It is impressive how dynamic the blockchain landscape is. Since it burst onto the scene over a decade ago, the blockchain has evolved at a breakneck level. Evolving with blockchain technology has been the digital landscape and it is constantly reshaping how we interact with content and how creators find their audience. Amidst this regular transformation over the years, a novel approach called Watch2Earn has burst onto the scene and is merging the allure of engaging content with the potential of blockchain technology.
Gone are the days of passive scrolling and consuming digital content. Instead, we are entering an era of active engagement and community-driven experiences. A world where attention has become valuable, and actively engaging with your favorite creators, shows, or games isn’t just a leisure activity anymore, but a path to earning rewards and fostering deeper connections.
This is the world Watch2Earn is promising. In this article, we’ll delve into this narrative, dissecting its value proposition for creators and consumers, its potential to onboard new users into the crypto space, and its broader imitations for the content creation industry.
Revolutionizing content creation
The days when you passively binged content while the platforms they are hosted on reap the financial rewards are fast fading out. Times when even the creators struggle to make money for their works except if they actively sell something on their channels.
Watch2Earn is disrupting this dynamic by transforming viewers from passive consumers into active participants in the content ecosystem. The trend rewards viewers with tokens or other crypto-based incentives for engaging content.
This incentivized economy improves active participation and engagement and promotes a sense of community. Instead of just clicking ‘play,’ engaging with your favorite creator’s content has become even more valuable.
Whether you leave insightful comments, participate in live discussions, or complete interactive challenges, you are rewarded with tokens or other crypto-based incentives. This creates a sense of ownership and belonging within the community.
Watch2Earn gamifies the viewing experience and transforms passive consumption into an active and rewarding pursuit. Imagine cheering on your favorite streamer on a platform like XCAD Network, knowing your engagement directly contributes to their success and earns you valuable tokens at the same time.
By exploring diverse content in pursuit of rewards, viewers stumble upon hidden gems and connect with like-minded individuals, enriching their overall content experience.
Benefits for viewers
Some of the benefits for viewers in this incentivized economy include:
Attention monetization: The time spent by viewers becomes valuable, allowing them to earn rewards for engaging with their favorite creators, shows, or games.
Early access and exclusive content: Watch2Earn platforms offer exclusive content, airdrops, or early access opportunities to token holders, fostering a sense of exclusivity and community.
New content discovery: The reward system can incentivize viewers to explore diverse content, promoting discovery and fostering a broader appreciation for different creators and formats.
Empowering creators with a new revenue stream
For creators, Watch2Earn represents a novel avenue for monetization of their content, and it offers several advantages:
Direct contention with their audience: With this model, creators bypass the traditional revenue models, by establishing a direct financial connection with their audience, thus, aligning their success with viewer engagement.
Global reach: Blockchain technology removes geographical barriers, allowing creators to tap into a wider audience and unlock new revenue streams through crowdfunding, tokenized ownership, and direct fan engagements.
Community building: Tokenized incentives promote a stronger Creator-fan relationship, and they encourage community building and loyalty.
Data ownership and transparency: Blockchain-based platforms can provide creators with ownership and transparency over their content and audience data.
Bridging the gap
One of the most impressive aspects of Watch2Earn is its potential to onboard new users into the crypto space. As of January 2024, about 5.35 billion people are using the internet. Out of this number, 5.04 billion people use social media globally, of which an estimated 420 million were crypto users in 2023.
Of these, 263 million are in Asia, 57 million in North America, and 38 million in Africa. This demonstrates the vastness of the combined markets, indicating further potential for user onboarding into the crypto sphere.
To further buttress this point, some estimates suggest that about 94% of crypto buyers are within the age range of 18-40, with Gen Z and Millennials making up the majority.
These are the same demography of people who spend the most time on video streaming platforms like YouTube — a platform with over 2.1 billion active users. As of 2023, 94% of Millennials use digital video services worldwide. Followed closely by Gen Z respondents, with a score of 93%.
By integrating crypto rewards into a familiar and engaging activity like watching content, Watch2Earn creates a low-barrier entry point for individuals curious about blockchain technology, bridging the gap for curious individuals and driving mainstream adoption.
Users experience the benefits of crypto (ownership and rewards) without significant technical or investment hurdles, and this improves adoption and understanding of the technology.
The broader implications and resources of Watch2Earn
The Watch2Earn narrative extends beyond pure entertainment and holds the potential to impact various sectors like:
Social media: It incentivizes active participation on social media platforms, creating more engaging and dynamic communities.
Education and learning: The narrative rewards learners for consuming educational content and this can gamify the learning process and incentivize knowledge acquisition.
Esports and gaming: Viewers and players can directly contribute to the growth of esports and gaming ecosystems through participation-based rewards.
The Watch2Earn narrative represents a captivating development in the digital content creation industry. By aligning viewer’s attention with creator rewards and community building, it offers a valuable proposition for both consumers and creators. Added to this, its potential to onboard new users into the crypto space and impact various sectors makes it a significant narrative to watch.
As this field continues to evolve, it holds the potential to redefine how we engage with content, empower creators, and shape the future of online interactions.