- Patreon is considering expansion into crypto, aiming to enable creators to own their content.
- “I really love the idea of creators owning their media and owning their content,” said Patreon CEO Jack Conte.
- Last month, Patreon asked for users’ feedback on the possibility of rolling out a creator coin or social token.
The online content creator platform Patreon is considering an expansion into crypto, which would allow creators to own their media and content.
Jack Conte, CEO and co-founder at Patreon, discussed the company’s ambitious goal to expand into the world of crypto on a panel at the 2021 Creator Economy Summit. “I really love the idea of creators owning their media and owning their content,” he said, mentioning how NFTs have been successful in achieving this goal.
Conte insisted that he supports the concept of creators having leverage and control, owning their audience data, empowering creators for independence, and “shifting power away from institutions and toward individual creative people.” He then acknowledged that crypto can make all this come true, saying:
I think that’s what a lot of this technology is getting at, and what I think is really deeply exciting about it.
Conte asserted that they have not taken any practical steps towards this goal, but they are exploring hiring full-time employees focused on the crypto division. “I think for us, really thinking through how we’re continuing to ensure we’re creating a sustainable recurring future for creators is why we’re evaluating the crypto space more broadly,” he added.
The remarks come one month after the platform asked for users’ feedback on the possibility of rolling out a creator coin or social token. At the time, the platform said such a token can be utilized as a membership benefit for patrons and will also be available to fans.
Creators Are Interested in Owning Their Content
Lauren Crentshaw, head of policy at Patreon, admitted that creators are intrigued by the possibility that they can truly own their content, which can be used as a way to offer exclusive memberships and unique benefits. Speaking on a live stream, she said:
We’ve heard from a number of creators who have been 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 onto that shows that they are part of your fan club.
NFTs, short for non-fungible tokens, act as a deed of ownership to a provably scarce digital item. Since their inception, these tokens have swept through the art world like a tsunami. Just recently, The Economist sold a crypto-themed front cover for one of its editions for $419,000 in ETH.