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As Patreon tests the waters, can crypto open doors for content creators?

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Because the digital asset market continues to interrupt new floor, seemingly with every passing day, there is no such thing as a denying the truth that crypto adoption has continued to extend at a reasonably speedy tempo globally. On this regard, it now seems as if on-line content material creator platform Patreon is actively trying to devise its very own social token — or “creator coin” because it likes to name it — as a means of diving into the world of cryptocurrencies.

Patreon executives not too long ago teased the concept on the 2021 Creator Economic system Summit with CEO Jack Conte making an look alongside chief product officer Julian Gutman. Through the occasion, the 2 interacted with the viewers at size and when requested about their determination to enterprise into the digital asset house, Conte replied by saying:

“I actually love the concept of creators proudly owning their media and proudly owning their content material. […] I like the concept of shifting energy away from establishments and towards particular person artistic folks.”

Regardless that Patreon doesn’t have a full-time crypto-focused group for the time being, Gutman acknowledged that he’s actively trying to make sure that his firm doesn’t get left behind and is, due to this fact, 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 house extra broadly,” he added.

It’s value mentioning that Conte’s statements got here only a month after the agency had released a feedback kind asking purchasers whether or not they would have an interest within the prospect of a creator coin and/or a social token. 

The group 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 form 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 advised Cointelegraph:

“Completely — not solely does it present an extra income however it additionally offers extra methods for creators to have interaction their group. Actually, there’ll quickly be a state of affairs the place if a platform doesn’t undertake crypto content material, they danger dropping their present 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 circumstances that digital property have to supply. Moreover, he believes that strikes like these present that cryptocurrencies are slowly however absolutely gaining credibility throughout the mainstream. “For content material creators like me which are native to crypto, it’s undoubtedly an attention-grabbing transfer that has me intrigued to be taught extra!” he advised 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 essential nature of the internet-based economic system that we’re at present residing in. He mentioned that much like how Uber disrupted the taxi market, cryptocurrencies stand to alter the worldwide digital economic system — it’s only a matter of who implements them first.

The long run for digital content material creators

Nic Merten, the creator of DataDash — a crypto YouTube channel with 479,000 subscribers — advised Cointelegraph that Patreon’s curiosity within the digital asset market indicators a serious step ahead for the business and must be considered with positivity:

“For the previous couple of years, when folks requested if there was a recurring solution to assist the channel with crypto, sadly, I needed to give the identical response time and time once more that it simply wasn’t attainable for the time being. 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 a good way for Patreon to broaden its person base but in addition for crypto adoption to extend on a mass scale, particularly from a funds standpoint. “I do imagine 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’ web value being in crypto, I feel it’s not a matter of if, however when,” Merten added.

Nevertheless, he did concede that there are nonetheless some unanswered questions relating to mainstream platforms accepting crypto donations. For instance, the problem of excessive community charges is one that can’t be ignored, and it will likely be attention-grabbing to see these firms 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 acknowledged.

Solely a matter of time?

In September, social media large 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 firms worldwide, and it seems as if the development may proceed to garner extra traction, as was made evident by Patreon’s determination to doubtlessly launch its personal social token.

On the topic, Cryptocito believes that as we transfer right into a extremely digitized future, we’ll proceed to see a rising listing of cryptocurrencies succeed because of their elevated adoption by platforms equivalent to Patreon and Twitter:

“We’re initially of coming into a brand new period on how we [form a] group, switch worth, entry data and preserve monitor of issues. Due to this fact, I’m very excited for technological norms equivalent to IBC or different interoperability protocols that can 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. Actually, again in 2019, Patreon’s crypto censorship insurance policies compelled Dave Rubin to abandon the platform as a result of he wished to begin accepting donations in Bitcoin. 

Thus, shifting ahead, it will likely be attention-grabbing to see how this house continues to evolve and whether or not or no more firms — particularly people who have beforehand taken an anti-crypto stance — will amend their present insurance policies to make it simpler for his or her customers to transact through digital currencies.