SocialFi platform to tap into creator economy in Arab world

Sajjad Ahmad, Deputy Business Editor

Focusing on the Arab world creator economy, Million, the First Blockchain-powered SocialFi platform, is aiming to unlock this economic opportunity in the region and contribute to reshaping its ecosystem thanks to the blockchain technology.

With the emergence of Web 3.0, the creator economy became one of the fastest-growing ecosystems on the planet as media has become more decentralised than ever. It is now a multibillion-dollar industry, having reached $104.2 billion in 2022 and expected to reach $200 billion in 2024.

Globally, the MENA region has one of the highest penetration rates of social media platforms and is playing a key role in the content creator economy. Today, more than 82% of the people in Saudi Arabia use social networks as part of their daily lives while the UAE is home to over nine million residents with 98% of them being active on social media. Hence, it comes with no surprise that the region is rapidly embracing and adopting the blockchain and web3 technologies.

These technologies offer unique benefits and opportunities that can help creators both in monetisation and community engagement. They grant users ownership of their data and provide content creators and the communities with the opportunity to monetize the attention that they give and receive. The power of social media hence becomes in the hands of the users! By sitting at the intersection of community, the creator economy and Web 3.0, Million takes a step further by supporting the content creators and their communities. When content creators onboard on Million.one they hold the digital ownership of their content, have the ability to make a passive income and can grow their communities based on valuable interaction and engagement.

“Creators are searching for more meaningful and value-adding ways to engage their fan base” said Julien Hawari, CEO of Million. “The platform provides creators the opportunity to offer more to their fans, including financial benefits as a remuneration for their engagement, but also for both creators and their communities to participate in the collective value that they help platforms create.”

Million is the next generation of social media. It is the first SocialFi platform in the Middle East to empower content creators and community alike by monetising engagement-driven social activities. The platform relies on a decentralised model and grants users digital ownership of the content they create and monetise. With its Engage-to-Earn revenue model, the time spent on social media sharing, liking, playing or else is rewarded. Million aims this way to incentivize both users and content creators to the community growth optimising their revenue via this network effect.