Patreon is currently evaluating ways to reward content creators using cryptocurrencies as well as non-fungible tokens (NFTs). Jack Conte, CEO and co-founder of Patreon, as well as the company’s chief product officer, Julian Gutmann, elaborated on his interest in the crypto space while speaking at The Information’s 2021 Creators Economy Summit on November 7. San Francisco, US, provides a platform for people to reward their favorite content creators with donations and gifts.
“There is clearly huge innovation happening in the cryptocurrency and NFT sector. It is not clear if this is sustainable across the entire maker economy, but there are some fundamental technical components to it. NFT As a way to sell value to your audience and continue to derive value from secondary sales,” Gutman said during the event. NFTs are virtual collectibles that can be purchased using cryptocurrency.
The CEO further said that he believes that NFTs can pave the way for long-term earnings for content creators.
For now, the company is looking at launching a digital token – Patreon now allows creators to offer tokens or tokens on its platform. producer cash, in the form of membership benefits for patrons.
Patreon policy chief Laurent Crenshaw said earlier this year, “We are not currently talking about any type of initial coin offering that is specifically not permitted under Patreon’s current guidelines.” “But we have heard from a number of creators who are interested in the opportunity to offer exclusive memberships and benefits to their patrons through a coin or token, a digital item that they can hold on to signify that they are your fan. We are part of the club. We may explore the opportunity to make that type of offer acceptable within our guidelines.”
The company is looking at allowing creators to issue their own personal coins – each token locked with a fixed value, which can be bought by their followers.
BitClout, Roll and Rally are among other companies working on “creator coins” to help followers financially support content creators.
Creator coins can also benefit followers, especially if the artist whose coin they purchased becomes a success overnight, making those coins more valuable.