As the digital asset market continues to open up new opportunities, it is clear that every day, there is no doubt that cryptocurrency adoption continues to grow at a relatively rapid pace around the world. This now gives the impression that online content creation platform Patreon is actively seeking to develop its own social token – or “creator currency,” as it likes to call it – as a way to dive into the world of cryptocurrency.
Patreon executives raised the idea recently at the Creators Economy Summit in 2021, when CEO Jack Conte appeared alongside product manager Julian Guttman. During the event, they interacted with the public for a long time, and when asked about their decision to enter the digital asset space, Conte replied:
“I really like the idea that creators should own their media and their content. […] I like the idea of transferring power from organizations to creative individuals.”
While Patreon does not currently have a full-time team dedicated to focusing on cryptocurrency, Gutman stated that he is actively committed to keeping his company on the sidelines, and is therefore considering building a list of top-tier blockchain specialists in the short term. “We continue to provide a stable and recurring future for creators, [so] we value cryptocurrency more broadly,” he added.
It’s worth noting that Conte’s comments came just a month after the company released a feedback form asking customers if they were interested in the prospect of a creative currency and/or social token.
Society gets involved
To understand if Patreon’s move will help creators expand their financial horizons in any real and tangible way, Cointelegraph contacted Michael Jo, founder of Boxmining, a crypto-focused YouTube channel with over 250,000 subscribers. He told Cointelegraph:
“That’s right – this not only provides an additional source of income, but also provides more ways for content creators to engage their community. In fact, there will soon be a situation, if the platform does not use crypto content, they risk losing the existing creators of the cryptocurrency platforms. ”
Cryptocito, a popular crypto YouTuber, is committed to like-minded people. He believes that Patreon’s features are great for the industry because it really highlights a lot of the real issues surrounding the usefulness of digital assets. In addition, he believes that such measures show that cryptocurrencies are slowly but surely gaining confidence in the prevailing environment. “For content creators like me who are into cryptocurrency, this is definitely an interesting move that has made me learn more!” He told Cointelegraph.
According to Cryptocito, such news events are only a matter of time, which is explained by the fundamental nature of the internet-based economy we live in now. He said this and also talked about how Uber is disrupting taxis. In the market, cryptocurrencies will transform the global digital economy – the only question is who will implement them first.
The future of digital content creators
Nick Merten, creator of DataDash, a crypto YouTube channel with 479,000 subscribers, told Cointelegraph that Patreon’s interest in the digital asset market points to an important step forward for the industry that should be viewed positively:
“In recent years, when people have asked if there is a recurring way to back up a channel using encryption, unfortunately I have had to answer the same over and over, which is simply not possible at the moment. I would be lying if I didn’t admit that I felt some hypocrisy in this matter. Because I was basically a channel for cryptocurrency.”
In addition, he believes that this move could not only be a great way for Patreon to grow its user base, but also contribute to the massive adoption of cryptocurrencies, especially in terms of payments. “I believe that while cryptocurrencies are still a growing asset, the future of payments lies in digital technologies, and in particular digital assets! With so many net worths of Generation Z and Millennials in cryptocurrencies, I don’t think that is the case. The question is if, But when added Merten.
However, he admitted that there are still some unanswered questions regarding the major platforms that accept cryptocurrency. For example, the problem of high network rates cannot be ignored, and it will be interesting to see how these companies tackle this problem. “We hope that they will explore second-level or side-chain solutions such as the Lightning Network for Bitcoin and Polygon for Ethereum,” Merten said.