BitClout: The Many Ways in Which Individuals Can Monetize Themselves
Most social media platforms rely on users/creators to generate income for the shareholders, bondholders, and executives, leaving the most important people, the creators themselves in the dust. While influencers may be able to leverage their following on platforms like Twitter, Facebook, TikTok and Instagram to generate revenue off of the platforms, the actual content they spend time creating is being monetized by the corporations themselves.
BitClout, a new social media platform built on the blockchain, strays from this traditional model, and instead puts the power of monetization directly into the hands of its users/creators, in more ways than one. Although the platform is still less than 2-months old, there are already numerous ways to monetize one’s own content, making the platform an almost must-try for influencers everywhere. Below we delve into the ways in which users can monetize their following, their creations, and their creativity on BitClout:
Buy Your Own Creator Coin
When a user signs up to BitClout they have the option to purchase their own coin. For those unaware, every user on BitClout essentially becomes their own cryptocurrency. Other users can buy that currency if they like what they see, and anyone who does buy a creator’s coin can hold it, transfer it to another user, or instantly sell it if they choose. If, for instance, the creator becomes inactive, starts spewing hate speech or simply stops putting out content that the “coin holder” feels is valuable, they can instantly sell that creator’s coin.
As a creator becomes a staple of BitClout, their coin will rise as other users realize the value that they are bringing to the platform, and decide to purchase their coin. This means that those who buy a creator’s coin early on, can realize the most profit if/when that individual’s coin value increases. As demand for a coin rises, the price of that coin also rises in an exponential fashion along a bonding curve. As a creator you have the opportunity to buy your own coin before anyone else, meaning your holdings within your own coin can rise as your demand on the platform rises. This coin can be sold off at any time for a profit. The more value you provide, the more value your investment into yourself will follow suit.
There are multiple ways for a creator on BitClout to increase their coin value. Simply being an active, caring, helpful community member who makes informative posts or intriguing creations (photos, art, music, videos, etc.), goes a long way in attracting coin buyers. Also many creators offer rewards or benefits to individuals on the platform who purchase their coin. For example, Pamala Anderson gave away autographed photos to her top 20 coin-holders and autographed Playboy magazines to her top 3. Other creators hold exclusive Zoom calls with their top coin-holders. Some creators send gifts to anyone who purchases a certain dollar value or BitClout value in their coin. The possibilities of what creators can do in order to increase their coin value are really endless.
It’s worth noting, that at this time, there are no official means to withdrawal money (BitClout) from the platform, but there are several over-the-counter markets on Discord and Telegram, as well as several websites which allow users to buy and sell BitClout (at a slight discount).
Every user on BitClout can set their founders reward percentage anywhere from 0–100%. This percentage is the amount of Bitclout the user will receive every time someone buys their coin. For instance if a founder has their reward set to 10%, and they have 10 people buy $1000 of their coin in a given month, that means they receive $1000 of BitClout simply for being themselves. Over the long run, as a creator’s coin price fluctuates and users buy and sell their coin, this founder reward can be quite lucrative, especially for users who are active and see a lot of action on their coin. Every time a buy goes though, the creator once again will receive BitClout as their “founder reward”.
Note: BitClout suggests users set their Founders Reward to 10%, but this is completely up to you. You do not want to lower this from 100% until you have already purchased the amount of your own coin that you wish to hold. This is because your coin will always be the cheapest before anyone else buys it.
While Bitclout has a “like” feature similar to that of Twitter, Instagram, TikTok and Facebook, what really sets this platform apart from the others is that users have the ability to “Diamond” other users’ posts. BitClout allows users to give 1, 2, 3, 4, 5, or 6 diamonds to any post that is made. Each level of diamond approximately equates to the prior level X 10, so 1 diamond is typically worth around 1 cent, while 2-diamonds is 9 cents, 3-diamonds 90 cents, and so on, all the way up to the 6-diamond level, which is worth approximately $900, dependent on the price of BitClout at the time. This will be a tremendously powerful monetization feature for creators on the platform, especially those who attract a strong following and strong engagement. Some of the top posts on Twitter can receive in excess of 400,000 “likes”. Imagine if a BitClout post was to receive diamonds at the same frequency. Even at the 1-diamond level, that would equate to over $4,000 for a single post. With this in mind, there has already been dozens of 6-diamond rewards given, worth approximately $900 a piece. Just imagine what happens if this platform becomes mainstream.
Charge for Direct Messages (Coming Soon)
Although this feature has not been rolled out quite yet, the developers at BitClout have announced that shortly users will be able to charge others for the option to direct message them. This too can be a powerful monetization feature if users decide to implement it on their profiles. While it may not be for everyone, top influencers and celebrities certainly will be able to attract 1–2 figure sums for the simple ability to send them a DM.
Third Party Monetization Methods
Thanks to third party apps and nodes, there are already numerous other ways to monetize one’s profile on BitClout:
- Clouteo.co — Allows users to charge for video shoutouts similar to Cameo.com.
- JamClout.com — Allows Users to setup ClubHouse-like voice chats and open them up to only those who own their coin on BitClout.
- HypedTickets.com — Allows Users to sell tickets to events via BitClout
- CloutCast.io — Allows Users to get paid in BitClout for Reclouting others’ posts.
- BitCloutDonations.io — Allows users to turn their live-streams into a telethon-like coin-buying platform.
- CloutMembers.com — Allows users to serve exclusive content to their BitClout coin-holders.
“Invest” In Other Users
You don’t have to necessarily be a super-active user on Bitclout to make money. If you are willing to risk money on the platform, a lot of money can be made given that you pick and choose the right users to invest your Bitclout into. It’s important to note that as of now there are no major exchanges dealing with BitClout, but there are third-party over-the-counter websites which allow for the exchange of the new cryptocurrency. As with any crypto investment, don’t invest more than you can afford to lose.
The future possibilities are endless. Never before have we had a social platform that was also built upon its own currency framework. This means that every social user also has easy access to a native currency that can be quickly and effortlessly transferred, utilized and saved within the platform itself. Sure, Facebook or Twitter could implement native currencies to their platforms as well, but since BitClout was born into their own crypto token, the use of the currency is the norm rather than the exception.
As the platform further develops and new developers jump onboard, both third party developers as well as the main core node will almost certainly implement a variety of new ways for creators to monetize their content and take further control of their social networking destiny. Subscriptions and separate feeds for separate levels of fans will almost certainly be a feature to look out for, but it’s the yet thought out use cases and monetization cases of BitClout which are sure to push this platform’s adoption over the next couple of years.
Brian and Ed Krassenstein can be found on BitClout at http://bitclout.com/u/Krassenstein.