Patreon, the membership platform, is considering the idea of allowing creators on its platform to issue their own creator coins. The statement, which constituted a disclosure, was made by Patreon CEO and co-founder Jack Conte and product manager Julian Gutman during the Creators Economic Intelligence Summit 2021. This aligns with a report submitted last September that evaluated the use of encryption as part of the platform.
Patreon flirts with cryptocurrency
Patreon, the well-known membership organization, is now considering the idea of introducing crypto-elements to add new revenue streams, according to statements from CEO Jack Conte and product manager Julian Guttman. During the 2021 Creator Economy Summit, both directives acknowledged that the idea of introducing a membership token for content creators was on the table.
While Patreon has explicitly banned the introduction of coins as an investment model in its platform, this rise in the cryptocurrency combined with other conditions the platform is facing may prompt it to amend these rules in the near future. About this, Guttmann stated:
I think we are certainly interested in evaluating and understanding how NFT technologies or some of the underlying technologies help us achieve long-term sustainable profits for creators.
Conte also praised cryptographic work for its straightforward and unauthorized attributes. This allows creators to own their products and data from their followers without having to rely on any platform to act as a medium, oddly enough, Patreon. “I think that’s what you get a lot of this technology from, and what I think is really exciting about it,” he emphasized.
Encryption as an alternative
Patreon has had problems with some content creators in the past, leading them to consider crypto-based services as an alternative. In December 2018, Patreon removed some creators from its service including “Sargon of Akkad” aka Carl Benjamin, leaving him with no income from subscribers who followed him.
This caused Jordan Peterson, another Patreon influencer, to close his account and launch a new alternative service with more lax rules regarding content moderation. However, the inclusion of cryptocurrency in the periodic membership service has been tried before, but without much success.
Ironically, Patreon could be the platform to implement encryption as a reaction to MasterCard’s new adult policies. The platform hinted at this in its latest policy engagement update, where it announced:
One opportunity that creators have expressed interest in is developing a creator coin or social token that can be included as a membership feature.
What do you think of Patreon’s recent approach to cryptocurrency? Tell us in the comment section below.
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