A big platform's main value proposition is its scale and distribution. As these platforms expand the market, creators' original ideas are commoditized. Before the blockchain, it was difficult to trace the source of ideas. Now, we can use this to demonstrate how an idea has influenced society, and even to financially support the idea.
Podcasting has become an increasingly popular form of content creation, with millions of people tuning in to listen to their favorite shows on a daily basis. However, the industry has historically been difficult for creators to make a living from, with advertising revenue often being the primary source of income. This can make it difficult for smaller, independent creators to own and fundraise for their content.
Recently, the use of non-fungible tokens (NFTs) and cryptocurrency has begun to gain traction in the creator industry as a way for creators to more easily own and monetize their content. NFTs are unique digital assets that are verified on the blockchain, and can be used to represent ownership of a wide range of digital content, including podcasts.
In web2, we like and share media; on web3, we collect. By introducing property rights to the internet, web3 moves beyond the like and share primitives of social to include a third and more powerful gesture: collect.
The social structure of collecting resembles contemporary art collecting – involving creators, collectors, and curators. The disintermediation of the creator-collector relationship is reflected in the absence of the role of a dealer or central platform.
One way that creators can use NFTs to own and fundraise for their podcasts is by selling limited edition, "collectible" versions of their episodes. These NFTs can be purchased by fans who want to support the creator and own a unique version of the episode. The proceeds from the sale of these NFTs can then be used by the creator to fund the production of future episodes.
In addition to using NFTs to sell collectible versions of their episodes, creators can also use cryptocurrency to crowdfund the production of their podcasts. By accepting donations in the form of cryptocurrency, creators can easily receive support from their audience and use the funds to cover the costs of producing their content.
By allowing creators to more easily monetize their work and receive support from their audience, these technologies could help to foster a more vibrant and diverse podcasting ecosystem. We imagine a world where podcasters on Podquest can publish an intention to research and produce high-quality episodes, and receive crowdsourced funding.
Are you interested in contributing to the project? Send us a message we’ve got a cool roadmap: