When Patreon tests the waters, will encryption open the door for content creators?

When Patreon tests the waters, will encryption open the door for content creators?


As the digital asset market continues to open up new horizons, it seems to be changing with each passing day. It is undeniable that the adoption of cryptocurrencies continues to grow at a fairly rapid rate worldwide.In this regard, it now appears that online content creator platform Patreon is actively seeking Design your own social token -Or it likes to call it “Creator Coin”-as a way to penetrate the cryptocurrency world.

Patreon executives recently make fun of At the 2021 Creators Economic Summit, CEO Jack Conte and Chief Product Officer Julian Gutman will appear together. During the event, the two interacted with the audience for a long time. When asked about their decision to set foot in the field of digital assets, Conte replied:

“I really like the idea of ??creators owning their own media and content. […] I like the idea of ??transferring power from institutions to creative individuals. “

Although Patreon does not currently have a full-time team focused on encryption, Gutman stated that he is actively seeking to ensure that his company will not be left behind, so he is considering creating a high-quality list of recent blockchain talents. “We will continue to ensure that we create a sustainable circular future for creators, [which] This is why we evaluate the encryption space more broadly,” he added.

It’s worth mentioning that Conte’s statement was made in the company Posted feedback Ask customers if they are interested in the prospects of Creator Tokens and/or Social Tokens.

The community rang

To better understand whether Patreon’s move will help content creators expand their currency horizons in any real and tangible way, Cointelegraph contacted boxing — A YouTube channel focused on cryptocurrency, with more than 250,000 subscribers. He told Cointelegraph:

“Of course-it not only provides an additional source of income, but also provides creators with more ways to participate in their community. In fact, there will soon be such a situation, if a platform does not use encrypted content, They may lose existing creators to platforms that provide encryption adoption.”

Cryptocito is a well-known encrypted YouTuber, like-minded. He believes that Patreon’s move is a good thing for the industry because it does highlight many real-world use cases that digital assets must provide. In addition, he believes that such a move shows that cryptocurrencies are slowly but surely gaining credibility in the mainstream. “For creators of native encrypted content like me, this is definitely an interesting move that makes me interested to learn more!” He told Cointelegraph.

In Cryptocito’s view, it is only a matter of time before news events like this become more commonplace. He attributes it to the basic nature of the Internet-based economy we currently live in. He said this is similar to how Uber disrupted the taxi market. Cryptocurrencies will change the global digital economy-it’s just a question of who implements them first.

The future of digital content creators

Nic Merten, creator Data sprint — An encrypted YouTube channel with 479,000 subscribers — told Cointelegraph that Patreon’s interest in the digital asset market marks a big step forward for the industry and should be viewed in a positive light:

“In the past few years, when people asked if there was a regular way to support the use of cryptocurrency channels, unfortunately, I had to make the same response time and time again, but this is currently impossible Yes. If I don’t admit that I feel a little hypocritical about this, I’m lying, mainly as an encrypted channel.”

In addition, he believes that this move is not only a good way for Patreon to expand its user base, but it can also increase the adoption of cryptocurrencies on a large scale, especially from a payment perspective. “I do believe that although cryptocurrency still establishes itself as an ever-increasing store of value, the future of payment is digital, and more specifically, digital assets! Because of the large net assets of Generation Z and Millennials In cryptocurrency, I think it’s not a question of whether it exists, but when it will exist,” Merten added.

However, he did admit that there are still some unresolved issues regarding the acceptance of cryptocurrency donations on mainstream platforms. For example, high network costs are a problem that cannot be ignored, and it would be interesting to see these companies deal with this problem. “I hope they can explore second-layer or sidechain solutions, such as Bitcoin’s Lightning Network and Ethereum’s Polygon,” Merten said.

Just a matter of time?

In September, the social media giant Twitter Launch encrypted donation function As part of its “Tipping Jar” module, allowing users to send Bitcoin (Bitcoin) To their favorite content creators. This move seems to have attracted the attention of global companies, and it seems that this trend may continue to gain more attention, as Patreon’s decision to possibly release his own social token proves this.

On this issue, Cryptocito believes that as we enter a highly digital future, we will continue to see more and more cryptocurrencies succeed, thanks to the increasing adoption of them by platforms such as Patreon and Twitter:

“We are at the beginning of a new era [form a] Community, delivering value, obtaining information and tracking things. Therefore, I am very excited about technical specifications such as IBC or other interoperability protocols, which will enable seamless connection and compatibility between the sovereign network and DLT. “

It should be noted that Patreon’s terms of service still prohibit users from using the platform to process any form of cryptocurrency-except for users providing personal investment advice. In fact, as early as 2019, Patreon’s cryptographic review policy forced Dave Rubin to Abandon the platform Because he wants to start accepting Bitcoin donations.

Therefore, looking forward to the future, see how this field continues to develop, and whether more companies—especially those that previously took an anti-crypto stance—will modify their existing policies to make transactions easier for their users. It will be fun. Through digital currency.