Patreon is currently exploring ways to reward content creators with cryptocurrencies as well as non-fungible tokens (NFTs). Jack Conte, the CEO and Co-Founder of Patreon, and the company’s Chief Product Officer, Julian Gutman, explained their interest in crypto space during a speech at The Information’s Creator Economy Summit 2021 on November 7th, San Francisco, USA a platform for people to reward their favorite content creators with donations and gifts.
“There are clearly enormous innovations taking place in the crypto and NFT areas. It’s unclear if this is sustainable across the creator economy, but NFTs incorporate some basic technological components to sell value to your audience and get further benefit from secondary sales, ”Gutman said during the event. NFTs are virtual collectibles that can be purchased using cryptocurrencies.
The CEO said he believes NFTs can provide a long-term path to profit for content creators.
Like Walmart and AMC Theaters, Patreon has apparently chosen to ride the cryptocurrency cart.
For now, the company is considering the introduction of a digital token – Patreon has now made it possible for creators on its platform to provide tokens or creator money as a member benefit for patrons.
“We’re not talking about creating any kind of Initial Coin Offering at the moment, which is expressly prohibited under Patreon’s current guidelines,” said Laurent Crenshaw, Head of Policy, Patreon earlier this year. “But we’ve heard from a number of YouTubers who were interested in the opportunity to offer their patrons exclusive memberships and benefits through a coin or token club. We might look into the possibility of making these types of offers allowable under our guidelines. “
The company is considering allowing the creators to issue their individual coins – each token is locked with a fixed value that could be purchased by their followers.
BitClout, Roll and Rally are among other companies that are working on such “Creator Coins” to enable followers to financially support content creators.
The creator coins could also benefit the devotees especially if the artist they bought the coin from becomes a success overnight which makes these coins more valuable.
Interested in cryptocurrency? We discuss everything about crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music, and anywhere you get your podcasts.
Follow Gadgets 360 on Twitter, Facebook, and Google News for the latest technical news and reviews. Subscribe to our YouTube channel for the latest gadget and tech videos.
Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on technology and telecommunications for the past three years, and has focused on writing about everything crypto-related. She’s also a big sitcom nerd and often responds to testimonials from Chandler Bing and Michael Scott. For tips or questions, you can reach her at RadhikaP@ndtv.com. More Pegasus scandal: Israeli government distances itself from the NSO group on the blacklist