Because the digital asset market continues to interrupt new floor, seemingly with every passing day, there isn’t any denying the truth that crypto adoption has continued to extend at a reasonably fast tempo globally. On this regard, it now seems as if on-line content material creator platform Patreon is actively seeking to devise its very own social token — or “creator coin” because it likes to name it — as a method of diving into the world of cryptocurrencies.
Patreon executives just lately teased the concept on the 2021 Creator Economic system Summit with CEO Jack Conte making an look alongside chief product officer Julian Gutman. In the course of the occasion, the 2 interacted with the viewers at size and when requested about their choice to enterprise into the digital asset area, Conte replied by saying:
“I actually love the concept of creators proudly owning their media and proudly owning their content material. […] I really like the concept of shifting energy away from establishments and towards particular person inventive individuals.”
Although Patreon doesn’t have a full-time crypto-focused crew in the intervening time, Gutman said that he’s actively wanting to make sure that his firm doesn’t get left behind and is, subsequently, contemplating making a roster of high-quality blockchain expertise within the close to time period. “We’re persevering with to make sure we’re making a sustainable recurring future for creators, [which] is why we’re evaluating the crypto area extra broadly,” he added.
It’s price mentioning that Conte’s statements got here only a month after the agency had released a feedback kind asking shoppers whether or not they would have an interest within the prospect of a creator coin and/or a social token.
The neighborhood chimes in
To get a greater overview of whether or not Patreon’s transfer will assist content material creators broaden their financial horizons in any kind of actual, tangible method, Cointelegraph reached out to Michael Gu, founding father of Boxmining — a cryptocurrency-focused YouTube channel with over 250,000 subscribers. He instructed Cointelegraph:
“Completely — not solely does it present an extra income however it additionally offers further methods for creators to interact their neighborhood. In actual fact, there’ll quickly be a scenario the place if a platform doesn’t undertake crypto content material, they threat shedding their current creators to platforms that do present crypto adoption.”
Cryptocito, a distinguished crypto YouTuber, is like-minded. He believes that Patreon’s transfer is nice for the business, because it actually highlights the numerous real-world use instances that digital property have to supply. Moreover, he believes that strikes like these present that cryptocurrencies are slowly however certainly gaining credibility throughout the mainstream. “For content material creators like me which might be native to crypto, it’s undoubtedly an fascinating transfer that has me intrigued to study extra!” he instructed Cointelegraph.
In Cryptocito’s opinion, it’s only a matter of time till information occasions like these turn out to be extra commonplace, one thing he attributes to the fundamental nature of the internet-based economic system that we’re presently residing in. He stated that much like how Uber disrupted the taxi market, cryptocurrencies stand to vary the worldwide digital economic system — it’s only a matter of who implements them first.
The longer term for digital content material creators
Nic Merten, the creator of DataDash — a crypto YouTube channel with 479,000 subscribers — instructed Cointelegraph that Patreon’s curiosity within the digital asset market indicators a significant step ahead for the business and must be considered with positivity:
“For the previous few years, when individuals requested if there was a recurring method to help the channel with crypto, sadly, I needed to give the identical response time and time once more that it simply wasn’t potential in the intervening time. I’d be mendacity if I didn’t admit I felt a bit hypocritical on the matter, being primarily a crypto channel.”
Moreover, he believes that the transfer couldn’t solely be an effective way for Patreon to broaden its consumer base but in addition for crypto adoption to extend on a mass scale, particularly from a funds standpoint. “I do consider that though crypto continues to be establishing itself as a rising retailer of worth, the way forward for funds is digital and, extra particularly, digital property! With a big sum of Gen Z and Millennials’ internet price being in crypto, I believe it’s not a matter of if, however when,” Merten added.
Nevertheless, he did concede that there are nonetheless some unanswered questions in relation to mainstream platforms accepting crypto donations. For instance, the difficulty of excessive community charges is one that can’t be ignored, and will probably be fascinating to see these corporations take care of the issue. “Hopefully, they’ll discover layer-two or side-chain options, like Lightning Community for Bitcoin, and Polygon for Ethereum,” Merten said.
Solely a matter of time?
In September, social media big Twitter rolled out a crypto donation feature as a part of its “Tipping Jar” module, permitting customers to ship Bitcoin (BTC) to their favourite content material creators. The transfer appears to have caught the eye of corporations worldwide, and it seems as if the pattern might proceed to garner extra traction, as was made evident by Patreon’s choice to doubtlessly launch its personal social token.
On the topic, Cryptocito believes that as we transfer right into a extremely digitized future, we are going to proceed to see a rising record of cryptocurrencies succeed because of their elevated adoption by platforms resembling Patreon and Twitter:
“We’re firstly of coming into a brand new period on how we [form a] neighborhood, switch worth, entry info and hold observe of issues. Subsequently, I’m very excited for technological norms resembling IBC or different interoperability protocols that may allow seamless connectivity and compatibility between sovereign networks and DLTs.”
It must be famous that Patreon’s phrases of service nonetheless prohibit customers from using the platform to take care of cryptocurrencies in any form or kind — except for customers doling out private funding recommendation. In actual fact, again in 2019, Patreon’s crypto censorship insurance policies compelled Dave Rubin to abandon the platform as a result of he needed to begin accepting donations in Bitcoin.
Thus, shifting ahead, will probably be fascinating to see how this area continues to evolve and whether or not or no more corporations — particularly those who have beforehand taken an anti-crypto stance — will amend their current insurance policies to make it simpler for his or her customers to transact through digital currencies.