Uhive is the world’s first blockchain-powered, AI-based, decentralized social platform. This disruptive social network is shaking up the social media scene using a unique and innovative interest-based content discovery model, alongside creator rewards within Uhive’s decentralized economy with its very own cryptocurrency – Uhive Token HVE2. At the center of Uhive’s groundbreaking app resides the Oasis; an interactive, VR supported physical-esque dimension comprising an infinite number of ‘spaces’. These spaces are similar to profiles, or pages on other social platforms, but that is where the similarities end.
What are Uhive spaces?
Think of Uhive spaces as parcels of virtual land some with and some without properties. Their intrinsic value fluctuates and is dependent upon many factors including, but not limited to; location (in the Oasis), the level of engagement a space receives, the amount and quality of followers a space has (follower quality is determined by their social scale). As far as social networks are concerned, the concept of virtual real-estate is unique to Uhive, but Uhive takes it one step further by turning spaces into non-fungible tokens (NFTs).
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What are NFT’s and how are they created?
If you haven’t heard of NFT’s, or nifties, don’t worry, you are not alone. With COVID dominating the 2021 news cycle it is no wonder that most are unaware of this $338 million (Non-fungible) market taking the digital world by storm. Demand is skyrocketing and it’s no wonder that everyone from artists to businessmen to sports franchises are creating their own version of these unique, high-valued, digital assets in their attempt to cash in on the burgeoning demand. In addition to virtual land, some other forms of collectibles that have undergone this digital transformation are original works of art, songs, sporting highlights and even digital pets have become some of the most valuable, sought after NFTs.
Non-fungible tokens are created by coding a collectible’s unique identifying information into a smart contract. The resultant digital file becomes an unforgeable and indivisible digital collectible. Once cryptographically encoded onto a blockchain, a copy of this file is then uploaded to an NFT auction market where it can be purchased and/or resold with cryptocurrency.
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So, how do NFT’s apply to Uhive?
In Uhive’s case, designing each space as its own NFT gives the end user something tangible; a unique, immutable and valuable collectible that becomes owned as the underlying distinguishing data also acts as the space’s certificate of authenticity/ownership. Included in this data is the NFT’s unique token address specific to each space’s physical location within the Oasis. This digital land deed grants the owner exclusive rights to the space in question, as well as all its content and followers, and allows them to withdraw the NFT to their preferred wallet in order to sell or trade the space.
Uhive’s idea to make spaces available as NFTs is brilliant and aligns perfectly with one of the platforms core values; rewarding the original creators whose content is responsible for much of a platform’s success.