Instagram, TikTok and Snapchat have a new rival — ‘Octi’ an app that has NFTs, the metaverse and digital coins | Business Insider India

There’s a new social media platform and it blends everything that’s trending online right now. It’s got NFTs, the
metaverse and digital coins, all in one app. Meet Octi, an augmented reality (AR) platform where you make videos with objects and scenes and earn digital ‘Octi’ coins.

Octi looks like any other social media platform with its TikTok-like feed and Snapchat’s AR features. In this app, you can earn Octi coins as more people like and engage with your videos. You can play around with objects and create videos in scenes like the Great Hall from Harry Potter. Through these Octi coins users can purchase items from the Octi Shop and also use these coins to actually purchase physical goods like shoes, makeup, clothes and more. New objects and scenes will be added daily to the Octi Shop.

Social media and NFTs

The app also lets users import their own NFTs to the platform which anyone can use for free. But NFT owners are also rewarded coins as their objects are used and grow in popularity. So the more popular and used your objects are, the more valuable they become. This way users can not only get more exposure for their NFT items but also earn some money.

Octi wants to be different from other social media platforms where users are only rewarded with likes. It has
financial backing from James Murdoch’s Lupa Systems, LiveNation Entertainment, and Jimmy Iovine, co-founder of Interscope Records.

“We are building Octi to be the ultimate creative metaverse, with a business model based on community engagement and meaningful rewards instead of vapid ‘likes’,” Justin Fuisz, founder and CEO of Octi said in a press release.

Exclusive product releases

It is also offering a platform where it says the “creator is their own avatar in the metaverse.” The company has also opted for a commerce revenue model instead of the traditional advertising model that popular social media platforms go for. The virtual items available for users are also through partnerships with brands. Through this, Octi aims to help brands create hype for their products and even launch exclusive products digitally. So the platform nicely blends creators, brands with NFTs, the virtual metaverse world and social media.

An app that perfectly embraces the future of social media

Octi nicely blends creators, brands with NFTs, the virtual metaverse world and social media. It borrows the best features from the most popular social media apps like TikTok, Instagram and Snapchat. But it’s way ahead of the game with the option to use AR objects and scenes from popular franchises and brands, import your own NFTs and make some money while doing all that.

Octi is currently available only on iOS with no word on when the Android version will launch. The app however isn’t available in India, and it isn’t confirmed where other than the US the app can be downloaded.

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