Recently, I had the privilege of joining Janny Boydon on the Start Up Podcast PH for an in-depth conversation about Waivio. We explored the concept of social shopping and how Waivio simplifies the process for people to share their shopping discoveries with friends and followers. Our discussion covered the inception of Waivio, the principles of open business models, the importance of permissionless participation, and how success is shared among all participants in this public ecosystem.
Social shopping has the potential to tap into the vast wealth of knowledge and personal experiences that individuals accumulate throughout their lifetimes, including their professional careers and hobbies. Unlocking this valuable treasure trove can save countless hours of research for those just starting on the same path.
For instance, consider a seasoned solo hiker sharing details about the contents of their backpack. These items, selected and tested over many years, form a carefully curated collection of gear that can become an instant source of wisdom for novice hikers.
One of the advantages of affiliate shops is that users don't need to invest in inventory, process credit cards, or manage returns. Their only task is to select the best products to display in their online store.
Traditional shops are restricted to selling what they have in their inventories. However, with social shopping, you can genuinely recommend the best products to your followers, as you are not limited by inventory or contracts with specific brands.
Moreover, anyone can launch their own social shop in just 10 minutes and managing a social shop is as easy as adding products to a wishlist.
These shops are a great way for influencers to monetize their audience without compromising their reputation. Besides affiliate commissions from the sale of products they recommend, website owners also receive a percentage of the author rewards earned by users for posts on the website, a share of sponsored rewards collected by users, and even advertising revenues.
Here are some of the questions discussed in this podcast:
00:48 What is Waivio?
00:57 What is social shopping?
07:22 How does the social media platform of Waivio work?
15:41 Why choose the Hive blockchain for Waivio? How important is the decentralization aspect?
20:04 How did Waivio start? What motivated you to build it?
29:41 What are the future plans for Waivio?
34:16 How are you growing the community of Waivio?
StartUpPodcastPH
Channel: https://www.youtube.com/@StartUpPodcastPH
WAIVIO
Website: https://waivio.com
How does the website owner receive a percentage of the author rewards ? They have to be on hive, right ?
Each social shop serves as a comprehensive Hive frontend, featuring user sign-in, wallet management, and more. All websites support both Hive and guest accounts. This way website owners can earn beneficiary commissions from posts made through their website by both Hive and guest users.
Here are some examples: Coffee Shop. Beauty Store, Camping Checklist, Fitness Collection.
You have the option to designate a beneficiary account in the website settings and set the commission rates. The default value is set at 5%.
When users create a post, they can modify the list of beneficiaries for their post.
You can launch your own Hive frontend in 10 minutes. @cryptodive published a tutorial for that.
👍👍👍
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This is cool and all, but it leads to Amazon. It would be better if it was an actual store accepting crypto payments. I like the idea though.
Any merchant can upload information about their products to the Hive blockchain without needing to ask for permission. Once these products are published on the blockchain, they can be added to social shops with a single click—simply mark them with a heart.
Additionally, if merchants wish to pay commissions for referrals, they can provide affiliate codes to partners, which are then entered in the website configurations. That's how simple it is for any shop to showcase their products on the Hive blockchain.
And if a shop accepts crypto payments - great. It all works exactly the same way.
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