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Patreon confirms it is looking into cryptocurrencies
Patreon CEO and co-founder Jack Conte and Chief Product Officer Julian Gutman confirmed in a panel discussion during The Information's 2021 Creator Economy Summit that they are exploring cryptocurrencies as a way for creators to make money.
Patreon is interested in Creator Coins
Last month, Patreon introduced the idea of Creator Coins to its creator community ahead of a quarterly livestream about its Creator Policy Engagement Program, which allows creators to weigh in on platform policy changes. During Creator Economy Summit 2021, the company was approached about the idea again.Chief Product Officer Julian Gutman commented on this, stating: "There's clearly enormous innovation happening in the crypto and NFT space," He also explained, that"Obviously there's the art market and precious goods market that we're seeing, with crazy pricing, evolve. It's unclear if that is sustainable across the entire creator economy, but there's some fundamental technological components to NFTs as a way to sell value to your audience and sort of continue to gain value from that from secondary sales as what you do becomes more and more important to the world."
The company would consider changing its current policies
Patreon's policies currently prohibit coins that provide a direct financial benefit to a creator or patron, coins offered as part of an investment plan, or any explicit incentives to buy or acquire cryptocurrencies. But if there is enough interest from creators in Creator Coins, the company would consider changing these policies.A Creator Coin is a type of crypto-based social currency. Companies like BitClout, Roll, and Rally have worked to develop individual tokens that essentially allow fans to invest in the success of creators. So if you buy a creator's token early on, and they go on to become a superstar, you'll benefit too.
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