Hello everyone, it’s MateoXRP with MG.Social. In this post we are going to look back on the progress we had in 2021. We then look ahead to what we have planned for the MG.Social platform in 2022 and beyond.
Thank you to everyone for your continued support! 2021 was a big year for MG.Social. We had a number of technical achievements and a large amount of user growth on the platform. With that growth has come some growing pains to deal with along the way as well.
We will continue to make adjustments and improvements as needed to ensure we are always getting closer to our goal of making MG.Social the best and most creator friendly platform in existence.
MG.Social Platform Growth
We have been able to drive a large amount of user growth to the MG.Social platform over the last year. We ended 2020 with 135 user accounts and we enter 2022 with 1380, a 922% increase.
With the $5 monthly Coil subscription being our largest barrier to entry, we will explore methods to reduce this barrier by implementing referral and sign-up bonuses. This should allow us to continue to have strong user growth moving forward.
A great advantage for creators is that the MG.Social platform provides multiple ways for them to monetize their content contributions:
- Earn Web Monetization micro-payments on posts,
- Receive Xumm tips for posts in multiple tokens (XRP, MGS, CSC with more coming soon)
- Receive MGS utility token rewards for participation on the platform.
We will be looking to implement the XLS-20d standard for NFTs on the XRPL once it has been adopted. The addition of NFTs to MG.Social will drive more creators to explore what the platform has to offer.
Web Monetization Revenue
At the beginning of 2021 we set a goal to increase our average monthly web monetization revenue at least 240% by the end of the year.
When looking at the 3 month period of September-November 2020 we had a monthly average of $5.41 in Web Monetization revenue.
For the period of September-November 2021 we had a monthly average of $31.94 in Web Monetization revenue, an increase of 490% over the same time period in 2020!
We are currently working on implementing our first play-to-earn feature within MG.Social. Further implementation of play-to-earn functionality will help increase our web monetization revenues as we enter 2022, making the platform more sustainable long-term.
Social Media Presence
Twitter: 396 at the start of 2021 and 7,945 now (+1,906.31%)
Cinnamon.Video: 82 at the start of the year and 106 now (+29.3%)
MG.Social Mobile App Launch
We have continued to update and improve our mobile app and will continue to work on providing the best possible MG.Social experience from your mobile device.
MGS Utility Token creation and launch
We launched the MGS utility token on the XRPL to use as an incentive to encourage daily interaction from our users with the MG.Social platform. Although our initial launch of the MGS utility token did drive a significant amount of user growth to the platform, it also encouraged a lot of token farming type activities. These low value posts reduced the value of the experience for legitimate users.
We have taken steps to reduce this activity and will continue to make sure we strike a balance between incentivizing the use of the MG.Social platform while maintaining a spam and bot free environment for everyone.
MG.Social users who have added a trustline to the MGS utility token in their Xumm wallet and have linked their Xumm wallet in their MG.Social account can participate in MGS rewards.
There is a daily reward of 5 MGS utility tokens for posting to the MG.Social platform. There is also a hashtag program that pays out 30,000 MGS utility tokens divided amongst all valid participants at the end of the reward program month.
Note: MGS rewards are limited to one reward per Coil subscription and unique Xumm device used.
There are a number of current MGS utility token use cases with more in development:
- You can tip users across multiple platforms (MG.Social, PS.MG.Social, Twitter),
- create decentralized postings on the MG.Social Public Square,
- Spend your MGS utility tokens on gift cards, mobile air time, mobile internet, gift to charity and more with the ChiSpend xApp by ChiMoney
- Exchange your MGS for USDT on the Bitrue CEX.
- Exchange your MGS for XRP on the XRPL DEX.
MG.Social Public Square creation and integration
In 2021 we created the MG.Social Public Square to provide decentralization and censorship resistance capabilities to MG.Social users’ postings.
Users can spend one MGS utility token to add their post onto a decentralized public ledger (the XRPL). Users can then view and interact with this posting at either the MG.Social Public Square or from within a tab in their MG.Social profile.
The MG.Social Public Square started off as an experiment to create a decentralized social network on the XRPL. We will continue to improve and further integrate the Public Square into the MG.Social platform.
New MG.Social web app launch
In November of 2021 we launched our new MG.Social web at located at https://web.mg.social.
Since launch we have made a number of enhancements and improvements and we will continue to work on improving performance and adding new features in 2022.
Partnerships and Integrations
- Coil – we have integrated Coil micro-payment technology to allow for an ad-free social network where creators can revenue automatically when other MG.Social users view their posts.
- Xumm – we have integrated the Xumm wallet to allow for XRP and XRPL token tipping and MGS reward distribution. MGS is listed as one of the default tokens in the Xumm app, making it easy for Xumm users to add a trustline to the MGS utility token.
- XRP ToolKit – MGS is integrated as one of the default assets on the XRP toolkit, making it easy for new users to add the MGS utility token and begin trading on the XRPL DEX (decentralized exchange).
- ChiMoney – allows you to spend your MGS utility tokens with the ChiSpend xApp in Xumm on gift cards, mobile airtime, mobile internet, charitable donations and more.
- Bitrue – a top 15 cryptocurrency exchange by volume, where you can trade your MGS utility tokens for USDT or store them in the Bitrue Power Piggy program to earn 6% interest per year.
- XRPL Merch – purchase MG.Social branded merchandise from the XRPL Merch store. Use your Xumm wallet and pay with MGS tokens!
We will continue to explore further partnerships and integrations that will drive value for MG.Social users and MGS utility token holders.
Our main goals for 2022 include:
- Improved MG.Social mobile and web app performance
- Integrate play-to-earn functionality: earn MGS utility tokens by playing games within the MG.Social platform.
- Integrate a revamped MG.Social voting system to allow for additional tokens to be added to the platform and other governance voting by MG.Social users using MGS utility tokens.
- Implement the XLS 20-d standard for XRPL NFT minting, galleries and trading within MG.Social.
- Longer-term vision: MG.Social as a DAO. We will explore ways we can further decentralize our operations by transforming MG.Social into a decentralized autonomous organization.
Thank you for following along with our progress as we move into 2022. We have come a long way but there is still so much left we want to accomplish.
We are committed to continuing to reach our goal of making MG.Social the most creator friendly platform in existence. Until next time, take care!