Companies that want to capitalize on major trends need to have impeccable timing. If you want to grow, you need the right timing on your side.
Since Bitcoin decentralized money, it was inevitable at some point that the blockchain would also decentralize social media. This is where BitClout comes in.
BitClout launched very recently but is already the front runner to achieve decentralizing social media. It isn’t the first social token, but it is the one with the best chance of succeeding, thanks to better execution and timing.
BitClout Has Three Parts
A Marketplace Trending On Creator’s Social Reputation
This takes place in the form of ‘creator coins’, which can be seen at BitClout.com. Every creator gets a coin of their own. Anyone can purchase these coins, using BitClout currency.
The creator will get founder rewards (usually about 10-20%) every time a new coin is sold. For example, if you buy 10 coins of a creator, the creator would get 1 or 2 of their own coins as a reward. Creators will benefit as fans align with them as stakeholders. If you need some help understanding the benefits of these coins, you can learn more and get some helpful blockchain training at Unblock Talent.
Proof Of Concept Social Application
BitClout has a feed similar to Twitter, where the top creator coins can be seen.
The Future - What Can And Will Be Built Onto BitClout
BitClout is a lot more than just a website. BitClout is a decentralized network. This means that applications can be built on top of it, going far beyond the proof of concept showcased on BitClout’s website at the moment. There are lots of potential options for the future use of this network and the creator coins.
BitClout is designed to be social, so if it does turn out to be successful, the potential applications that could be created using the BitClout blockchain are almost infinite. Potential examples of what are the major apps developed on the BitClout blockchain could include:
- Soundclout. This could be a music streaming service where you would buy creator coins from the artist while you listen to their music.
- A CRM. This customer relationship management system could be used to manage the relationships and communication with the top coin holders.
- Robinhood for Creators. This would be used to provide more detailed market analysis than is currently on offer on the BitClout blockchain website.
- SubClout. This would be a platform that would give coin holders access to premium subscription content, similar to Patreon.
If BitClout Is Successful, These Will Be The Main Reasons Why
- Cryptocurrency growth has exploded. Daily active addresses have almost doubled between March 2020 and April 2021, as cryptocurrency becomes more and more popular, trusted, and commonplace. Coinbase, Robinhood, PayPal, and many other money-based platforms have made it a lot easier to buy and use cryptocurrency, which has encouraged more people to make use of it. More than 10% of the popular in the US now own cryptocurrency, which is more than ever before. This growing popularity suggests that we could be at the tipping point for a consumer blockchain product, like BitClout, to take off.
- Innovation in stock trading led by Robinhood. A new generation of traders has been attracted to cryptocurrency thanks to platforms with no trading fees and a user-friendly UI, with a gamified UX. There is also clearly a demand to invest in creators directly, which has attracted more users.
- Increased censorship in social media. In recent months, concerns over the censorship of social media have risen. On BitClout, anyone can make a profile and moderate their own space however they use, without centralized control. As it is decentralized with all data on the blockchain, there is no app to be shut down by the app store.
- The creator economy is exploding. The pandemic has only grown the idea that you can make money by creating content, entertainment, and digital art. There are more full-time creators than ever, and more technologies to help them. BitClout gives every creator their own coin and has arrived at the ideal time when lots of people are looking to monetize their content and grow their relationship with their fans beyond social media.
- The NFT rush is driving awareness and curiosity toward new digital assets. In February 2021, NBA Top Shot achieved $225mm in revenue. This is more than the whole NFT market’s revenue for 2020. The creator industry is always looking for ways to monetize their presence online. A lot of NFT artists and collectors have already joined BitClout, including WhaleShark and 3LAU. More early adopters are sure to join too, off the back of the NFT craze.
- Bitcoin eclipses $50,000 and is still growing. BitCoin has been the best performing asset in the world over the last five years, by a long way. BitCoin has already succeeded in decentralizing money, so BitClout could decentralize social media. BitClout has arrived at a time when the fear of missing out (FOMO) is higher than ever. Nobody wants to miss out on the next BitCoin. Could the next BitCoin be BitClout?
- Cludbouse’s rise provides a megaphone for new ideas. Clubhouse is a platform that allows instant discussion. When BitClout launched, a room for BitClout was set up, and it quickly attracted over three thousand participants, including some big names from the world of cryptocurrency.
Who Are Some Of The Creators Who Have Joined BitClout?
Several creators have already joined BitClout, including:
- Tech investors: Chamath Palihapitya, the Winklevoss twins, and the founder of TechCrunch Michael Arrington
- Musicians: Diplo, Lil Tjay, Kygo, Steve Aoki, Echosmith, and Mike Posner
- Influencers: JustMaiko (who has 47MM followers on TikTok), DudeWithSign, Tana Mongeau, Sam and Colby, and Helen Owen
- Celebrities: Ashton Kutcher (who is known to be a keen tech investor), Pamela Anderson, and Scott Disick
- Other: Superstar soccer player Paul Pogba, best-selling authors Neil Strauss and Grant Cardone, the notorious WallStreetBets, and the media company HypeBeast
BitClout is clearly already growing fast, and only looks to keep going.