While Facebook (now rebranded to Meta) and Microsoft are working to make the idea of the Metaverse a reality, a new AR-based social media platform is looking to combine the idea of social media with a revenue-focused Metaverse space for users. Called Octi, the latest social platform was recently launched to take on other popular social apps like TikTok, Reels, Facebook, Instagram, and Snapchat.
Octi – A New Kind of Social Platform
Octi launched as an all-in-one social platform targeted towards the Gen-Z, which combines pretty much everything that is trending on the internet. It has AR-based filters like Snapchat, a vertically-scrollable video feed like TikTok, support for NFTs, and digital coins, and the best part is that users can earn something more than just “likes”.
Octi, at first glance, looks like any other social platform for users to connect and interact with friends, family, and strangers. However, if we take a deeper look at the app, it offers much more than traditional social media apps like Facebook and Instagram. You can check out the video below to get a glimpse of the “Octiverse”.
How Does Octi Differ from Other Social Apps?
Using the app, users can create quirky videos using Snapchat-like AR filters to share them on their feeds. It allows creators to fidget around with virtual objects and shoot videos in virtual scenes like the Great Hall in Hogwarts from Harry Potter. Once these videos are live on their feed, the creators will be able to earn digital coins, dubbed as Octi coins, through their content. So, the more your video gets popular on the platform as other users interact and like it, the more Octi coins you will earn.
Now, what good are these Octi coins? Well, once you have a sufficient amount of Octi coins, you will be able to spend them at the Octi shop to purchase various digital items. Other than this, you could also use the digital coins on Octi to purchase actual, physical products such as shoes, cosmetic items, clothes, and more.
The platform also supports NFTs (Non-Fungible Tokens). Users can import their digital assets to the app for any Octi user to use for free. However, if you own an NFT and import it to the app for other users to use, you will earn Octi coins as your object gets more popular on the platform. Moreover, as the NFTs get popular on the social media app, their value will also increase in the market.
“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’,” said Justin Fuisz, the founder and CEO of Octi.
As Fuisz calls it, Octi is a “gamified social platform” that aims to break the norms set by traditional social media apps. The platform has opted for a user-focused revenue system for its business instead of adopting the same old advertising-based revenue model as other social platforms. However, as the virtual items available on Octi also includes partnerships with brands, the platform also wants to help brands create hype for their products and launch Octi-exclusive items for users in the future.
The app debuted in the USA recently. It went to the numero uno position on the App Store right after its launch. However, the app is only available in a select few regions at the moment. It is, unfortunately, not available in India as of now. Nonetheless, as Octi gets more popular in the market, the company might launch it globally to enable users to enjoy a social platform that lets them earn money and not just likes.