The siren song of a new hot social media platform, where all the early adopters will find riches and fame as creators, is an old tune. We've heard it all before, haven't we? Remember Vine? Remember the early days of YouTube? Vows of democratization, of disintermediating, of finally paying creators what they’re worth. Now, Own, the new blockchain-based app, is jumping into the ring with its own version of that promise. Is it different this time? Are we building the foundation for a new iteration of creator extraction? Except this time, it’s just as cleverly disguised with the new buzzwords “decentralization” and “token economy.”

A Fairer Revenue Split – Really?

Own is touting its more equitable revenue shares, particularly on tipping. They only take a 20% cut, unlike TikTok which reportedly snatches a staggering 50%. Sounds great on paper. The reality, of course, is that a larger slice of this small pie is a pretty small slice. Most importantly, will the revenue creators generate on Own be enough to support creators, especially early-stage creators? Or will it be yet another new place where only the already-famous superstars get rich super fast? In the meantime, will the rest of America be forced to scramble for the leftovers? Considering how promising the $OWN token is, the own token buy-back program should bring in some long-overdue regular stability. But as with anything, the devil is in the details of how these programs are implemented and who really benefits.

I am especially keen to hear about the global monetization side. Now imagine that same artist, but they live in Nigeria. They can now more easily monetize their work, free from geographical restrictions or exclusionary payment schemes that frequently plague conventional channels. This could be revolutionary. We need to ask tough questions: The $OWN token conversion mechanism should be simple and recognized globally. Will creators in developing countries face astronomical transaction fees that significantly reduce their hard-earned money?

Blockchain Savior or Hype Machine?

Blockchain technology is promoted as the big differentiator here, guaranteeing ownership of content, and safe, secure transactions. In theory, this is empowering. Creators finally have verifiable proof of ownership and can license their content with greater control, retaining 90% of the revenue. But let's not get carried away. Blockchain isn't a magic bullet. It’s not a panacea for everything wrong with the creator economy. Question 4 Blockchain 101 — Will the average creator know how to drive the blockchain? This is hard to say. Or, will they be made to depend on middlemen, users being cut out of the very decentralization Own claims to deliver on?

Imagine that as the next internet. The original promise was a universal, decentralized, open web. What happened? Instead, the baton was passed to a few tech titans who further concentrated power to amass the entire internet’s activity under their monopolistic control. We need to guard to make sure that doesn’t happen again with blockchain-based social media. We must insist that Own and all other platforms deploying this technology provide greater transparency, accountability and oversight.

Forgotten Voices: Will They Finally Be Heard?

And this is the part where Own could really do some good. Especially those creators from marginalized communities, who have been shadowbanned, deplatformed or just downright overlooked by mainstream social media platforms. If Own can provide a more equitable and inclusive environment to the indie space, then it has the potential to be an oasis for all these ignored voices.

I’m considering the young indigenous artist whose work gets regularly banned for “community guidelines violations” on other, more mainstream platforms. Or the LGBTQ+ activist whose account gets slapped down every time they share their opinion. Can Own offer them a safe space to create and connect with their audience without fear of censorship or discrimination?

The upvote/downvote system is a double-edged sword. It can be a useful tool to shine a spotlight on high quality content. It is easily manipulated and can stifle counter opinion and marginalize targeted communities. It’s therefore on Own to develop strong safeguards to ensure this doesn’t happen.

We, the users, the creators, the consumers, ARE social media. We have the power to determine the future of social media. Let's not let another opportunity slip away. It’s time we all stand up for a creator economy that works for the many and not just the few. Don’t be blinded by the hype. Evaluate, engage, and demand better. To create the future of content creation that we all think is possible and amazing.

  • Educate yourself: Learn about blockchain technology and how it's being used in the creator economy.
  • Support platforms that prioritize creator empowerment: If Own lives up to its promises, consider using it and promoting it to your network. But also be open to other platforms that are working to create a fairer and more equitable ecosystem.
  • Demand transparency and accountability: Contact Own and other social media companies and ask them about their policies on revenue splits, content moderation, and data privacy.

We, the users, the creators, the consumers, have the power to shape the future of social media. Let's not let another opportunity slip away. Let's demand a creator economy that truly empowers everyone, not just a select few. Don’t be blinded by the hype. Evaluate, engage, and demand better. The future of content creation depends on it.