• Patreon is thinking about allowing creators to monetize with cryptocurrency

  • Patreon, the membership platform, is considering allowing creators on its platform to create their own creator coins. Patreon CEO and co-founder Jack Conte and Chief Product Officer Julian Gutman made the shocking statement at The Information’s 2021 Creator Economy Summit. This is consistent with a report released in September that examined the use of cryptocurrency as part of the platform.

    Patreon Makes a Move Towards Cryptocurrency

    According to CEO Jack Conte and Chief Product Officer Julian Gutman, Patreon, the well-known membership organization, is now considering introducing crypto elements to add new revenue paths. Both directives admitted during The Information’s 2021 Creator Economy Summit that the idea of introducing a membership token for content creators is on the table.

    While Patreon has explicitly prohibited the introduction of coins as a form of investment on its platform, the rise in cryptocurrency, along with other circumstances that the platform is facing, may force it to change these rules in the near future. Gutman stated the following about this:

    I believe we are very interested in evaluating and comprehending how NFTs or some of the underlying technologies can assist us in creating sustainable long-term earnings for creators.

    Conte also praised the crypto work for its permissionless and direct characteristics. This allows creators to own their products as well as the data collected from their followers without having to rely on a platform to act as a middleman, which, oddly, Patreon does. “I think that’s what a lot of this technology is getting at, and what I find really exciting about it,” he said.

    A Cryptocurrency Alternative

    Patreon has previously had issues with some content creators, prompting them to consider crypto-based services as an alternative. Patreon de-platformed some creators, including “Sargon of Akkad” aka Carl Benjamin, in December 2018, leaving him without income from the subscribers who followed him.

    This prompted Jordan Peterson, another Patreon influencer, to close his account and launch a new alternative service with more lax content moderation rules. However, the inclusion of cryptocurrency in a periodic membership service has previously been attempted, but with limited success.

    In an ironic twist, Patreon could be the platform for implementing cryptocurrency in response to Mastercard’s new adult policies. The platform hinted at this in its most recent policy engagement update, declaring:

    One possibility that creators have expressed interest in is the creation of a creator coin or social token that could be offered as a membership benefit.

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