Just a couple ears ago society was focused on large organizational structures for growth but recently, the power is shifting towards individuals. This is perfect for the decentralized narrative that cryptocurrencies were created to tell in the first place. It’s now apparent that a lot of consumer facing businesses are being disrupted to the point that they are changing the way we interact with them on a fundamental level.
BitFans was built with this in mind. We are establishing a digital platform for influencers, celebrities, businesses, and organizations to assign and provide value to their communities using Community Tokens. This can be used to provide access to special privileges, private communication channels, exclusive content, customized services, unique interactions and more. Now, the concept of a community creating a currency customized for their own needs isn’t new, but the fact that it can be done digitally is game-changing.
Traditionally, when a brand grows, it’s not the consumers that gain the most value from it. Ultimately the biggest winners of this setup are people from much further outside the ecosystem, such as investors or sponsors. The BitFans platform changes that by taking things a step further by giving community members co-ownership of the creator’s digital economy. In essence, using our technology, participants (not just the issuer) gain skin in the game and exposure to the upside of the community,
Many creators and businesses alike are forced to produce content that is aligned with the algorithms that large social platforms code. This is because of the fact that monetization on their platforms work more towards incentivizing advertisers or the platform itself — aka their direct customers.
Take YouTube for example, where creators are used as a means to an end in the sense that their captured markets are used to funnel potentially relevant advertisements to. Sure, creators can earn revenue from that as well, but at a cost. They’d have to give up almost half of what their videos are producing using this method. Long-term, it programs them to chase after the content that the algorithm deems worth pushing so as to maximize their own profit.
With these key issues taken into account, you decide to look for alternative value streams for your community in order to maintain your edge in your niche. Launching a Fan Token Offering on BitFans could be one of your options. Obviously, not all of your existing followers are going to want to move from one platform to another. But it does allow you to do a couple of things:
- Identify who your ‘superfans’ are and align your creative interests with the most valuable members of your community — better than relying on ad revenue in the long run wherein you could be demonetized without warning.
- Incentivize your community members through authentic interactions — people do not just want to consume content these days, they want to be a part of it. You can offer more exciting rewards, tiered access mechanisms, and incentives for utilizing and holding your token. This allows you to forge deeper relationships with your audience and further understand why they value your brand.
- Increase your brand’s exposure — attracting potential sponsors and getting endorsement deals is a matter of having a large enough audience. Why pay for exposure/real estate for one video when they can own a piece of your brand’s digital economy long-term? A growing economy means that you could produce more valuable content, services, merchandise, and improve your overall ecosystem. When your community is actively involved in making that happen, it will eventually lead to more exposure.
- Find communities to work with — collaborate with communities and creators with similar audience interests. You could essentially do promotional campaigns such as running exclusive community events, providing discounts if they have both your token and another creator’s token, creating community-directed content, and so on. The ways in which audiences could potentially be involved are only limited by your imagination.
One of the primary benefits of minting your own digital currency is that it effectively becomes a medium of exchange for your marketplace. Because a content creator could utilize so many different channels to monetize, adding BitFans to their value chain changes the dynamic entirely. Instead of using mailing lists, purchasing online ad space, or paying an agency, having a digital economy gives you direct access to your audience and how to incentivize them. It costs a lot less to host communities on our platform and saves you a lot of time when done this way, because you’re immediately able to identify who to target, what their needs are, and what they want from you as active participants of your brand.
Let’s try to paint a clearer picture of the future to emphasize why having direct access is such an important facet for you moving forward. For example, you could be a legitimate online guru, a thought leader, or an expert on a certain subject matter. One of the most popular ways to monetize as a creator in this category is of course to offer paid consultation services. Dr. K is one of the examples of such. You could of course do this without BiFans, but there’s much more room to create value with it. For your audience, having your own token means that they’re already part-owners of your digital economy. The main takeaway is that these tokens not only represent the value of the creators’ brand, but of their communities as a whole.
You could offer customized benefits to your followers to use or hold your token, and as your community grows, the value would ultimately go back to the active participants of the community, rather than specific shareholders or individuals within that ecosystem. This way, they are not only using it to access your consultation services, but now they’re more incentivized to help you grow because doing so means they could reap the benefits as well
Our mission is to provide this type of value to creators in every industry, regardless of their background. Unlike the large platforms of today, we are unlocking creativity and pushing to make communities a participatory and active player in the growth of content creators worldwide. If you’re interested in learning more about BitFans and how we can help you, visit any of our socials using this link: https://linktr.ee/bitfans