With the TikTook deadline to promote its U.S. operations now simply two days away, a brand new decentralized social media app launched its beta to the general public on Tuesday.
Own is the most recent various to TikTook to emerge, that includes a swipeable feed for not simply quick movies but in addition textual content posts and pictures, in addition to different options you’d anticipate, like direct messaging.
However, the brand new app goals to disrupt the market by using blockchain expertise and a token financial system. Most notably, content material creators on the app can earn income with none minimal necessities for follower depend or put up depend.
The app was developed by Amir Kaltak (CEO) and Katia Zaitsev (COO), who beforehand co-founded web3 firm Lexit. Notably, the app was additionally co-created by Sarah Mick (CCO), who has expertise working at main courting apps Tinder and Bumble.
Key highlights embrace the $OWN Token, which is rewarded to creators based mostly on video engagement and is totally tradeable. Own operates on Base Layer 2 blockchain, guaranteeing safe transactions and content material possession.
Kaltak believes this might be a game-changer for creators, particularly since they earn tokens no matter their location.
“Most creators all over the world don’t have entry to monetization on main social platforms merely due to their location. With Own, we’ve constructed a system that ranges the taking part in discipline and opens up actual incomes potential for creators globally,” he instructed TechCrunch.
Kaltak provides {that a} portion of the platform’s money income is used to purchase $OWN Tokens from exchanges for distribution to creators. “We’re tokenizing the creator financial system in a manner that rewards creators pretty whereas creating constant buy-side demand for the token on the open market, which contributes to long-term worth resilience and sustainability,” he mentioned.
Rewarding creators with in-app tokens has change into a typical observe, notably in areas exterior the U.S. One instance is Chingari, a short-form video app that has attracted over 180 million customers in India.
Other types of monetization embrace tipping, model sponsorships, and promoting gadgets on Own Shop (the app’s model of TikTook Shop).
The app guarantees that creators can earn as much as 50% greater than on different platforms. Specifically, within the case of tipping, Own takes solely 20% of the income, whereas TikTook takes 50%. For sponsorships, creators retain 90% of the earnings, with solely 10% going to Own. Creators profit most from Own Shops, holding 95% of the income whereas Own takes simply 5%.
The monetization options, together with tokens, are anticipated to be obtainable someday within the third quarter, between July and September. Meanwhile, Own Shop is anticipated to roll out as a beta someday between October and December.
Another income stream is content material licensing. Each piece of content material has confirmed possession and origin, tracked on the blockchain, permitting creators to license their content material whereas sustaining their rights. So, for instance, creators can resell their content material to manufacturers to be used in advertising and marketing campaigns and earn 90% of the income, whereas Own takes a ten% minimize.
The rating system can be an attention-grabbing characteristic. Viewers have the flexibility to work together with content material by urgent the up or down arrows to solid their votes—upvoting or downvoting posts in a way paying homage to platforms like Reddit. Creators who obtain a better variety of upvotes can climb the leaderboard, gaining larger publicity.
“Owning your content material, shopper company, world equal pay, equal alternative to go viral, making significant connections, and empowering folks by means of self-expression and truthful pay are on the forefront of correcting the present issues with social media,” Mick instructed TechCrunch. “Without greater platform assist and better expectations of app means for these creators, you’re in the end doing a disservice to their loyal followers.”
Own is now obtainable free of charge within the App Store and Google Play Store. The firm claims to have almost 40,000 folks on the waitlist.
To date, the startup has raised over $5 million from Sarah Mick, Michael Terpin (Transform Ventures), Saba Capital, Base Spin Capital, and Stoka Global.
