“What happened?” Wav3s, an app on Lens protocol, has launched a feature that allows users to create contracts to pay for content to be mirrored. The feature allows for customization of payment to creators, the number of people who can be paid to post, and the number of followers required. However, these are only the tip of the iceberg when it comes to feature specifications and when it comes to creating post bounties for creators. Here are just some examples of specifications that could be added which significantly increase the precision of distribution of content. Using some sort of oracle to validate a weekly active user count of creator’s followers, making the reward of the bounty only earnable when an amount of blocks has been elapsed on the blockchain since the last mirror (example every 100 blocks), or the amount of mirrors a creator garners from their mirror (so I mirror Orb and must get 5 mirrors in order to get paid by the contract). The possibilities and flexibilities are virtually endless. If you can imagine a mechanism to design an on chain bounty it's almost certainly possible. This is revolutionary for the creator economy and the velocity of distribution on Lens. Distribution has been the key criticism of web3 social, the counter argument is that I can reach 1,000 people on twitter, so why should I post on lens? This solves the problem because with very little capital because aligned creators will get paid for distribution. This turns the current web2 concept of distribution on its head because instead of a 3rd party getting paid for increased distribution, the creators themselves are being paid for access to their audiences. Creators are also incentivized to provide value aligned content to their users because their users can opt out of their feed if it's just spam wav3s content. Spamming content also becomes highly capital inefficient because bots will be outcompeted by creators. Additionally, well constructed bounties could trigger a trickle down affect from revenue generated by creators directly to their audience. Let's go back to the earlier example of paying a creator when their audience mirrors their mirror for further distribution, it behooves the creator to create a bounty themselves of around 10-50% of their potential revenue with the following logic, when 5 mirrors are achieved, the first 5 mirrors are payed out X matic. This contract logic incentives this trickledown economy from creators to their audience making good audiences valuable. The better quality the audience is, the more valuable it becomes. For instance 5k bot followers under specific logic encompassing daily activity, daily active followers, ext can really weed out botted content, and both content advertisers and creators are incentivized to not post spam because it comes at the loss of network status and capital loss. This concept also provides the opportunity for publicly funded content distribution encompassing a pay to mirror contract to be constructed and allowed to be perpetually funded by any address to fund the payment of the contract to creators. Furthermore, the distribution mechanism that all contracts like wav3s's genesis will create the opportunity for a revolution in the creator economy and the bloom of an user economy.
Thank you creatoors and users for reading my thoughts on the current new state of Lens.
Special thanks to everyone at wav3s of course as well!