Own, a new social media app, aims to tokenize the creator economy

Summary

With the TikTok deadline to sell its U.S. operations now just two days away, a new decentralized social media app launched its beta to the public on Tuesday. Own is the latest alternative to TikTok to emerge, featuring a swipeable feed for not just short videos but also text posts and images, as well as other features you’d expect, like direct messaging. However, the new app aims to disrupt the market by utilizing blockchain technology and a token economy. Most notably, content creators on the app can earn revenue without any minimum requirements for follower count or post count. The app was developed by Amir Kaltak (CEO) and Katia Zaitsev (COO), who previously co-founded web3 company Lexit. Notably, the app was also co-created by Sarah Mick (CCO), who has experience working at major dating apps Tinder and Bumble. Key highlights include the $OWN Token, which is rewarded to creators based on video engagement and is fully tradeable. Own operates on Base Layer 2 blockchain, ensuring secure transactions and content ownership. Image Credits:Own.App Kaltak believes this will be a game-changer for creators, especially since they earn tokens regardless of their location. “Most creators around the world don’t have access to monetization on major social platforms simply because of their location. With Own, we’ve built a system that levels the playing field and opens up real earning potential for creators globally,” he told TechCrunch. Kaltak adds that a portion of the platform’s cash revenue is used to buy $OWN Tokens from exchanges for distribution to creators. “We’re tokenizing the creator economy in a way that rewards creators fairly while creating consistent buy-side demand for the token on the open market, which contributes to long-term price resilience and sustainability,” he said. Rewarding creators with in-app tokens has become a common practice, particularly in regions outside the U.S. One example is Chingari, a short-form video app that has attracted over 180 millio...