Taki, a blockchain-based social media platform that rewards users for their engagement with quality content, has announced a milestone of reaching approximately 600K users on the product waitlist.
With the IEO launch of the $TAKI token, TAKI DAO raised $360K USD from individuals around the world. This, along with the fact that trading started at 10x the IEO-price of $0.04, is a strong indicator of community excitement. Trading volume peaked at $58M before settling down with three exchanges adding the token by the IEO day’s end.
Earlier this month, Taki raised $3.45MM USD through 11 marquee global web3 investors, including Solana Ventures, CoinDCX, OKX Blockdream Ventures, Alameda Research, Formless Capital, Gemini Frontier Fund, and Coinbase Ventures.
While expressing excitement over the achieved milestones, Taki’s co-founder Sakina Arsiwala said, “Taki wants to empower creators and give them a platform to bring forward their content and earn an income. With this IEO launch, users can better understand our vision and gain more confidence in Taki’s future growth.”
The success of Taki’s IEO is a testament to the growing interest in cryptocurrency and blockchain in India.
What is Taki?
Taki’s rapid growth and adoption can be attributed to its unique value proposition, which is to establish a first-of-its-kind engage-to-earn crypto economy.
Users can engage with their favorite content creators, create their own content, and earn TAKI tokens along the way.
Taki was founded to be easily accessible and serve as a gateway into Web3 while addressing the fast-growing demand for alternative social media engagement channels, especially given the rise of censorship across centralized social media platforms.
With Taki, users not only have the freedom to engage with the content they love, but they also get cryptocurrency rewards for producing their own content.
Powered by the RLY protocol and built on Solana’s blockchain, Taki can get accessed through a mobile app that is capable of some of the fastest transaction throughputs in Web3.
Taking into account the interest shown by the over 600,000 users on its waitlist, Taki is already proving to be more than just an alternative, but a next-generation social media platform for all.
According to the platform’s co-founder Arsiwala, “The platform is designed in a way that anyone can use it, even those who are not well versed with crypto. This is where the $TAKI token will play its charm.”
Arsiwala added that, “With $TAKI token, creators, users, and crypto-enthusiasts will be able to monetize their engagement and content on the platform.”
Moving towards web3 Social Media
Over the years, there has been a growing shift towards decentralization as users become more aware of the benefits of web3 applications. At its core, web3 products such as Taki enable users to both have more control over the content they produce and also get rewarded for engagement.
This is in stark contrast to the current web2 social media landscape, which is dominated by a handful of centralized platforms that have been known to censor content and throttle user growth.
The Taki team believes that now is the time for a shift in how social media platforms operate.
Taki is governed by a DAO (Decentralized Autonomous Organization), which ensures that decisions are made swiftly and in a decentralized manner. This decreases the chances of centralized censorship taking place.
According to the team, creators will see their content distributed across multiple platforms instantly, with rewards going directly into their wallets within minutes.
As noted by Arsiwala, “Taki wants to empower creators and give them a platform to bring forward their content and earn an income.”
Conclusion
Despite regulatory uncertainty concerning crypto by the Indian government, the Indian population remains one of the most crypto-savvy demographics in crypto and blockchain worldwide.
After the ICO boom of 2017, India’s government has refrained from terming crypto as legal. Even so, the country has moved forward to introduce a 30% tax on cryptocurrency transactions, which could be a sign of good things to come for the overall crypto community in India.
Given the growing demand for web3 applications in the country, Taki is progressing on its mission to be a gateway for crypto-enthusiasts in India and around the world.