What Are Creator Coins Useful For?
Creator coins are a new type of asset class that is tied to the reputation of an individual,
rather than to a company or commodity. They are truly the first tool we have as a society to
trade “social clout” as an asset. If people understand this, then the value of someone’s coin
should be correlated to that person’s standing in society. For example, if Elon Musk succeeds
in landing the first person on Mars, his coin price should theoretically go up. And if, in
contrast, he makes a racial slur during a press conference, his coin price should theoretically
go down. Thus, people who believe in someone’s potential can buy their coin and succeed
with them financially when that person realizes their potential. And traders can make money
buying and selling the ups and downs.
The above being said, there are many other exciting opportunities for creator coins that we
hope will be integrated in the very near future:
- The stakeholder meeting. A creator can make it so that only people who own a
certain amount of their coin can participate in the comments section of their posts. This
forces anyone who wants to have a voice in that creator’s content to first align
themselves with the creator by buying their coin. The alignment not only reduces spam
significantly, but it could bias conversations to be significantly more positive than on
existing platforms. It would also create a lot of demand for one’s coin– can you
imagine if Elon Musk or Chamath did an AMA with a minimum threshold for buying their coin in order to participate? Or if they answered questions in order of coin
- A new way to prioritize messages. Most creators get a torrent of spam in their
message inbox on social media. With BitClout they could make it so that only people
who own a certain amount of their coin can message them, or they could simply rank
and prioritize messages from the largest holders of their coin. Alternatively, they can
make it so that a certain amount of their coin must be paid to them directly in order for
the message to actually enter their inbox. All of this would increase demand for their
coin while helping to minimize spam for the creator.
- Sponsored posts. Creators can have an “inbox” where anyone can “bid” to have them
repost (aka “retweet”) a particular post. If you want Kim Kardashian to retweet your
fashion brand, you can submit an entry into her inbox, and if she retweets it then she
keeps your money. The bids can all be made using the creator’s own coin, thus
significantly increasing the demand for the coin.
- Premium content. People who own a certain amount of a creator’s coin get access to
special content. Or, alternatively, people must pay a monthly subscription in the form of
the creator’s coin in order to get premium content.
- Distributions and engagement. Creators can also use their coins to distribute scarce
resources to the largest holders of their coins. For example, imagine if a famous
celebrity offered to have lunch with whoever held the most of their coin at a particular
date. Or imagine if they were going to offer 1,000 signed posters to their 1,000 largest
holders. This is just the beginning of how creators can engage with their fans using
their coins, and all such ideas could increase demand for their coin significantly.
- Money likes. Likes can be re-imagined as purchases of the creator’s coin. So it costs
money to like something, but you get that person’s coin when you do so (effectively as
a shortcut to buying their coin that’s associated directly with their content). Such a
feature could serve as a stronger signal on what content is high quality as well
Continue : Emergent Phenomena
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