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Vero Labs taps into the fan-based asset economy

By Shruthi Nair

Vero Labs, the social networking company owned by the Lebanese billionaire Ayman Hariri, has partnered with the blockchain platform Avalanche to tap into the multi-trillion-dollar fan-based asset economy sector of the sports and entertainment industry. 

Last year Vero Labs acquired Tokenise Stock Exchange, a regulated global marketplace where users can buy, sell and trade fan-based assets. 

Fan-based digital assets could include blockchain-based tokens that grant privileges such as commemorative tickets, insider passes, access to exclusive content and merchandise. 

It could also include NFTs – non-interchangeable digital assets that are stored on the blockchain and represent real-world items such as art, photographs and videos. 

Through the partnership with Avalanche, creators, sports franchises and intellectual properties that have a presence on Vero can now raise capital directly from their fans. 

“Investment and community can come together, and we are calling it CoFi [community finance], which lets people truly be a part of the things that they care about,” said Hariri, CEO and co-founder of Vero. 

“So now, ideas are no longer bound by the size of the cheque book and the size of somebody in venture willing to back it, but rather the community.”

Vero, which is soon to be a subscription-based platform that does not rely on ad revenue, is currently fully funded by Hariri and has not started generating revenue yet. 

How does Vero plan on staying afloat amid competition from other social media apps? Watch the video to find out

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