How Blockchain is influencing the Creator Economy.

As more generations of young adults enter the toxic culture of YouTube, the percentage of people addicted to the clicks exponentially increases. Here’s a statistic that might help understand why: 500 hours of video are uploaded to YouTube every minute. That’s 80~ hours per second. The culprit here that brings people back to YouTube’s homepage is its algorithm. Influencers focus on creating attractive thumbnails and titles that bait their audience to watch more and more cashing millions in ad revenue.

It is apparent that top creators are quickly adapting Blockchain, as a lot of them pay millions to own NFTs or Crypto Commodities. Essentially, Crypto Commodities represent digital ownership of commodities like art, tweets, audio and video, and even historical moments! One example of which is CryptoPunks (see below) that are stylistic drawings of punks in different customizable outfits and situations. But that’s another topic for next time. The point of this is that: the online space has become much more versatile for creators to make a quick buck.

Here’s their next big claim to money. XCAD is a platform based on the Zilliqa Blockchain, that aims to empower creators with their own tokens that audiences can interact with. Any creator can mint a token based on their own channel and audience size. The token gets its value from 2 main factors: the amount of audience viewership per video, and the additional benefits that the token buys you. Some creators offer incentives like deciding upcoming content, social follow-backs, video shout-outs, and exclusive merchandise.

This model is highly similar to that of cameo or Onlyfans where viewers paid for exclusive content. The difference being, the viewers are earning by watching their videos implying the model is an outlier. Smaller creators may fall into this trap trusting that their viewer base or subscription base is increasing as more people watch their videos. This “hidden growth” can hinder and fool creators to assume the channel is growing. They have to be aware of such situations and not be fooled by the success. Instead, a good way to capitalize on this would be to capture the growing audiences with more relevant content. Data analytics is as major a part of content creation as is good ideas. After looking at this, it seems clear that the influencer community is ready to dip their money into many futuristic projects under the ruse of “further audience integration”. We can see creators with over 20 Million followers have stated intentions to subscribe to this new ecosystem implying the market space is growing in popularity. However, the product or token itself is in the alpha development stage and is being tested through a Minimum Viable Product model. What holds for its future projects and success is highly dependent on the reaction of audiences. It may seem like a prudent move to monetize viewers by their watch time but, in return, the creators themselves mainly benefit from the added reach.

12 views0 comments