Vitalik Buterin has proposed a new creator coin model, but with DAOs and prediction markets.
In another twist on the concept of rewarding content creators via blockchain, Ethereum co-founder Vitalik Buterin has suggested a concept for creator coins that is a new take on the creator coin concept, incorporating both community-curated systems and prediction markets.
His goal?
To find and promote good content, rather than emphasising token speculation and popularity contests.
Creator coins, blockchain-based tokens associated with individual creators, are becoming increasingly popular as a way for artists, writers, and influencers to monetise their work. They allow a creator’s supporters to buy these tokens to show their loyalty or gain special benefits. However, as Buterin recently pointed out in an article,
The current model is flawed.
As Buterin explains, over the past decade, many creator token initiatives have become more focused on quantity and popularity rather than content, which has often led to speculation but not substantive engagement. This problem is exacerbated by the rapid content generation enabled by AI today, which floods the ecosystem with content that is cheap to produce and difficult to assess in terms of quality.
A different solution: the introduction of curated DAOs and prediction markets.
As a potential solution, Buterin proposes that content creators be allowed to issue tokens but also apply to become members of specific DAOs. These would be community-managed communities that would decide which creators to include. DAO members would vote not on the number of followers, but on quality and relevance.
Meanwhile, token holders would participate in prediction markets, which would essentially be bets on which creators the DAOs will fund. By accepting a creator’s work, they can burn the tokens they hold, reducing the supply and potentially increasing their value. This means that quality work can be genuinely supported.
Why this matters
The goal is to transform the incentive system. It doesn’t encourage the hasty issuance of tokens and speculation but rather promotes thoughtful choices, community service, and long-term contributions. It also builds upon the successful experiences of other models, such as Substack, where human curation and deliberate creator support are key factors. While still in its early stages, the concept introduced by Buterin suggests how the Web3 creator economy could evolve to create platforms where meaningful contributions are prioritised.
Source – https://lnkd.in/gbQFSBDD
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