Patreon May Soon Add Cryptocurrencies To Encourage Authors

The world-famous crowdfunding platform Patreon, which allows musicians, artists, writers, and many others to earn money from their work, considers cryptocurrencies as an additional form of content monetization.

This became known when the platform's CEO Jack Conte and Product Director Julian Gutman discussed the future of blockchain and the cryptocurrency industry during the Creator Economy Summit 2021. In their dialogue, they mentioned the skyrocketing value of non-fungible token collections this year and the wild excitement of the community.

Gutman said it was not yet clear whether the NFT industry could become stable enough to build a "content maker economy." However, in his view, there are fundamental technological underpinnings in non-fungible tokens that allow them to benefit from secondary sales, making content “more important to the world”.

At the same time, representatives of Patreon again raised the topic of “content maker tokens”, which, according to them, organically fit into the platform. For the first time, such an idea was expressed by the team of the web resource last month. Implementing such a solution could help more than 200,000 creators distribute their creativity to millions of users.

During the September Patreon Connect, the company's head of policy, Laurent Crenshaw, addressed the platform's creators, saying that they are exploring the possibility of integrating tokens that confirm the participation in the fan club of a particular content maker. The idea is very close to the fan tokens of sports clubs, which have recently become a popular phenomenon, both within the framework of NFT services and the largest cryptocurrency exchange Binance.

Basically, fan tokens are more of a symbolic thing distributed to a small group of fans of particular pop culture. It can be an athlete, artist, or musician. For example, The Tilt's TILT token has a market cap of less than 500,000 and has a community of just 1,000 holders on the Rally and Roll platform.

The Patreon team said they have no plans to create their own resource for NFT minting but may offer platform users to run it on a separate platform. Jack Conte also noted that they are thinking about introducing cryptocurrencies as a means of monetizing creativity. But he also declined to elaborate on this when Laura Mandara of The Information asked him to share details about the process of working on adding digital currencies.

One thing is for sure, given the vast user base and the steady growth of the crypto industry, Patreon will have something to work on in the near future.

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