An Interview with CEO and Co-Founder of FANFARE
The evolution of Blockchain technology over the years has seen a number of mainstream industries and sectors adopting this technology to enhance and streamline their processes and operations. Banking and financial institutions are likewise compelled to explore how Blockchain technology can be integrated within their regulated framework.
A new Social Commerce platform has also emerged with Blockchain technology that would shake up the eCommerce and advertising industries, and transform the future of online shopping and video marketing. This is FANFARE, which has successfully paved the way where brands can directly engage with users.
We had the privilege to speak with Vincent Lim, CEO and Co-Founder of FANFARE, on how a Blockchain-powered Social Commerce platform will be the game-changer.
Vincent, how does FANFARE plan to disrupt eCommerce?
Vincent: FANFARE is an open platform yet a closed-loop ecosystem where both brands and users can interact with each other seamlessly. It’s the world’s first Blockchain-powered Social Commerce community that will help brands connect with users intimately through Consumer-Generated Shoppable Videos.
We have a top-down approach where our brand partners can create campaigns for their fans to create videos for them. On the other side, a bottom-up approach, users can actually post videos of brands they like, and bring in or introduce the brands that they follow onto our platform. The role of content creators here is to create marketable videos so that brands will convert them into Shoppable Videos for audiences to watch and purchase products on the spot. This makes each user-generated video a potential point-of-sale for brands, thereby unlocking new value.
FANFARE’s aim is to revolutionize how online shopping will be in the future. We’re talking instant purchases just by watching a video. People love to shop where they can see what they love. There’s no need to surf through an arena of endless product catalogues or scrolling pages, identifying for the product you want to purchase on an online store. All you do is watch a video showcased by friends or family or even strangers and if you like what you see, what has been showcased about the product, you instantly click on it and hit the ‘BUY’ button. And you’re done. You get the same product that is being featured in the video straightaway. That’s how FANFARE is going to revolutionize this new way of shopping online.
What is Social Commerce and how can it be integrated with Blockchain?
Vincent: FANFARE’s ecosystem is built around two big industries of social media and eCommerce. Just imagine this – in every three minutes spent online by users – one minute is devoted to social media. That’s an average of 33% of the entire time spent online by users across the globe visiting social media in any form. Watching videos on social media is now a common phenomenon.
Social Commerce is an Enabler, a pure retail chain. It’s not born out of eCommerce or social media – neither is it a subset of the two. We, at FANFARE, are enabling brands to use marketable content to connect with users through influencer and peer engagement programs within a single ecosystem. This, in turn, creates the ability for brands to drive their sales – making the ecosystem a true ‘one-stop shop’ where sales can be made across multiple categories, be it FMCG, F&B, travel, events or services.
FANFARE has successfully unlocked the true value of Social Commerce, and it is the world’s only content-sharing ecosystem that connects users with brands easily on a single platform through consumer-generated word-of-mouth shoppable videos. With our centralized ecosystem already in place, the next step is to decentralize the entire platform by integrating Blockchain technology and introducing tokens. This is like YouTube meeting Amazon on Blockchain.
This brings multiple benefits for both users and brands. Brands can monetize user-generated content, while users can be rewarded adequately within the app. Every party that transacts on our app will be dealing in a common currency – the FAN Tokens, with the transactions occurring via smart contracts, allowing no room for any defaults. These smart contracts are fast, transparent, and eliminate the need for intermediaries – resulting in a cost-effective solution for brands to generate leads as well as increase sales.
Complementing the entire ecosystem is our crypto-friendly eStore, content creators and users can purchase real world products here with their FAN Tokens.
There was a mention about rewards. Can you elaborate about the operations?
Vincent: FANFARE engages three different groups on the platform – the brands, content creators and consumers (or users who are the actual audience viewing the videos). As already discussed, the FAN Token is the common currency used across our Social Commerce ecosystem.
Brands use our FAN Tokens to verify a fan video or to convert it into a Shoppable video. Currently, each Shoppable Video can actually hold up to four products. If more than four brands love a user-generated video and are interested in adding a ‘BUY’ button to that video, they would have to out-bid each other, which leads to the highest bidder adding their own product to that particular video. This system is beneficial because higher rewards means content creators are driven to create better quality videos that improve the platform’s engaging experience. Additionally, it increases the value of the FAN Tokens due to demand.
Content creators are an integral part of the platform as they generate and share videos on FANFARE. If you’re a content creator – when you create and post good quality videos, and if a brand verifies it or converts it into a Shoppable Video – you are rewarded with FAN Tokens.
There are multiple ways where users can earn FAN Tokens within the platform. Users on FANFARE who don’t create content will have the opportunities to earn FAN Tokens too! The platform allows them to partake in viewing videos, liking a video in campaigns and so forth. The more videos they view and like would increase their ability to earn more FAN Tokens. Not only that, users are also rewarded for shopping on our eStore. Our reward system is more quality-based and activity-based that should essentially encourage users to be active on FANFARE.
We’ve talked about all the benefits for users – how will brands be able to monetize on your platform?
Vincent: Social Commerce has added a new layer of complexity to the ongoing consumer decision journey. The consumer of today is more mindful about his/her purchase decision, as he/she seeks more information and recommendations on the product. Trusted word-of-mouth videos have become a core part of this purchase decision process. This radical shift compels brands to find greater cost-effective methods to quickly fulfill demands for consumers at the right time, and manage word-of-mouth at the right place.
Presently, when a brand likes a certain user-generated video on traditional social media platforms, they have to go through the hassles of finding ways to contact the content creator and/or negotiating a price to use the content. When an agent also becomes involved in the process, there will be additional fees required to be paid. There are instances that negotiations might fall through because the fee didn’t match the content creator’s expectations.
With FANFARE, brands can easily engage their fans and the content that they create. Brands can now directly put a ‘BUY’ button on any user-generated video to convert it into a Shoppable Video, thus making the video an instant point-of-sale for the brands. Therefore, FANFARE enables Social Commerce to go beyond the perimeters limited by eCommerce and social media platforms. Our building blocks, features and functionalities have been well-thought out, and are designed precisely to help brands and consumers connect more intimately. By facilitating an integrated brand-consumer engagement, brands can expand their relationships with their consumers to maintain trust, familiarity, and interactivity.
Well, now that we understand your technology, our readers might like to know the details about your Crowdsale.
Vincent: The total FAN Token supply is capped at 2,000,000,000. About 55% of these Tokens will be offered for sale – our Private Sale is already live as we speak. Our token sale will be conducted in four phases and for our community members interested in the crowdsale, it’s going to begin on 1st October this year. Members participating in the 1st part of the crowdsale are also eligible for 5% of bonus FAN Tokens on the amount they subscribed.
Learn more about the upcoming token sale at https://tokensale.fanfare.global/
Name: Michael Chua
Phone: +65 94554297
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