I've always thought it was cool for creators to earn money directly without depending on ads or sponsors. I'm not a pro writer, but I play around with video editing and often think about what it would be like to get paid by those who enjoy my work, without a platform taking a huge cut.
That's why I found Alt.town ($TOWN) interesting when I stumbled upon it. It’s not just another random token; it aims to connect fans and creators through digital assets and even has a marketplace that lets you track and rank fan support. I think that's a pretty cool shift because it allows creators to convert their influence into something real, and fans get to feel involved in the process instead of just being bystanders.
The fact that Bitget added $TOWN to their listings was a small but significant step. It suggests that projects like this are moving past being just “niche experiments.” But I'm still wondering if this model can really grow or if it'll just end up being a minor detail in the grand scheme of crypto.
Have you spotted any Web3 projects in the creator economy that might actually make it big? Or do you think this is just more hype than anything else?
It ultimately is up to the individual creators to honour their IOUs.
Basically by buying a creator's IOUs you are trusting that they will pay them back.
Which in turn presumably means you think they will manage to earn enough to eventually pay you back, hopefully "with interest".
So basically they are borrowing from their fans for a bit of liquidity to tide them over during periods of low earnings, and hopefully paying back those loans, by buying back their tokens, once they make some sales of whatever they are creating.
Of course since their IOUs amount to a kind of personal currency they can also sell their creations directly for the tokens, and even offer a discount to buyers who buy with their tokens (thus presumably helping honour the tokens by buying them from earlier lenders) to encourage fans to buy using the tokens rather than some other currency.
But as long as it remains more common for "creators" to fail to "honour" (redeem) their tokens they seem more determined to undermine the whole negotiability of IOUs than to actually make IOUs into a viable means of transacting...
-MarkM-
Not all or let's say that most of them didn't really work at all. There might be a lot of web3 creators and if there's an specific token to them, I don't think tha it will make sense. Most of them will also create their very own tokens for the project that they make. And so, it's irrelevant for each of them to have that specified token for all of them, creators. I think that the web3 space is already overcrowded and only a few thrives.
It is not a new idea actually, you should take a look at $BAT (basic attention token), it was created with the idea of people being able to donate to their favorite content creators through the Brave browser and other mechanisms.
So far, the biggest problem if those tokens is the focus of wealth and how is directed to content creators, so far most of tokens rely on charity and good will of donators, in a similar way Patreon works.
For a good alternative currency to work in this matter, it would require the process of "mining" to be tightly connected with the creating of content and have burning mechanisms to ensure inflation won't increase dramatically through time.
These people are only interested in making money from token launch and later dump the project after making some profits. This is why the altcoins market is very risky and we need to be very careful when making decisions on what to buy and hold for a long period of time.
Investing in altcoins is like a ponzi scheme. Majority of project team want to make fast profits from their investments and this has result in so many useless tokens in the crypto market, making investors to keep jumping from one project to the other looking for profits.
What you are saying is true about many altcoins. People who don't have enough experience about it needs to learn from it. Because if you're not going to look at those possibilities of being scammed where all of a sudden a value of an altcoin drops a lot, this is going to make you lose all that you've got. Research about the developers and you'll get some shed of light if they have a bad history of making projects. That's a red flag if you see some familiar names or the names of the team are shady based on the info and background of theirs.