GameFi Social Media Platform Development
Redefining Social Media:
The Fusion of GameFi and
Short-Video Entertainment
International
4 members
Started in 2022
and tokens due to the NDA purposes.
About a Project
Our client created a unique social platform that combines short videos with gaming financial systems. Users earn tokens for engaging with content, a refreshing change that doesn’t require a large follower base or initial investment.
Project goals
The primary goal of this project was to transform our client’s platform into a lifestyle destination, facilitating users to appreciate high-quality content, cultivate community interactions, and simultaneously derive monetary benefits from their platform engagement.
Business Challenge
The main challenge was to blend gaming finance and the ‘Attention Economy’ model into a social media platform. This required in-depth research and a good understanding of blockchain technologies, tokenomics, and how people engage on social media. We also needed strong safeguards against bots and farms to keep the platform safe and prevent drain of funds.
Project Challenges
- Making Smart Contracts for Tokens. We created two different tokens — a governance token and a utility token, each with its own unique functions. We also developed a smart contract for a variety of NFT tokens.
- Utility Smart Contracts. We built utility smart contracts like a Treasury one to get into the gaming finance mechanics and a Vesting one to set different schedules for investors and other stakeholders. We handled everything from creating these smart contracts to deploying and managing them on a production blockchain network.
- Building a Wallet. We set up the backend infrastructure for a service and an API for in-app wallets, which worked with the social platform modules and the blockchain infrastructure.
- Building a Marketplace. We set up the backend for a marketplace to allow in-app transactions, NFT sales, and other financial interactions.
- Compliance and Security. We put a lot of emphasis on making sure the platform was compliant, like having a common blacklist, and secure, passing rigorous audits.
The social network conceals a complex layer of services that necessitate integration and significant functionality expansion.
These requirements, although not overtly evident at the onset of the project, were identified during the process and assimilated into the project plan.
Additionally, we had to coordinate with other stakeholders in areas like marketing, administration, and security.
Work done
Smart Contract Creation
We started the project by creating smart contracts for governance and utility tokens, laying the groundwork for the in-app economy.
Compliance Steps
We included a standard blacklist and other compliance steps in the system to stop fraudulent activity and keep the system secure.
Treasury and Vesting
We set up a treasury for token deposits and withdrawals into the game, along with a vesting smart contract for token distribution to investors and the team.
NFTs and Marketplace
The platform was built around two to three types of NFTs. We also created a backend for the marketplace to handle transactions.
iOS SDK in Swift
We developed an iOS SDK in Swift to link the existing iOS application with web3 functions.
Audits and Certifications
We completed successful audits from Certik and Pessimistic, strengthening the platform’s security and integrity.
CoinMarketCap and TrustWallet
We helped with listing the project’s tokens on CoinMarketCap and TrustWallet, improving their availability and visibility.
Technology we used
JavaScript
The application was launched simultaneously on iOS and Android mobile platforms as well as a web application. Additionally, several internal services were developed from scratch and fine-tuned. This project involved dozens of individuals across different areas, necessitating regular coordination of plans and visions among diverse teams.
Work process
Discovery and Planning
We began with a thorough exploration process where we evaluated possible hurdles and pinpointed essential resources for the project, leading to a detailed project plan.
Design and Development
With the project needs and our initial findings guiding us, we started the design and development work. This included user interface design, creating smart contracts, building a marketplace, and putting in compliance measures
Testing and Auditing
After the first development phase, we joined forces with the client’s team for thorough testing to ensure all features were working smoothly. We also organized external audits to confirm the platform’s security
Implementation and Launch
Following thorough testing and fixing any identified problems, we integrated the new system into our client’s platform. The project was then successfully launched and started attracting its first users.
Ongoing Support and Updates
After the launch, we continued to provide technical support and rolled out updates to ensure the platform’s smooth operation and continuous improvement
Results
The platform saw a highly positive response from users, attracting tens of thousands of active users within just a month of launching. The inclusion of gaming finance features significantly boosted user engagement, with people spending more time on this platform than on other social media apps. The platform’s tokens also performed strongly on CoinMarketCap, adding to the overall success of the project.
What’s Next?
Redsteep plans to continue supporting the platform and introducing updates as needed. Our future plans involve adding more types of NFTs, growing the marketplace, and creating more features to boost user engagement and the distribution of rewards. This project is just the beginning of what’s possible when combining gaming finance and social media, and we’re excited to see where this innovation takes us next.