The promise of a decentralized, tokenized creator economy is truly intoxicating. Finally, a platform where creators, not corporate middlemen, benefit the most from the value of their works. Own, the new TikTok alternative that promises creators a paradise on their blockchain-powered platform using their shiny new $OWN token certainly sings that song. Before we all jump ship, let's pump the brakes and ask: is this really the savior of online content creation, or a siren song luring us to a rocky shore?
Will $OWN Lead to Creator Freedom?
On the surface, Own's proposition is compelling. Creators can dollar sign OWN dollar sign based on engagement and not their follower count. The $OWN token is tradeable. For one, Own takes a much smaller cut out of tips compared to TikTok. Monetizing with content licensing puts 90% of the revenue in creators’ pockets. All sounds fantastic, right?
Here's where I get anxious. Tokenomics are complicated. A “buy-back program” is nice on paper, but is it really sustainable? Yet what occurs when that first wave of excitement fades away? Will the $OWN token hold its value, or will creators be left holding bags of digital dust? Especially if you look back at ICOs (Initial Coin Offerings) from 2017-2018—even more promised tremendous wealth and returned…okay, hardly anything. The graveyard of failed crypto projects is huge, and as they say, the road to hell is paved with good intentions.
Chingari, the Indian short-form video app with its own in-app tokens, offers a cautionary tale. It has the largest user base. We’ve yet to really see how its token economy will contribute to creators’ long-term livelihoods. Are creators truly earning meaningful, life-changing income from these tokens, or merely receiving scraps that vanish as the market fluctuates?
The perception of ownership is a powerful motivator to act. We can’t let that excitement blind us to the need to make sure it fuels true economic empowerment.
Regulation: Friend or Foe to Decentralization?
The risk-taking, anything-goes, Wild West nature of crypto has drawn innovators and outright grifters. Own’s decentralized model will most likely attract a closer regulatory hammer. The question is, will regulators understand the nuances of this new landscape, or will they apply blunt-force regulations that stifle innovation and hurt creators?
Just picture the early days of the internet. Governments struggled to regulate online content, leading to a patchwork of laws that often lagged behind technological advancements. We go at our peril down that same path with today’s blockchain-based platforms.
A classical liberal perspective demands a balance: enough regulation to protect creators from exploitation and market manipulation, but not so much that it crushes the very spirit of decentralization and innovation. And more importantly, can the current regulatory environment address the complexities that a tokenized economy will bring? I seriously doubt it.
The Shadow Side of Engagement Metrics
Own’s ranking system is based on an upvote/downvote system, a very democratic, if not arbitrary system that’s supposed to bring the best content to the top. We've seen this movie before. Algorithms are easily gamed. Bot farms, downvote campaigns organized by trolls or even competitors, and even just the echo chamber effect can all remove quality content from view.
What if the most attention grabbing content really isn’t the best content at all and it’s actually the most sensational, divisive, or emotionally manipulative? Will Own turn out to be yet another platform feeding the outrage machine and incentivizing clickbait, except with a blockchain-esque flair?
This all has the feeling to me of the first days of blogging. The potential for democratized publishing was intoxicating. It led to the rise of spam blogs and junk content farms. The signal-to-noise ratio plummeted. We should use the lessons from all of the unfortunate past experiences and take steps to prevent the possible negative consequences of engagement-driven ranking systems.
- Content Ownership: Claimed to ensure content ownership and origin tracking.
- Consumer Agency: Claimed to provide agency to consumers.
- Equal Pay: Claimed to ensure equal pay.
- Equal Opportunity: Claimed to provide equal opportunity.
- Meaningful Connections: Claimed to foster meaningful connections.
- Self-Expression: Claimed to encourage self-expression.
It’s one thing to profess these fundamental principles, and another world entirely to fulfill their intent.
Own's vision is ambitious and potentially transformative. Do not let yourself be dazzled by the promise of glittery tokens and blockchain utopias. We have to take the initiative to ask the hard questions, foresee the unintended consequences, and insist on transparency and accountability. Until then, we’ll know whether Own is truly a creator’s savior. Or might it just be another seductive siren calling them to their doom?