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**Crypto social media app VID rebrands to Vybit, relaunches on FTM**


> VID the LA based crypto social media startup that once reached over $24M market cap while trading on KuCoin, and had undergone an acquisition process in May which is rumoured to have included bids from BEOS, owned by Stan Larimer who is notably co-founder of BitShares and father of Dan Larimer former CTO of Peter Thiel-backed Block.one (EOS), is rebranding to Vybit and relaunching on the FTM ecosystem.
> 
>   Behind the rebrand is a group of private Emirati investors and Switzerland based fund ALPA Capital. They are backing a management team based in Dubai with a development office in the Netherlands.
> 

> Vybit, formerly known as VID is the first social media platform to use blockchain to enable a crypto-economic mechanism design to return value to its users. Users earn money for their engagement on the platform which is measured by their impact score, based on metrics such as view of their content and participation on the app. These rewards are then used to redistribute value among creators within the platform.
> 
> Just last week Ethereum's Vitalik Buterin  tweeted "Possibly making some kind of new social media platform.... basically something that involves mechanism designs of some kind" in response to a question enquiring about his interests outside of his current role. Mechanism design, a technical term for economic incentives, happens to be the concept behind Vybit's "like" mechanism called "Vibes".

>According to messages on the social currency startup's official channels, with the rebrand comes an overhauled UX and new features. These include: a new marketplace; a web 3.0 business advertising dApp; and a native wallet.
> 
> In addition to that, Vybit has implemented NFT features. Users can buy and trade any hashtag as an NFT which allows for interaction with the platform whereby NFT owners see their content promoted to the top of their hashtag category.

