Due to Tiktok's deadline, a new decentralized social media app launched its beta to the public on Tuesday, as it sells its US business just two days apart.
Own is the latest alternative to Tiktok. It features not only short videos but also swipeable feeds of text postings, images and other features such as direct messaging.
However, the new apps aim to disrupt the market by leveraging blockchain technology and the token economy. Most notably, content creators in your app can earn revenue without the minimum requirements for follower counts or post counts.
The app was developed by Amir Kaltak (CEO) and Katia Zaitsev (COO), who previously co-founded the web company Lexit. In particular, the app was co-created by Sarah Mick (CCO), who has experience with the leading dating apps Tinder and Bumble.
Key highlights include $own Token, which rewards creators based on video engagement, and are fully tradeable. Its own work with the Base Layer 2 blockchain, ensuring secure transactions and content ownership.
Image credit: own.app
Kaltak believes this will be a game changer for creators, especially as he wins tokens regardless of where he is.
“Most creators around the world have no access to monetization on major social platforms simply because of their location. By themselves, we have built a system that evaluates the arena and opens up real revenue possibilities for creators globally,” he told TechCrunch.
Kaltak adds that a portion of the platform's cash revenue will be used to purchase its own tokens from the exchange for distribution to creators. “We tokenize the creator economy in a way that fairly rewards the creator economy, while creating consistent buy-side demand for tokens in open markets that contribute to long-term price resilience and sustainability,” he said.
A rewarding creator with in-app tokens is Chingari, a short video app that has attracted over 180 million users, especially outside the US.
Other forms of monetization include chipping, brand sponsorships, and selling items in your own shop (app version of Tiktok Shop).
The app promises creators can earn up to 50% more than other platforms. Specifically, in the case of tips, owners only spend 20% of their revenue, while Tiktok accounts for 50%. In the case of sponsorships, creators hold 90% of their revenues and only own 10%. Creators make the most profit from their stores, keeping 95% of their revenues while still only 5% of their own.
The monetization feature, including tokens, is expected to be available one day in the third quarter between July and September. Meanwhile, it is expected that my store will be released in beta between October and December.
Another source of revenue is content licenses. Each content has proven ownership and origin tracked on the blockchain, allowing creators to license the content while retaining their rights. So, for example, creators can resell content to brands for use in marketing campaigns and earn 90% of their revenue, while owners can cut by 10%.
The ranking system is also an interesting feature. Viewers have the ability to interact with content by pressing the up or down arrows to repeat or down vote on posts in ways reminiscent of platforms like Reddit. Creators who receive more UPVotes can climb onto the leaderboard and get more exposure.
“Content, consumer agencies, global equal pay, equal opportunities to get viral, building meaningful connections and empowering people through self-expression and fair wages is at the forefront of fixing current social media issues,” Mick told TechCrunch. “If the platform has high support and high expectations for the app capabilities of these creators, it ultimately harms loyal fans.”
Own is now available for free on the App Store and Google Play Store. The company claims there are nearly 40,000 people on its waitlist.
So far, the startup has raised over $5 million from Saramic, Michael Terpin (transformation venture), Saba Capital, Basespin Capital and Stoker Global.