Lyvely, a UAE-based social monetization platform, announced today that it has received a full operational license from Ras Al Khaimah Digital Assets Oasis (RAK DAO), the world’s first and only Free Zone with Common Law features established to support digital assets companies.
The license allows Lyvely to engage in non-regulated activities within the SocialFi category, commemorating an applaudable step in its mission to empower digital creators through innovative monetization tools.
Backed by publicly listed blockchain technology conglomerate, Phoenix Group, and leading Web3 investment firm, Cypher Capital, Lyvely aims to disrupt the $250 billion global creator economy.
Lyvely was founded in 2023 by tech and wellness entrepreneurs Farah Zafar and Dave Catudal to empower all digital creators, ranging from celebrity influencers to digital creators and online brands.
Designed as a social monetization platform and digital HQ with a suite of fintech features, Lyvely allows creators and brands to profit from their digital presence via monetization features such as content memberships, paid communities, and social commerce.
Located in the UAE’s Emirate of Ras Al Khaimah, RAK DAO was established to empower the next generation of global entrepreneurial talent to build transformative solutions, and shape the future of digital assets businesses and Web3 economies.
The license from RAK DAO marks a major milestone in Lyvely’s operational roadmap as a UAE born and bred tech startup. Lyvely’s SocialFi operational license will enable the company to operate within a secure and recognized environment.
Dr. Sameer Al Ansari, CEO of RAK DAO, noted: “RAK DAO is thrilled to welcome Lyvely as a licensed SocialFi platform within our innovative ecosystem. This milestone underscores our commitment to nurturing cutting-edge digital assets companies in the MENA region. Lyvely’s vision to empower digital creators with advanced monetization tools aligns with our mission to drive technological advancement in the region.”
Expressing delight at receiving the RAK DAO license, Farah Zafar, Co-founder and CEO of Lyvely, said, “We are proud to be a homegrown brand, building for the global creator and freelance economy from the shores of UAE. 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.
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. ”
With the platform registering an impressive early traction, Lyvely is set to release its mobile application in Q4 2024, followed by a much-awaited token launch.