Own: Tokenizing the Creator Economy

A New Social Media Platform, Own, Launches in Beta

As the deadline for TikTok to divest its U.S. assets approaches – with only two days remaining – a novel, decentralized social media application, Own, initiated its public beta phase on Tuesday.

Introducing Own: A TikTok Alternative

Own emerges as the latest contender aiming to provide an alternative to TikTok. It features a familiar swipeable feed, accommodating not only short-form videos but also text-based posts and images. The platform also incorporates standard features like direct messaging.

Disrupting the Market with Blockchain Technology

However, Own distinguishes itself through the integration of blockchain technology and a unique token-based economy. A key aspect of this approach is the ability for content creators to generate income without adhering to follower or post count minimums.

The Team Behind Own

The application was developed under the leadership of Amir Kaltak, serving as CEO, and Katia Zaitsev, the COO. Both previously co-founded the web3 firm, Lexit. Sarah Mick, the CCO, also played a crucial role in the app’s creation, bringing experience gained from prominent dating applications such as Tinder and Bumble.

The $OWN Token and Base Blockchain

A central component of Own is the $OWN Token. This token is awarded to creators based on the level of engagement their videos receive and is fully tradable on exchanges. Own is built upon the Base Layer 2 blockchain, which ensures secure transactions and verifiable content ownership.

Kaltak believes this system will fundamentally alter the landscape for creators, particularly those who currently lack monetization opportunities due to their geographic location.

“A significant number of creators worldwide are denied monetization on major social platforms simply because of where they live. Own provides a system that equalizes opportunities and unlocks genuine earning potential for creators globally,” Kaltak explained to TechCrunch.

Tokenizing the Creator Economy

Kaltak further elaborated that a portion of the platform’s revenue is allocated to purchasing $OWN Tokens from exchanges. These tokens are then distributed to creators. “We are tokenizing the creator economy in a manner that justly rewards creators while simultaneously establishing consistent demand for the token in the open market, contributing to its long-term price stability and sustainability,” he stated.

In-App Tokens: A Growing Trend

The practice of rewarding creators with in-app tokens is gaining traction, especially in regions outside of the United States. Chingari, a short-form video application with over 180 million users in India, serves as a prime example of this trend.

Diverse Monetization Options

Beyond tokens, Own offers additional monetization avenues, including tipping, brand sponsorships, and a marketplace called Own Shop – analogous to TikTok Shop.

Revenue Sharing Structure

The platform asserts that creators can potentially earn up to 50% more compared to other platforms. Specifically, Own takes a 20% cut of tipping revenue, contrasting with TikTok’s 50% fee. For sponsorships, creators retain 90% of earnings, with Own receiving 10%. Own Shop provides the most favorable terms for creators, with a 95% revenue share and a 5% cut for the platform.

Rollout Timeline for Key Features

The token-based monetization features are anticipated to become available during the third quarter of the year, spanning July to September. Own Shop is slated for a beta release between October and December.

Content Licensing and Ownership

Another revenue stream is derived from content licensing. Each piece of content possesses verifiable ownership and origin, recorded on the blockchain. This allows creators to license their work – for example, to brands for marketing campaigns – while retaining their rights and earning 90% of the revenue, with Own taking a 10% commission.

A Unique Ranking System

The platform incorporates an innovative ranking system. Viewers can express their opinions on content by using up and down arrows to vote, similar to the functionality found on Reddit. Creators who accumulate more upvotes will ascend the leaderboard, gaining increased visibility.

“At the core of our vision are principles of content ownership, user empowerment, global equitable compensation, equal opportunities for virality, fostering meaningful connections, and enabling individuals through self-expression and fair remuneration,” Mick conveyed to TechCrunch. “Without robust platform support and elevated expectations for app capabilities for these creators, a disservice is ultimately done to their dedicated fans.”

Availability and Funding

Own is currently available for free download in both the App Store and Google Play Store. The company reports having a waitlist of nearly 40,000 individuals.

To date, the startup has secured over $5 million in funding from investors including Sarah Mick, Michael Terpin (Transform Ventures), Saba Capital, Base Spin Capital, and Stoka Global.