IYK uses community revenue sharing to promote creator contest

Overview

Formless collaborated with IYK, a technology company that uses near-field communication and blockchain technology to tokenize physical items and IRL experiences, to promote their Creator:Chipped contest announcement on X. 

• The goal was to generate exposure and heightened interest in the contest by spreading awareness using an X post. 
• IYK incentivized social sharing of the post by offering $5 per repost to a community of 100 participants.
• Formless provided smart contract technology to efficiently establish revenue ownership rights and payout participants in real time. 
• The community equally shared the total revenue generated from reposts, plus a $1,000 bonus for surpassing 20,000 impressions within the first 12 hours.

“Formless exceeded our expectations with their Share technology, allowing us to maximize the impact of our contest announcement. It was exceptionally innovative and exciting to reward our community with real-time payments simply by sharing our post!”

– Christopher Lee, Co-Founder, IYK

What We Did

Strategy

• Drive awareness of the Creator:Chipped contest by rewarding social behaviors (reposts) with a monetary incentive to increase reach (impressions). 
• Use Formless’s smart contracts to simplify and streamline allocating revenue-share ownership rights and distribute reward payouts across a large group of 100 participants. 
• Leverage fast, real-time payouts in public communications to draw attention and further boost engagement with the post.

Technology

The post used a SHARE protocol smart contract to manage the ownership rights of the revenue stream generated by the post and instantly route payments to co-owners. As reposts generated revenues, co-owners viewed their payout balance on the Formless dashboard application interface.

Splits Allocation

Revenue-sharing rights were offered to the first 100 people to repost the original X post. Formless verified reposts and directed participants to claim their revenue-share split on the Formless application interface. Each participant automatically received 1% of the total revenue generated by the post.   

Building Community

Each split included a token for co-owners to unlock future experiences from IYK. 

Results

• Participants claimed all 100 splits within 97 minutes.
• The post generated over 223 reposts, 42,000 impressions, and 1,400 engagements during the first 12 hours.
• The collective received over $2,100 in shared revenue.

Outcomes

• Revenue-share ownership rights were claimed quickly and automatically established for participants.
• Incentivized participants generated social reach and engagement targets that exceeded IYK’s expectations.
• The SHARE protocol efficiently distributed payments to all co-owners in real time.
• IYK received 100 email addresses of new community participants with whom they can build direct connections. 
• The results show promise for future IYK projects using Formless technology to share revenue from selling IYK’s physical merchandise.

Contact us at creators@formless.xyz to discuss how to create similar results as part of your upcoming release strategy.