FanFare is a decentralized platform that is a blend of social media and e-commerce-- social commerce -- on the blockchain that is looking to revolutionize the way people shop online. The platform connects brands and consumers directly and creates the opportunity for “instant shopping” in what ultimately becomes a “marketplace for products.” FanFare is looking to capitalize on an online shopping market that is predicted to be worth more than $4 trillion by 2020, according to the company’s white paper.
Consumers can purchase items featured in videos created friends, family or strangers with the click of a button. FanFare removes the middle-man in advertising and marketing and the pay-per-click approach, which also eliminates the costs associated with service providers in the process. FanFare describes the platform as a “blockchain powered social commerce community” with a “universal platform and universal currency,” the latter of which is the ERC20-based FAN token.
In a nutshell, the casual user watches a video that was posted by someone they know or a stranger. If the user wants the product being featured, they click on it and it brings them to either the brand’s online store or another online marketplace where the user can buy the product.
Consumers also create, post and share videos of their favorite products on the FanFare platform similar to how they would on other social media sites.
FanFare has features that then give brand owners the ability to convert videos about their products into shoppable videos by adding a “buy button.” Content creators are rewarded with FAN tokens, and the brand owners build an emotional connection with consumers. The immutable nature of the blockchain means activities such as video verifications, conversions and rewards can’t be altered.
FanFare is a decentralized platform comprised of a user app and brand app, which are designed for “everyone” and the company’s brand partners, respectively. The user app is where users/consumers can view and upload videos, purchase products, participate in marketing campaigns, and vote for videos in ad campaigns. The brand app is where FanFare brand partners verify a video, add that video to their own channel, add a “buy button” to make it a “shoppable video”, create their own campaigns and connect with consumers.
The FAN token fuels the platform. It’s used by brand owners to “verify a fan video, or convert it into a shoppable video.” When a brand owner verifies a video and converts it into a “shoppable video,” the creator of the content earns FAN tokens paid to them by the brand owner. But there are other ways to earn FAN tokens too, such as engaging in content with “likes” and earning FAN tokens commensurate with the number of videos liked and viewed.
Brands/brand owners, marketers, consumers, smartphone users, social media influencers including professionals and casual users who are engaged in social media. FanFare in its white paper points to more than 2.5 billion “global mobile social media users,” which is growing by 1 million users daily. Also the unbanked who do not have access to a bank account but would like to participate in online shopping.