What’s the news?
What are creator coins?
Well, like most things in the crypto world, there isn’t a single definition or use case. For example, BitClout sells coins as investments in a celebrity’s fame. While Rally lets creators sell their own coins, determining how they distribute
Why does that matter to a content entrepreneur?
Well, a model like Rally can be a great way to grow and engage your community. (At this stage, a model like BitClout probably doesn’t matter to you.)Developing your own creator coins through platforms like @rally_io can be a great way to grow and engage your community #contententrepreneur #creatoreconomy Click To Tweet
Tell me more
We’ll let Bremmer Morris, Rally’s CMO and CRO, do the honors. Here’s how he explained it to John Koestier in his TechFirst podcast:
“Each of these artists have an existing community of followers and people who are really excited about what they do. But right now, there’s not really a mechanism for those followers to show their support and also to participate in the economy of these artists.”
Gregarious Narain, who has a Rally coin, tells John in Forbes: “Creator coin feels like the wrong name. I think of them as community coins.”@Gregarious thinks creator coins is the wrong name. He sees them as community coins #contentcreators Click To Tweet
The Tilt Talk and Advice
How can a content creator cash in?
Creator coins shouldn’t be viewed as an opportunity to “cash in” in the financial sense. Instead, use them as a tool to cultivate and engage your community. Let people who have your coins gain benefits before asking them to redeem their coins.
The options are limited by your creativity.
JVCKJ, the solo brand for Jack Johnson of the widely popular duo Jack & Jack, created the $PSTL coin. Earlier this year, he told his 5.6M Twitter followers they could have a chance to join an exclusive Discord listening party before the release of his newest single. Only holders of his creator coin were eligible.
Scott Monty, who publishes Timeless and Timely newsletter, has a detailed creator coin program. Holders of 50 or more $MONTY coins get complimentary access to a premium edition of his newsletter. He also distributes coins as rewards to readers. Then, those coin holders can purchase opportunities such as becoming a monthly sponsor of the newsletter or getting two tweets about themselves.Holders of @ScottMonty's $MONTY coins receive access to a premium edition of his #newsletter #creatorcoin #contententrepreneur Click To Tweet
“It takes a great deal of effort for any content creator to keep the pace up, week after week. At times, it can feel like a lonely effort,” Scott writes. “But when we create things together, when we each contribute something to a growing marketplace, there’s great satisfaction in knowing a community is behind something.”
The Most Famous Artist (TMFA) powers its community of over 400 artists around the world with its creator coin $ART. Recently, it offered up 20 coins to a community member to develop 20 emojis for its Discord channel.
Dave Young wants to move his Facebook Game Development Group to Discord. He realized a creator coin could help him to do that. His $PLAY coin lets holders vote on games to be developed or features to be added into a game. Offerings also include a premium incubator community and a professional gameplay coaching program.@the_davey created $PLAY coin to power a premium #gaming developer incubator community and professional gameplay coaching #creatorcoin #gamedevs Click To Tweet
Dave is bullish on creator coins: “There are 100 creators now. There will be up to 8K or so in the next couple of years … If you are a creator, this is green wide-open field,” Dave says.
What about The Tilt?
We’re bullish about creator coins too. A big advocate, The Tilt founder Joe Pulizzi sees $TILT as a long-term path to run the community’s economy. Since our founding earlier this year, $TILT coins have been used to reward people for recruiting new subscribers (see here if you want in) and giving honoraria to speakers in his Content Inc. book tour.
What should you do today about creator coins?
Put them on your radar, but don’t go all in just yet. Given creator coins require a bigger investment, it makes sense to build your audience first. While you’re doing that, create your creator coin strategy. How would it operate? Would Discord integration work? Would it be valuable to your community? Would you offer options based on experience or interest levels? Think through all the possible questions and start to answer them.