wum.bo will also launch their creator cryptocurrency services on other social media platforms like Reddit and YouTube in the future.
Wum.bo has its own wallet that you can use to view your created tokens.
Tokens in the Wum.bo ecosystem
The primary token for Wum.bo is WUM, a Solana SPL token that is tradeable on decentralized exchanges built on Solana (or that utilizes the Serum Order Book).
Apart from the WUM token, all the Creator Coins created by Wum.bo for their users are based on the same Solana SPL token program. These means they can be easily traded on platforms and exchanges that supports Solana SPL tokens. (Solana SPL tokens are the tokens that can be created, used and traded on the Solana network. It is just like the ERC-20 tokens that can also be used and traded on the Ethereum blockchain).
How to setup your Wum.bo Wallet
Follow all the steps highlighted below to get the extension setup.
- Log in to Wum.bo website to get the Wallet Extension. The wallet extension is what
grants us access to the Wum.bo app. Click on the “Download Wumbo Now”.
- After clicking on Download, it will ask for the permission to include it in your Browser’s Extension list. Allow it.
- Once you have successfully added the extension to your browser, you will see the purple-colored widget with Wum.bo logo at the righthand side of the browser.
- As shown in the image below you can pin the extension for easy access.
- Tap on the icon to start the setup. Select the wallet you want to use for the app. I selected Phantom. Approve all the signature requests that Phantom brings up.
- Once your wallet is properly connected, you will be able to view the tokens available in your wallet. Please ignore the token called Ausshole there. Thank you.
If you click on the Swap tab it will take you to the section where you can exchange some Solana for the OPEN token on their platform.
On your profile page beside the “Edit Profile” there is a button tagged “Claim”. Claiming is the process of creating a token associated to your profile.
- Once you click the Claim button, you will be redirected to the Wum.bo page. Click Next
- Select your wallet.
- Log in with Twitter and verify.
- Authorize Wum.bo to access your account.
After following all the instructions properly, you will get the “Claim Successful”.
You can now view your profile even on the Wum.bo app. Looks like I have a lit set of collectibles.
I can swap some SOL for OPEN and use the OPEN to create 0xPriest_ token.