Patreon May Let You Reward Creators With Crypto

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Patreon doesn’t allow creators to offer crypto coins for profit, but that could change soon. TechCrunch reports that Patreon executives Jack Conte and Julian Gutman said at The Information’s latest summit that the company is “evaluating” the use of crypto, including a previously discussed possibility of authorizing “designer coins. “which fans can buy to show their support. You can invest in creators and reap rewards if they succeed, or access special content just for coin owners.

Conte wouldn’t say if Patreon had staff dedicated to crypto projects, but said the company was “thinking about it.” The company had discussed the possibility of allowing Creator Coins in an online discussion in September, but that was put to one side as the company grappled with the implications of Mastercard’s stricter adult content standards. .

Gutman added that Patreon was “interested” in studying the potential benefits of NFTs and related technologies for creators looking to maintain a business. NFTs have increased the value of digital art, sometimes leading to sales of millions, but there are also widespread concerns about the highly speculative nature of the market and the environmental impact of blockchain-based technology.

It wouldn’t be surprising if Patreon adopted Coins, NFTs, or both. Patreon has done well despite the initial pandemic crises and raised $ 90 million just a year ago, but there’s no doubt the service is trying to woo as many creators as possible. A new stance on crypto could spur content producers who currently have to go elsewhere if they want to get into the tech.

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