The internet is a fantastic place for creative people.
I have come across so many incredible people sharing their content and growing their business online.
People like musicians, podcasters, streamers, social media celebrities, influencers, and writers share their creative vision with their target audiences while growing their careers.
If we look at the past, people usually had to work really hard with film producers, record labels, or traditional publishing houses to make a living from their creative talent. Today, content creators can make money without being involved in long-term watertight contracts or big media.
As a content creator, you can find numerous marketplaces where you can sell yourself. I am sure you are familiar with sites like Only Fans, Etsy, Twitch, Instagram, Patreon, and TikTok, where people show their talent and find a way to monetize it.
Some creators are making one million dollars a month right now by using the creator economy.
There is no standard way to earn money online.
However, in most cases, content creators share revenue with the platforms on which they operate. For example, if you are a YouTuber, you generate income from the money YouTube earns from ads. You share that income with YouTube.
I am going to introduce you to Creator Coins, an entirely new and promising way to make a living online as a content creator.
Before we dig deep and talk more about Creator Coins, let me briefly define the term “Creator Economy” to help you better understand Creator Coins.
What Is The Creator Economy?
We have seen how big media is used to run the world of entertainment for decades. A small number of companies control what we see on TV or read on paper.
Almost three decades ago, there was no way ordinary people could be a part of those conversations unless they worked for those media conglomerates.
But then the internet came and changed things once and for all, creating the “creator economy” just like the Industrial Revolution gave birth to the industrial economy in the 20th century.
Now, we have the freedom to share our content with the world or consume our favorite content with great ease.
Above all, we can turn our passion, hobbies, or skills into sustainable, full-time careers. Without someone else telling us how much we are worth.
However, content creators often struggle to earn money.
There are over 50 million creators on popular social media platforms. While 2 million creators make 6-figure income, 97% of the content creators are not getting paid for their contributions.
That number is scary and not encouraging for those who want to be a part of the creator economy.
That is where we must pay attention to newly emerging ways of making money like Creator Coin.
What Are Creator Coins?
A creator coin is a simplified form of blockchain technology that tends to revolutionize how streamers and content creators engage with their audience and earn a living.
Let me put it simply:
Creator Coin is a digital currency that can be custom branded. Meaning you can create your own cryptocurrency and have your own virtual economy.
Rally launched the first Creator Coin in July 2020.
While platforms like YouTube and Twitch allow influencers to connect with their audience, the engagement and monetization options are pretty limited.
Rally wants to address this problem and make things easier for people like us. Creator Coin, Rally’s first product, is a creator-owned currency that creators and fans can use to connect and exchange value.
Isn’t it amazing to have your digital currency version that your fans can buy, donate, or hold? It is not a one-way stream: you can transfer coins to your fans, and then your fans can give them to other fans or transfer them back to you.
If your fans help you with the content creation processes such as video editing or moderation, you can use your creator coins to reward them.
So, Rally introduced an incredible support system in the form of Creator Coin. You or your fans own the coin, and you have the freedom to find cool ways to use it and make money.
It is like having a special program for your audience to reward them with digital assets and grow your business in exchange.
I was recently approved for a Creator Coin on Clubhouse. Now, I can use it to completely transform how I engage with my audience on the platform or make money online.
I can’t tell you how excited I am to see how this virtual currency will create new monetization opportunities for influencers and content creators.
Streamers and creators often complain about having inconsistent income through ad revenue or sponsorships. And this is precisely why a majority of content creators give up before they even earn anything.
We will see more tools for creators to manage and monetize our content using Creator Coin economies.
In other words, your audience would be able to spend your coins in so many exciting ways.
Here is what differentiates Creator Coin from traditional currency:
You and your community own any value built up in your Creator Coin economy.
You don’t go through constant fear of demonetization, censorship, or de-platforming.
Creator Coin offers transparency, immutability, and verified scarcity.
What Can Influencers Do With Creator Coins?
Are you wondering what you can do with creator coins? Well, cryptocurrency Creator Coins is still a new concept if we compare it to old forms of cryptocurrencies like Dogecoin.
But let me give you some examples of how people can use Creator Coins.
For example, if you are a gamer, you can get paid by just playing the game. Your audience may use creator coins to interact with you or play games with you.
If you are a business coach, your audience can seek advice from you on dealing with business challenges in exchange for your coins.
