FLIP is a social commerce app that allows shoppers to become creators. They share honest reviews and earn cash based on the engagement on the platform. FLIP has introduced a new creator fund that provides a unique opportunity to support FLIPs to compete with Tiktok Shop and other platforms in a fierce competition market.
The creator fund will be secretly deployed earlier this week, and will provide up to 100 million dollars equivalent to participating creators in the next five years. The grant is from $ 6,000 to $ 100,000, depending on the level of creators. In particular, FLIP aims to distribute up to $ 1 million per day for the first 30 days of the program.
The new system is different from competitors to provide stock value that can cause long -term benefits to users. Depending on the success of FLIP in the near future, the creators who stay in this program will benefit. (However, it is important to note that these returns are not guaranteed and fluctuate depending on the market situation.)
Image Credit: Flip
In order to obtain a qualification, the FLIP creator must have more than 4,000 followers, at least 10 videos posted in the past 30 days, and the number of videos will be about 3,000. Flip also accepts at least 20,000 followers on other platforms such as Instagram, Tiktok, and YouTube. The company says that the flip will be screened within 48 to 72 hours and will be awarded a subsidy.
If you sell a company, payment will be made within 5 years. In each case, it will be paid in cash. However, FLIP President Eddie Vivas told TechCrunch as follows. Our goal is to open the company someday. ”
According to Vivas, nearly 10,000 influencers have applied within 72 hours of the program. According to him, about 22 % of applications are from major influencers. Users are currently able to display all subsidies live leader boards on the creator fund page. At the time of this article, the maximum amount of the awarded subsidy was $ 67,000 given to Tyler K (@cheftyler).
Since the future of Tiktok in the United States is still unclear, flip is probably expecting a new creator fund to encourage more users to actively participate in the platform.
Image Credit: Flip (Screenshot)
In the current Tiktok drama, FLIP has grown significantly, and according to the estimation of appstore intelligence provider AppFigures, it has won 580,000 new downloads in January alone. According to Appfigures, a total of 7.8 million apps have been downloaded around the world throughout the App Store and Google Play Store.
Furthermore, according to the company, FLIP is currently acquiring about 250,000 new users every day, and users spend an average of 35 minutes on the app every day.
On Monday, FLIP ranked 10th on Apple's U.S. App Store's overall top chart.
Vivas said FLIP will introduce additional social functions within the next few months to maintain traction and maintain competitiveness. He said that they include questionnaires, group chat, and “elegant ways to repost.”
“We are focusing on building a more dynamic social commerce platform with a full -functioned dynamic social, based on today's foundation,” said Vivas.
Flip, established in 2021, has been raised $ 236 million so far. The company's valuation is $ 1.1 billion.