Key Takeaways
- SocialFi platform Lyvely has been granted a full operational license from RAK DAO, enabling it to conduct non-regulated SocialFi activities.
- Founded by Farah Zafar and Dave Catudal in 2023, and backed by Phoenix Group and Cypher Capital, Lyvely aims to disrupt the $250 billion global creator economy by providing tools for digital creators to monetize their online presence.
Lyvely, a UAE-based social monetization platform, announced today that it has been granted a full operational license from Ras Al Khaimah Digital Assets Oasis (RAK DAO). This milestone positions Lyvely to undertake a range of non-regulated activities within the SocialFi category, marking a critical step in its mission to disrupt the $250 billion global creator economy.
Founded in 2023 by tech and wellness entrepreneurs Farah Zafar and Dave Catudal, Lyvely is backed by the publicly listed blockchain conglomerate Phoenix Group and leading Web3 investment firm Cypher Capital.
The platform aims to empower a broad spectrum of digital creators, from celebrity influencers to online brands, by providing a comprehensive suite of fintech features designed to monetize digital presence. These features include content memberships, paid communities, and social commerce, effectively transforming how creators and brands generate revenue online.
RAK DAO, the world’s first Free Zone with Common Law features tailored to digital assets companies, provides a secure and recognized environment for Lyvely to operate. Located in the UAE’s Emirate of Ras Al Khaimah, RAK DAO was established to foster innovation and support the next generation of global entrepreneurial talent in building transformative digital asset solutions and advancing the Web3 economy.
“Lyvely’s vision to empower digital creators with advanced monetization tools aligns with our mission to drive technological advancement in the region,” CEO of RAK DAO, Dr. Sameer Al Ansari, said.
“As a SocialFi platform licensed under RAK DAO, we envision adding immense value to the digital ecosystem by enabling web3-powered monetization avenues for under-represented digital creators and everyone who seeks to build a more profitable digital presence,” Farah Zafar, Co-founder and CEO of Lyvely, said in a statement.
“Our strategic association with RAK DAO signals our intent to amplify our impact among the web3 community, while simultaneously adding to the massive economic potential of UAE and the wider MENA region,” Farah added.
With its sights set on expanding its reach, Lyvely has already shown impressive early traction. The company is gearing up for the release of its mobile application in Q4 2024, followed by a highly anticipated token launch.
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