With the continuous global adoption of cryptocurrencies, it is agreeable that the digital currency space is expanding across every facet of the digital world. We witnessed the integration of crypto reward features on Twitter. Due to this development, online content creator platforms now actively seek ways to own their platform tokens.
An instance is a recent development by Patreon to integrate its social token as a means to step into the digital currency world. Patreon prefers referencing it as “creator coin,” the entire team believes it will grant them the soft landing space as they venture into the crypto world. That’s because Patreon believes that creators will own their content, and power will shift to an individual creative person.
Despite not having an in-house crypto team focused on how Patreon can successfully integrate crypto into its platform, Julian Gutman — Chief Product Officer of Patreon — mentioned that the company is working intensively to ensure that they are not left behind in the crypto race. They are creating a list of top blockchain talents to work within the nearest future.
To create a sustainable platform for their creators, Patreon is actively studying the crypto space with a comprehensive evaluation to secure creators’ future towards innovation. Meanwhile, Patreon conducted a users’ survey to understand the reaction of every creator towards crypto adoption or having a social token via the platform.
Crypto Community Advantage
Due to the potential of Patreon’s move and how it can reform the ownership and reward of content creation, it is pertinent to have a good overview of how this social token integration will help content creators make more money in a real sense. As a result, some content creators express their beliefs in this possibility.
A crypto YouTube content creator, Michael Gu of Boxmining, reveals that this will go beyond the monetary reward creators obtain from such development. It will help transform their audience engagement, and we will get to a stage where platforms may start losing existing creators if they don’t integrate crypto-related features or crypto content. As a result, they will lose those creators to platforms that have such integration.
Another YouTuber shared the same belief. He mentioned that Patreon’s move would revolutionize the industry, and it is a crucial highlight of one of many real-life use cases of cryptocurrencies. Likewise, he believes that such a move helps crypto to obtain credibility in the mainstream. Meanwhile, this creator thinks it will also open up the need for individuals to seek knowledge.
With time, we will start receiving news of how this will become a common thing in the internet-based industry. This is similar to the disruption Uber brought with them. Thus, we can’t expect less from cryptocurrencies, and it is all about the first person to come onto the stage.
Alignment with Digital Content Creators’ Future
While this may be a new development in the industry, creators must be open to it with a positive mind. Sometimes, people want to know if they can help any channel with crypto, but owners are not always sure if any exist. However, they are aware that there may be one soon but not convinced about how quick it can be.
Another perspective this may open up beyond user expansion is an increase in crypto adoption across platforms and integrating as it payment options. This might receive support due to the inclusive crypto adoption happening within the millennials and Gen Z. As a result, the majority have their net worth in digital assets. It now depends on when it will become the future of payment.
Despite loads of opportunities attached to this development, there are some concerns over massive adoption on mainstream platforms. One of the concerns is the high network fees and how companies should seek solutions to them. However, there is high hope that they will turn to layer-two or side-chain solutions in this regard.
Is This a Time-Ticking Bomb?
Two months ago, Twitter added the digital currency donation feature to its platform. This addition lets you send Bitcoin (BTC) to content creators you love waking up to their posts. These moves shook the global industry, and there has been wide traction thus far. A result of this is what Patreon is advancing on by creating its social token.
The community will determine how we access and transfer information while tracking events in the new era about to be created. The interoperability protocols will allow smooth connectivity across different networks. Meanwhile, it is noteworthy to remember that Patreon censored discourses related to cryptocurrency payment or transactions.
But the adoption and evolution happening in the space are changing the narrative. Companies that were previously against crypto will change their stance and allow users to accept and transact digital currencies.