Patreon may let you reward creators with crypto

·Weekend Editor
·1-min read

Patreon doesn't let creators offer crypto coins for the sake of profit, but that might change before long. TechCrunch reports Patreon executives Jack Conte and Julian Gutman said at The Information's latest summit that the company was "evaluating" the use of crypto, including a previously hinted-at possibility of allowing "creator coins" that fans can buy to show support. You could invest in creators and reap rewards if they hit the big time, or access special content reserved for coin owners.

Conte wouldn't say if Patreon had staff devoted to crypto projects, but did say the company was "thinking about it." The company had discussed the possibility of allowing creator coins during an online September discussion, but it was sidelined as the company grappled with the implications of Mastercard's tougher adult content standards.

Gutman added that Patreon was "interested" in studying the potential benefits of NFTs and related technologies for creators looking to sustain a business. NFTs have boosted the value of digital art, sometimes leading to sales worth millions, but there are also widespread concerns about the highly speculative nature of the market and the blockchain-based technology's environmental impact.

It wouldn't be surprising if Patreon embraced coins, NFTs or both. Patreon has fared well despite early pandemic jitters and raised $90 million just a year ago, but there's little doubt the service is trying to court as many creators as possible. A new stance on crypto might entice content producers who currently have to go elsewhere if they want to dabble in the technology.

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting