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

Because the digital asset market continues to interrupt new floor, seemingly with every passing day, there isn’t any 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 personal social token — or “creator coin” because it likes to name it — as a means of diving into the world of cryptocurrencies.

Patreon executives lately teased the thought on the 2021 Creator Financial system Summit with CEO Jack Conte making an look alongside chief product officer Julian Gutman. In the course of 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 thought of creators proudly owning their media and proudly owning their content material. […] I really like the thought of shifting energy away from establishments and towards particular person inventive folks.”

Despite the fact that Patreon doesn’t have a full-time crypto-focused crew for the time being, Gutman said that he’s actively wanting to make sure that his firm doesn’t get left behind and is, subsequently, 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 launched a suggestions kind asking shoppers 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 develop 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 instructed Cointelegraph:

“Completely — not solely does it present a further income however it additionally supplies further methods for creators to have interaction their group. In truth, there’ll quickly be a scenario the place if a platform doesn’t undertake crypto content material, they threat shedding their current creators to platforms that do present crypto adoption.”

Cryptocito, a outstanding 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 instances that digital belongings 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 might be native to crypto, it’s undoubtedly an fascinating transfer that has me intrigued to study extra!” he instructed 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 fundamental nature of the internet-based financial system that we’re at present dwelling in. He mentioned that much like how Uber disrupted the taxi market, cryptocurrencies stand to vary the worldwide digital financial system — it’s only a matter of who implements them first.

The longer term for digital content material creators

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

“For the previous couple of years, when folks requested if there was a recurring method to assist the channel with crypto, sadly, I needed to give the identical response time and time once more that it simply wasn’t doable 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 an effective way for Patreon to develop its consumer base but additionally for crypto adoption to extend on a mass scale, particularly from a funds standpoint. “I do consider 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 belongings! With a big sum of Gen Z and Millennials’ internet value being in crypto, I believe it’s not a matter of if, however when,” Merten added.

Nevertheless, he did concede that there are nonetheless some unanswered questions in the case of mainstream platforms accepting crypto donations. For instance, the difficulty of excessive community charges is one that can’t be ignored, and it is going to be fascinating to see these firms cope with the issue. “Hopefully, they’ll discover layer-two or side-chain options, like Lightning Community for Bitcoin, and Polygon for Ethereum,” Merten said.

Solely a matter of time?

In September, social media large Twitter rolled out a crypto donation function 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 pattern might 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 are going to proceed to see a rising checklist of cryptocurrencies succeed due to their elevated adoption by platforms similar to Patreon and Twitter:

“We’re originally of getting into a brand new period on how we [form a] group, switch worth, entry data and preserve monitor of issues. Subsequently, I’m very excited for technological norms similar 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 cope with cryptocurrencies in any form or kind — except for customers doling out private funding recommendation. In truth, again in 2019, Patreon’s crypto censorship insurance policies compelled Dave Rubin to desert the platform as a result of he wished to begin accepting donations in Bitcoin. 

Thus, shifting ahead, it is going to be fascinating 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 current insurance policies to make it simpler for his or her customers to transact by way of digital currencies.