Paris Hilton may have been the world’s original influencer. But it was her former sidekick, Kim Kardashian, who became the first to turn her own identity into a brand. That brand, into a billion-dollar business empire.
Over the past twenty years, these OG influencers have helped to create. Shape the world. Lucrative business of social media. And as we head into the third decade where both personalities. Continue to represent the pinnacles of what one can achieve in this Creator. The online world stands on the cusp of a social media revolutio.
Creator coins, a digital asset made possible by blockchain technologies. Will soon supercharge the creator economy. Redefine the social media landscape as we know it. From creator interaction with fans. To how content and product is distributed. Sold, creator coins will transform every aspect of a creator’s business. The changes to consider will be so significant. That traditional intermediary platforms such as TikTok, Instagram. YouTube will need to rethink their existing business models. Or risk getting shut out from the next generation of social media.
First Things First — What are Creator Coins?
In a previous article:
We covered why creators who launched their own coins would become the eventual winners in the next generation of social media. In this article, we will cover the how. Regardless, it helps to ensure that everyone is aligned on the concept of what creator coins are. How they generally function (if you’re already familiar, from the last article or otherwise, you can skip to the next section).
In general, creator coins are crypto tokens which are create. Issue by an individual or a business. They share the same characteristics as money, in that they serve as a circulating medium between one party another. However, instead of being issued by a central bank to serve as the legal tender for that country, or released upon the launch of a new blockchain to serve as the exchange mechanism for the underlying blockchain, creator tokens are issued by creators, to serve as the medium of exchange of their own micro-economy.
In this micro-economy Creator:
Holders of these coins utilize these tokens in an economy which revolves around the creator. As the token economy of the creator strengthens, so too does the value of the coin which supports it, benefitting every token holder who has made an investment into the economy. They share the same characteristics as money, in that they serve as a circulating medium between one party another. However, instead of being issued by a central bank to serve as the legal tender for that country, or released upon the launch of a new blockchain to serve as the exchange mechanism for the underlying blockchain, creator tokens are issued by creators, to serve as the medium of exchange of their own micro-economy.
From a technical standpoint, creator coins issue on the blockchain. They are independent of an intermediary company which would typically provide hosting services. Instead, the blockchain provides the infrastructure that creators. Their fan base can interact on, which allows for the exchange of coins and information via this digital medium.
How Will Creator Leverage Their Own Coins?
Creators who recognize the power of launching their own coin will be able to assess their business. Determine the various revenue streams which are available to them. To better illustrate how a creator would benefit from having their own coin, let us use an example of an aspiring influencer in the world of skateboarding.
Molly is 18 years old. She has been skating since she can remember. Spending many weekend afternoons at the skate park with her dad. Who introduced her to the sport. Molly is really good at what she does, regularly outperforming others in terms of tricks, abilities, and overall creativity. She has even won a few regional competitions, and many of the younger kids are now looking up to Molly to learn and to follow in her footsteps.
In recent years, Molly has found herself to be an effective teacher.
She has taught dozens of kids:
How to master various tricks, and has also even made some YouTube videos to share with fans that she has met in competitions.
Recognizing an opportunity, Molly and her dad decide to launch a business around her as a brand. Understanding the possibilities behind creator coins, they decide to launch a token for Molly, called SK8. With the SK8 token, they have planned multiple revenue streams, which include the following:
Exclusive “Gated” Content — Available to Community Fans Only
Molly already has a strong follower base:
Who have signed up for regular email updates from her — which announce anything from newly released videos to news of the latest tricks which Molly is working on. With Molly’s new SK8 coin, she has decided to create an online community. To be a part of this community, only individuals who are holding at least 10 SK8 coins will be able to join. However, the perks are plentiful, including members continuing to receive regular updates from Molly. Having access to the latest updates from her.
Non-Fungible Token (NFT) Videos.
Capitalizing on her abilities to teach effectively. Molly sees opportunities to release her instructional videos as NFTs. Perhaps continuing to use YouTube only to introduce that instructional videos are available. But that more can only learn through the purchase of a NFT. These NFTs must be purchase with SK8 coins. Alternatively, Molly also considers renting these NFT videos — allowing fans to stream the NFT video. Pay by the second using SK8 tokens.