The team at XCAD Network is about to launch the highly anticipated browser plugin that will allow YouTube users to collect token rewards for watching videos in selected channels. The plugin will premiere at a live event, which takes place in New York on June 16. The event will also be streamed online.
Despite the unforgiving bear market, XCAD Network and its CEO, Oliver Bell, remain optimistic. It’s one of the few crypto projects to have grown in value over the past three months, and it’s poised to be promoted among hundreds of millions of people.
What is XCAD?
Essentially, XCAD Network is a tokenization platform for YouTube influencers and their fans. Approved YouTube content creators get to launch their own tokens, which are then distributed among fans as they watch YouTube videos in the content creator's channel using the upcoming plugin.
Thanks to an in-house decentralized exchange, users can trade creator tokens for the platform’s native XCAD token, which is in turn listed at exchanges like Huobi, Gate.iom KuCoin, and Uniswap. Creator tokens can also be spent on various utilities and perks the creator chooses to offer, like NFTs, exclusive merch, access to restricted communication channels, and so on.
A third of each token’s supply is allocated to the creator themselves, but that portion is vested and only gets unlocked as the creator hits performance milestones. That said, creators will also see more revenue as they mint and sell NFTs on the XCAD NFT marketplace.
Who makes money on Watch-to-Earn?
The primary advantage of tokenization is that both the issuer and the holder get to profit as the token grows in value. It’s the same with XCAD Network. Viewers earn rewards, and creators further monetize their work. What seems to be novel, though, is the scale at which the project takes off.
The XCAD token went live about a year ago. Since then, the project has onboarded over 70 YouTube influencers, whose total following tops 290 million users. With these creators expected to promote the plugin among their fans, XCAD Network can potentially get an exposure surpassing the estimated DeFi community by a factor of 70.
The deals secured by XCAD Network have been widely praised as a bridge between Web2 and Web3. The project has garnered over 160,000 Twitter followers, as well as endorsements from experienced investors like Michaël van de Poppe and CryptoWendy, even though it's still in the development phase. The only utility the XCAD native token possesses at the moment is staking.
For creators, the platform offers more than tokens to swap back for dollars. It’s a way to further incentivize YouTube users to watch videos and engage with the channel. Creators can also increase existing fans’ loyalty and engagement, creating a community around merch and perks.
What’s next for XCAD?
According to the roadmap, the third quarter of 2022 should bring a creator dashboard, Twitch integration, and a mobile version of the plugin. As trading pairs on the XCAD Network's decentralized exchange go live, founders expect the liquidity of the native XCAD token to improve, paving the way for more exchange listings.
Ultimately, creators will be admitted via a dedicated launchpad, with the XCAD Network's community voting on every submission, but it could take months before the platform reaches that point. For now, all attention is on the plugin to be released next week in New York, and whether the overall quality of the platform will manage to match the hype.
The above article does not constitute investment advice. Please do your own research before investing in cryptocurrencies.