Thanks to the term Tiktok for sale in the US in two days, the new decentralized social media application has launched its beta version for the public on Tuesday.
Own It is the latest alternative to the appearance of Tiktok, containing a sliding channel not only for short movies, but also for posts and text images, in addition to other functions that will be expected, comparable to direct messages.
However, the new application goals to disrupt the market by using blockchain technology and tokens economics. Most importantly, content creators in the application can earn revenues without minimal requirements regarding the number of followers or the number of posts.
The application was developed by Amir Kaltak (CEO) and Katia Zaitsev (COO), which previously co -founded Web3 Lexit. In particular, the application was also co -created by Sarah Mick (CCO), which has experience working in the most important Tinder and Bumble dating applications.
Key events are the $ token, which is rewarded for creators based on video involvement and is fully replaceable. OWN works on blockchain of the base layer, providing secure transactions and ownership of content.
Kaltak believes that it should be a breakthrough for creators, especially since they earn tokens regardless of their location.
“Most creators around the world do not have access to monetization on the main social platforms simply because of their location. We have built a system with our own, which equalizes opportunities and opens the true potential of earnings for creators around the world,” said Techcrunch.
Kaltak adds that part of the revenues from money on the platform is used to purchase their own $ tokens from exchanges to distribution to creators. “We are toxhenize creators’ economy in a way that rewards creators honestly, while creating a coherent demand for token on the open market, which contributes to long-term price resistance and sustainable development,” he said.
The recording of tokens in the application has turn into a common practice, especially in regions outside the USA, one example is KingariA brief video application that attracted over 180 million users in India.
Other forms of monetization include suggestions, brand sponsorship and sale of items in your own store (version of the Tiktok Shop application).
The application guarantees that developers can earn as much as 50% greater than on other platforms. In particular, in the case of suggestions, own requires only 20% of revenues, while Tiktok occupies 50%. In the case of sponsorship, the creators retain 90% of earnings, with only 10%. The creators use their own stores the most, maintaining 95% of revenues, and their own occupies only 5%.
The functions of monetization, including tokens, might be available in the third quarter, from July to September. Meanwhile, its own store is to be introduced as beta between October and Grudt.
The next stream of revenues is content licensing. Each fragment of the content has proved ownership and origin, followed to blockchain, enabling creators a license for their content while maintaining their rights. For example, creators can sell their content to brands to make use of in marketing campaigns and earn 90% of revenues, and ownership charges 10%.
The rating system is also an interesting function. Viewers have the opportunity to interact with the content, pressing the arrows up or all the way down to solid their votes – accelerating or down, in a way reminiscent of platforms comparable to Reddit. Creators who receive a larger number of followed can climb the board of leaders, gaining a larger exhibition.
“Having content, consumer agency, global even pay, equal opportunities for viral, establishing sensible connections and strengthening the position of people by expressing themselves and fair remuneration are at the forefront of solving current problems with social media,” said Mick. “Without higher platform support and higher expectations regarding the ability of the application for these creators, you ultimately do harm to their loyal fans.”
Own is now available for free in App Store AND Google Play Store. The company claims that nearly 40,000 people on the list.
Until now, the startup has collected over $ 5 million from Sarah Mick, Michael Terpin (Transfor Ventures), Saba Capital, Base Spin Capital and Stoka Global.