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AMA Session with Jason Fang from Corra.Finance (CORA)

Guest: Jason Fang, Founder of Corra.Finance
Host: Iris of MEXC Global

Introduction:

Iris: Today, we’re honored to have Jason Fang, Founder of Corra.Finance, to our community to give us a more intuitive introduction to their unique project.

Jason, welcome. Would you like to say hello and introduce yourselves?

Jason: Hi everyone! I am Jason Fang and the founder of Corra.Finance. I also lead the venture investments and strategies at Sora Ventures. Prior to Sora, I was the Head of Global Business Development at Juzix (now PlatON), a leading blockchain company led by Wanxiang Holdings that focused on distributed ledger technology and multi-party computation. I was also one of the first employees at Fenbushi Capital, which is Asia’s first blockchain venture capital firm based in Shanghai. I ran their US deal-flow and built their network before leaving to join PlatON.

Twitter: https://twitter.com/CorraFinance

Telegram: https://t.me/corragroupchat

Questions about the project

Q1

Iris: What is CorraFinance? Can you share with us more in detail?

Jason: Corra is a plug-and-play platform that allows the monetization of digital content using NFT technology. Corra will enable anyone to create and list NFTs for free. Whether you are a KOL, a celebrity, a public figure, a YouTuber, an Instagram model, a student, or just an individual, you have the same chance to turn your digital content into real money. The platform allows you to share it with your friends, fans, followers, and community, so they can own a piece of your IP to promote your brand and content.

In addition, Corra has a token called CORA that will be used to upvote your listed NFTs. The more upvotes you have for your listed product, the higher ranking and visibility your product will have on Corra’s auction page — this is very similar to paid marketing on Google search results to boost the visibility of your product and to increase the chance of getting a bid. Each time a CORA token is used, it will be burnt by the end of the month, which permanently reduces the total supply of CORA in the market and stimulates the price of CORA to new market equilibrium.

Q2

Iris: What triggers you to launch CorraFinance? What are some of the real-world problems/ pain points that CorraFinance aims to solve?

Jason: Corra.Finance approaches NFT very differently compared to other NFT platforms in the market. Almost all NFT platforms today serve first-hand, primary sources, and exclusive products. Corra is servicing the opposite of that. We are servicing a new market sector that has rarely been explored in the NFT market.

Specifically, we are serving secondary sources or what we call “existing data” on the Internet, such as existing Twitter tweets, Facebook posts, Facebook videos, Instagram photos, Tik Tok videos, Soundcloud music, or just about any existing digital content that you have posted or shared on the Internet in the past ten years. Hence, we like to say that we are “monetizing digital content on the Internet.” There are certain pros and cons to going this route, but we do believe that this will be a much larger market than most NFT platforms are targeting today.

Q3

Iris: What are some of the challenges that Corra.Finance currently faces? How do you aim to solve them?

Jason: Great question! One of the biggest challenges we face today is the use of gas fees on the Ethereum network. As ETH becomes more expensive, so will the gas fee. This means the barrier to entry on Corra will become higher as users would have to spend higher fees to purchase NFTs.

Luckily, one of our investors, Immutable specializes in building layer 2 for NFT products on Ethereum. We have been working with them on trying to get certain features on Corra to be 0 gas fee and using their own network ImmutableX, IMX to reduce gas fees. The announcement has not been made yet but we will soon be sharing more details about this partnership down the road. We are very excited to be working with the team at IMX and hopefully become one of the earliest projects in the industry to obtain 0 gas fee creating NFTs.

Q4

Iris: Are there any exciting news or updates with regards to Corra.Finance that you would like to share with the users?

Jason: Yes of course! We have been signing on KOLs on Corra. We will release our first batch of KOLs this week to showcase some of the KOLs we have onboarded. Since each KOL has a fixed amount of photos on their Instagram profile, these NFTs are naturally a collection of NFTs.

Social Media NFT is going to be a big part of the NFT space, and we are very excited for KOL fans to take part in owning a piece of the IPs. We believe this will bring fans and KOL much closer and provide an experience where the KOL will actually feel incentivized to produce quality photos and content that can be engaging and meaningful.

Q5

Iris: If you were to summarize your project in ONE word, what would it be? Why?

Jason: Interesting question! I think it would have to be “Bond”! Social Media NFT is all about strengthening the bond between KOLs and their fans. Before Corra, fans could only “like”, “comment” or make small donations to their KOL on platforms like Patreon. With Corra, fans can support the KOL financially by purchasing a piece of their favorite photos on KOLs’ Instagram profile, which by the way, also contains historical contents like: number of likes, numbers of comments, the comments themselves, and all the timestamps on each comment.

Since each NFT will be completely different based on different variables such as numbers of likes, comments, timestamps, the value of each NFT will be different and hence, there is potential for trading each NFT in the secondary market. Imagine purchasing trading cards, but now you’re trading unique cards from your KOLs. We are excited to see where social media NFT grows and how it can further change the way KOL and fans build their bonds in the future using Corra.Finance.

Free-asking Session

Q1. What was your motive behind making your project?

Jason: When Corra started in Q2 of 2021, the majority of the NFT projects focused on helping tier 1 celebrities sell NFT in the market. Corra wanted to show that anyone can sell NFT, so we started focusing on working with lower-tier KOLs who were hungry and ready to differentiate themselves. We wanted to show that social media NFT can become the next big thing in the internet world because data and content on social media are worth money. Unfortunately, giant tech companies don’t pay dividends to any users who contributed data to their platform. This is where Corra comes in. We want to show that anyone can turn your content into NFT, and then sell it to your fans and friends. In the past, recognition from social media is in the form of likes and comments. In the future, the recognition will be in the form of monetary value.

Q2: What are the plans of your project for reaching more people and increasing the awareness?

Jason: We will scale our users, build our community, and build awareness by working with large amounts of KOLs who want to engage their fans using NFT technology as opposed to using platforms like Patreon or selling physical products that require shipping. NFT is much more efficient and effective way for fans to support a KOL financially, and it opens an entirely new market because anyone can buy the NFT. By working with more KOL, we hope to reach out to more of their fans, convert them to Corra community members, and spread awareness on how NFT can help build a stronger bond between KOL and fans. We believe Instagram is a good platform to do this, and we are eager to see how far we can go with this ambitious mission.

Q3: Many projects rug pulled and exit scam recently. Why should investors trust your project not to do the same?

Jason: I’ve been in the space since 2015 and have a strong track record in the blockchain space. Many members of our team have a background in blockchain and social media, and some have even been KOL themselves. Finally, unlike other projects that purely rely on market movement, Corra is a project that is fundamentally a business with the ability to make profit without relying on the crypto market. This means that if the market does not do well, Corra will be able to make money over time by helping KOLs launch their NFTs.

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