The evolution of the internet and social media
has birthed a new subclass of earners called content creators. This emerging
class of online content creators is changing the way newer audiences consume
information. It is also creating a hitch within them when it comes to
monetizing their work.
Blockchain technology and cryptocurrencies can
change the game for content creators. Cryptocurrencies could empower content
creators by using decentralized technology that can bring about much-needed
transparency in ensuring creators get paid without the involvement of petty
middlemen taking exorbitant cuts setting them towards empowerment and autonomy
without compromising their work.
Monetizing online content creation is a sure
pathway to get paid doing what you love, Youtube being the godfather
and the ideal revenue model for successful content creators. Getting paid from
the contents you post on the video-sharing platform is what sets it apart from
other streaming sites. Similar revenue models such as Medium too follow
the same suit where you can get paid to blog.
However, those outside of developed economies,
this seamless way of monetizing content is much more limited. For starters, due
to the lack of accessible financial systems, many simply don’t even have a
proper home internet connection, let alone accept online payments. Many still
prefer to stay connected via a smartphone rather than through their laptop or
The vast majority of people in these developing
nations are still unbanked. They prefer using cash over having a debit/credit
card. In this situation, Bitcoins or other cryptocurrencies are a sure-shot way
of filling this void.
Quality Over Censorship?
Creators demand unlimited freedom to produce
their possible content in the truest form. This can be a problem for
centralized platforms with their agendas and rules and controls. In a world
transiting towards free-spirited open-mindedness, there is a need for platforms
allowing creators their ultimate freedom amid accountability.
Blockchain platforms can offer this, where
creators can go about producing their business unheeded. A decentralized
content platform with an attached incentivization program solves this. The end
result might be opening up to a more diverse and higher quality of content.
Moreover, if you are a content creator with an
edgy taste or ‘unpopular opinions’, who is at the risk of being de-platformed
(due to growth in online censorship) over your unique individuality, then
cryptos are definitely your new best friend.
Fighting centralized censorship, accepting
unbanked content creators is one of the powerful ways cryptos can help in
decentralizing the internet.
Time To Bid Goodbye To
The Good Old Revenue Model?
Like any work, it can only be sustained if
sustainable, hence monetizing is a lifeline to content creators. Advertising is
largely how online content creators get paid.
Consumers have to sit through the advertisements
and consume the content while the creators get paid a fraction of cents. If you
want to be those content creators ‘who made it’, it means you need to pump up
on your views, all the while producing your content cheaply to keep higher
margins and quickly to pull up on the views.
If you feel the internet today is mostly filled
with low-quality content, then you are right because it is what the monetary
model is of today.
The internet is mostly filled with low-quality
content with a boisterous display of advertisements. Contents produced these
days are under the revenue model- produce cheaply and quickly.
Although a logical revenue model, it’s also an
incentive mechanism that has produced some unfortunate results. Next time, when
you are browsing the internet and terrified by some cringe-worthy videos, it’s
not a millennial vs gen z vs boomer content. It’s the revenue model of the
Alternative Platforms: A
win-win For Everybody?
Consumers, for instance, look for alternative
models over the traditional route to look for the thrill. Patreon is
a decentralized platform where fans can fund creators directly. It’s a win-win
situation for everybody: fans get the higher-quality content while creators can
make more than their advertising chunk.
Steemit, is the perfect example of a
decentralized platform that uses Steem blockchain to reward publishers and
curators. A blogging and social networking site, users need not hesitate in
regards to the question of censorship.
Brave browser allows users to reward
sites they like using BAT token while removing ads. This empowers content
creators in getting rewarded directly through the users.
Every unique content creators post would be
recorded on the decentralized platform along with the impressions they gather
such as likes and comments. Creators would have the proper transparency into
knowing the impact they are making and be rewarded for it.
The bridge between crypto and fiat is what can
change the minds of creators to fully adopt an alternative payment method. The
majority of the content creators have to live on fiat currency. Until proper
systems are set up in the ease of crypto to fiat, it is harder to see creators
Mostly, a regulatory issue rather than a technical one (such as KYC, AML), the good part is that systems are already working on in solving the problem. It is just a matter of time, when creators embrace cryptos and the liberation it can bring.
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