Can a new social network succeed against established competitors like Facebook, Instagram and TikTok? Octi, a fledgling startup launched today, has high hopes.
The team at the Los Angeles-based tech company sees an opportunity to go head-to-head with the major platforms, which have recently faced criticism over the damage done to their users.
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And lawmakers also took issue with TikTok, SnapChat and YouTube over concerns about targeted ads, privacy and other safety concerns for young users.
Octi is teen-centric and is already live on Apple's App Store. He has no publicity. Instead, it relies on likes, which can earn users Octi Coins. They are used to buy digital items – and real-world products from brands like Funko, Nike and Reebok.
As Octi users get likes, they accumulate coins. Coins can be spent on digital objects and to get discounts on real-world objects, including sneakers.
“If you think about it, what we're dealing with today on social media is just an extension of TV ads,” said Justin Fuisz, co-founder and CEO of Octi. “With this model, you can step away from that … to put it back in a safer, more creative place.”
More than 1,000 people are currently testing the app, which has been up and running for two months now. But Octi has been working on augmented reality and the integration of sharable video and digital objects for over three years.
videos
Users can edit their videos similar to TikTok. They can add 3D digital objects or place virtual landscapes. As they receive likes, they accumulate coins.
Coins can be spent on digital objects that can be owned by a limited number of Octi users. All users can deploy the objects into their video creations, but owners earn coins as objects are used and they earn likes.
On Octi, users can beautify their TikTok-like videos by adding 3D digital objects or placing themselves in virtual landscapes.
Coins can also be used to get a discount on the purchase of sneakers, clothing and other products.
Octi has already created the ability for users to sell their digital objects and upload NFTs for use on the platform as well. At some point, users will be able to purchase Octi Coins, but currently they are free and earned through participation.
But how does Octi plan to prevent hate speech, bullying and other issues that plague today's social networks? For starters, the lack of trust in advertising — and the need for user views of those ads — changes the paradigm, says Fuisz.
Additionally, the platform's use of artificial intelligence and machine learning monitors activity for worrying signs. “We have all the systems in place to keep this healthy from the start,” said COO and Octi co-founder Brian Biggott.
“If someone comes in and just wants to do something horrible, it's caught quickly and taken out of circulation very quickly,” said Fuisz.
The new social networking app Octi mixes video and augmented reality to offer what it sees as a less abrasive option aimed at teens.
So far, Octi has raised $20 million in funding from investors, including musical promoter Jimmy Iovine.
With all the attention surrounding the concept of the metaverse, Octi finds itself well positioned. The newly released app is "an exciting vision and version of the metaverse" that connects people, said Fuisz. And the platform can evolve along with new technologies like augmented reality glasses and others.
