With the TikTok deadline to sell its U.S.
operations now just two days away, a new decentralized social media app launched its beta to the public on Tuesday.Own is the latest alternative to TikTok to emerge, featuring a swipeable feed for not just short videos but also text posts and images, as well as other features youd expect, like direct messaging.However, the new app aims to disrupt the market by utilizing blockchain technology and a token economy.
Most notably, content creators on the app can earn revenue without any minimum requirements for follower count or post count.The app was developed by Amir Kaltak (CEO) and Katia Zaitsev (COO), who previously co-founded web3 company Lexit.
Notably, the app was also co-created by Sarah Mick (CCO), who has experience working at major dating apps Tinder and Bumble.Key highlights include the $OWN Token, which is rewarded to creators based on video engagement and is fully tradeable.
Own operates on Base Layer 2 blockchain, ensuring secure transactions and content ownership.Image Credits:OwnKaltak believes this will be a game-changer for creators, especially since they earn tokens regardless of their location.Most creators around the world dont have access to monetization on major social platforms simply because of their location.
With Own, weve built a system that levels the playing field and opens up real earning potential for creators globally, he told A Technology NewsRoom.Kaltak adds that a portion of the platforms cash revenue is used to buy $OWN Tokens from exchanges for distribution to creators.
Were tokenizing the creator economy in a way that rewards creators fairly while creating consistent buy-side demand for the token on the open market, which contributes to long-term price resilience and sustainability, he said.Rewarding creators with in-app tokens has become a common practice, particularly in regions outside the U.S.
One example is Chingari, a short-form video app that has attracted over 180 million users in India.Other forms of monetization include tipping, brand sponsorships, and selling items on Own Shop (the apps version of TikTok Shop).The app promises that creators can earn up to 50% more than on other platforms.
Specifically, in the case of tipping, Own takes only 20% of the revenue, whereas TikTok takes 50%.
For sponsorships, creators retain 90% of the earnings, with only 10% going to Own.
Creators benefit most from Own Shops, keeping 95% of the revenue while Own takes just 5%.Image Credits:OwnThe monetization features, including tokens, are expected to be available sometime in the third quarter, between July and September.
Meanwhile, Own Shop is expected to roll out as a beta sometime between October and December.Another revenue stream is content licensing.
Each piece of content has proven ownership and origin, tracked on the blockchain, allowing creators to license their content while maintaining their rights.
So, for example, creators can resell their content to brands for use in marketing campaigns and earn 90% of the revenue, while Own takes a 10% cut.The ranking system is also an interesting feature.
Viewers have the ability to interact with content by pressing the up or down arrows to cast their votes upvoting or downvoting posts in a manner reminiscent of platforms like Reddit.
Creators who receive a higher number of upvotes can climb the leaderboard, gaining greater exposure.Owning your content, consumer agency, global equal pay, equal opportunity to go viral, making meaningful connections, and empowering people through self-expression and fair pay are at the forefront of correcting the current problems with social media, Mick told A Technology NewsRoom.
Without higher platform support and higher expectations of app ability for these creators, youre ultimately doing a disservice to their loyal fans.Own is now available for free in the App Store and Google Play Store.
The company claims to have nearly 40,000 people 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.