According to statements from CEO Jack Conte and Chief Product Officer Julian Gutman, Patreon, the well-known membership organization, is now considering incorporating crypto features to provide new revenue pathways. Both directives confirmed the notion of issuing a membership token for content creators is on the table during The Information’s 2021 Creator Economy Conference.
While Patreon has officially outlawed the use of coins as a form of investment on its site, the ascent of the cryptocurrency, as well as other factors affecting the company, may force it to change its regulations in the near future. Gutman commented on this, saying:
“I think we’re absolutely interested in studying and learning how NFTs or some of the underlying technologies help us build that durable long returns for creators.”
Conte also lauded the crypto worked due to its permissionless and direct characteristics. This permits creators to own their products and the data collected from their followers without having to depend on a middleman, which, oddly enough, Patreon is. “I believe that’s what a lot of this technology is getting at, and I believe that’s what’s really fascinating about it,” he said.
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Some content creators have encountered issues with Patreon in the past, prompting them to seek crypto-based services as an option. In December 2018, Patreon de-platformed a number of creators, including “Sargon of Akkad” aka Carl Benjamin, left him without any money from his subscribers.
As a result, Jordan Peterson, another Patreon influencer, closed his account and launched a new alternative site with more liberal content monitoring rules. However, incorporating cryptocurrency into a recurring subscription service has been attempted previously, but with limited success.
Ironically, Patreon may be the venue for implementing bitcoin as a response to Mastercard’s new adult regulations. According to the platform’s most recent policy engagement update, one potential creators have indicated interest in is building a creator coin or social token that might be included as a membership reward,
Patreon is ‘evaluating’ bitcoin and will allow you to pay creators in cryptocurrency.
Patreon execs Jack Conte and Julian Gutman claimed they were “evaluating” the use of cryptocurrency at The Information’s recent conference. They reaffirmed a prior suggestion that the corporation would feature “creator coins,” which customers might buy to express support for their favorite creators.
Better yet, you might invest in a creator and be paid if they succeed; alternatively, owning the coins of your creators would grant you access to exclusive content available only to coin holders. Conte wouldn’t go into detail about what he and his firm have been working on in terms of Patreon + crypto, but they did discuss the idea of creator currencies becoming a reality in the near future.
It wouldn’t be shocking if Patreon adopted coins, NFTs, or a combination of the two. Despite early pandemic worries, Patreon has done well, raising $90 million just a year ago, and there’s little doubt the service is trying to recruit as many authors as possible. A shift in stance on cryptocurrency could lure content creators who are currently forced to look elsewhere if they wish to experiment with the technology.