To me it seems like an instagram-clone that wants to reward users with their own XAP token (A SmartMediaToken based on the STEEM Blockchain). And they promise that users will be able to do buying, etc with XAP (seems a little too much imo).

What I don't quite understand so far is why they will not just use steem and need their own token - Other than selling it at the ICO to get money of course ;)

Whenever I hear from them, it is basically just marketing, marketing, marketing. And I think the app shall not even be released until fall or winter - so it will probably appear somewhen in 2019 the earliest.

I mean the project looks cool and all - but I just don't see any real advantages over STEEM itsself and therefore didn't invest.