Patreon posits crypto

The Future. Patreon is testing the waters on the idea of allowing creators to mint social token NFTs on its platform. Patreon is moving cautiously before diving in on the blockchain craze. Still, the company may need to pick up the pace if it doesn’t want to see creators jump ship to platforms like Twitter, which are encroaching on Patreon’s creator-subscription business.

Coin toss
Patreon is exploring new ways to get creators paid.

• It first brought up the idea at the company’s Creator Policy Engagement Program last month.
• Currently, creator tokens aren’t allowed by Patreon’s guidelines, but the company is willing to amend them if there is enough interest from the community.

Head of Policy Laurent Crenshaw noted that a lot of creators have shown interest in being able to “offer exclusive memberships and benefits to their patrons through a coin or token… that shows that they are part of your fan club.”

Owner roll
Like all NFT lovers, Patreon CEO Jack Conte admits that the idea of creator “ownership” is what makes the technology so “exciting” — a clear additive to what attracts people to Patreon in the first place.

Companies like Roll, Rally, and BitClout are already making strides in developing social tokens, attracting celebrities and top representation firms looking to create new revenue streams. With the crypto wave moving fast, Patreon may have no choice but to roll out coin support of its own to keep up — especially if it makes good on its video content ambitions.