While Rally backs the currency, it is entirely up to you to decide how to use the coin.
For instance, your audience can pay you coins to upload the next episode of the podcast or participate with you in some activity. You can collect them and have them transferred to USD at some given rate.
Possibilities are endless.
But are you an influencer?
Anyone who has some talent and can attract a specific audience on the internet can become an influencer. I am talking about all those podcasters, YouTubers, athletes, entrepreneurs, coaches, marketers, modders, streamers, and many other people who offer engaging content.
Let me give you another quick example of how you can use the Creator Coin:
As an influencer, you can make a creator coin and give it to your followers who spend a specific amount time watching your streams. When you give coins to your followers, they may use that cryptocurrency to buy interesting virtual items from you or other creators.
The good thing about creator coins is the ease of use. You or your audience don’t have to create a cryptocurrency wallet or account to use creator coins.
Rally has created a platform called Taki that eliminates barriers between you and your fans. Your audience can request you to deliver a custom video message on Taki. For example, one of your fans can request a video message wishing someone a happy birthday.
Taki is just the tip of the iceberg anyway.
In the future, we are likely to see so many unique ways to use Creator Coin and consistently make real-time money.
I think it is time for us to think beyond a small percentage of revenue from subscriptions and ads and build our own digital currency.
There are around 72 creators so far that have built their currency on Rally. A famous Twitch streamer OneNightStanz is one of them.
Two hundred transactions were made of his coin in the first five days of his launch.
How Do Creator Coins Work?
First, it is essential to understand that you (a content creator) are the centerpiece of your creator coin economy. Whatever you do or how you do it will impact the value of your Creator Coin.
In the beginning, you get a considerably large quantity of your Creator Coin.
Nothing can stop you from impacting your economy. However, some rules and restrictions dictate the rate at which you can sell your own coins. It is also called flow limits.
Your fans can go to Rally’s website and purchase your Creator Coin via credit card. But first, you need to get approval from Rally to create your Creator Coin.
As a creator, you can buy your own Creator Coin and give it to your fans for their loyalty.
I recently saw some Twitch streamers giving Creator Coins to their fans who subscribe to a higher subscription tier on Twitch.
Here are three main ways to use Creator coins so far:
Transact: Your fans buy and transfer coins to you directly in the form of a tip, donation, or anything. Or they send coins to other users. As mentioned earlier, we will see more ways for people to use Creator Coin in the future.
Hold: Like other forms of currency, people can hold Creator Coin as a digital asset. If your audience is holding your Creator Coins, it is a sign that they are loyal to you. You may choose to reward your top coin holders. For example, if you are a musician, you may offer your top holders a custom song request on Twitch.
Earn: Your fans can earn your Creator Coin in exchange for their services or rewards for being loyal to your brand.
Creator Coin is an unmatchable way of building a new marketplace around your brand. Your community will enjoy being able to participate in a more meaningful and valuable way.
If you are not good at building your community, Creator Coin has the potential to take your community-building efforts to the next level.
The best part of Creator Coin is the pleasure of building something you truly own.
Rules & Limitations
As I mentioned earlier in the post, there are some regulations and limitations.
As a creator, you can sell .25% of the total supply of your Creator Coin.
For instance, if you have a circulating supply of 50,000 coins, you can sell a maximum of 125 coins in a single transaction. And then you can to re-earn that allowance before selling more coins.
You earn allowance based on how much your community buys, sells, and transfer your coins.
Every time users move coins between them, it adds 0.1 to the sell allowance. Likewise, when someone purchases your Creator Coin, it adds 1 to the sell allowance.
You can’t instantly sell a large portion of your coin. This limitation is intentionally set because Tally wants to observe things without going badly wrong. But I think the creators will have more control over these limits down the road.
Final Thoughts + Resources
More than 50 million people consider themselves content creators. You are probably one of them. Lowered entry barriers and better financial opportunities like Creator Coin will undoubtedly make it easier for you to convert your part-time hobby into a career.
Creator Coin is a potential game-changer, no doubt about it. It’s going to empower content creators like you and many others to build a whole new creator economy around your business and open up new engagement and earning possibilities.
To take full advantage of Creator Coin, be sure to build a highly specific and loyal audience.
Don’t just grow your website traffic or social media following, and build relationships with people who love your content, product, or services.
Be ready to have a cryptocurrency with your face on it.