Own: A Decentralized Social Media App with Tokenized Creator Economy Launches Beta Version
With the TikTok deadline to sell its U.S. operations just two days away, a new social media app called Own has launched its beta version to the public on Tuesday. Own is a decentralized platform that offers a swipeable feed for short videos, text posts, and images, as well as direct messaging and other features expected in a social media app. However, Own aims to disrupt the market by utilizing blockchain technology and a token economy.
Developed by Amir Kaltak (CEO) and Katia Zaitsev (COO), who previously co-founded web3 company Lexit, Own was also co-created by Sarah Mick (CCO), who has experience working at major dating apps Tinder and Bumble. The platform rewards content creators with $OWN Tokens based on video engagement, which are fully tradeable and help to create consistent buy-side demand for the token on the open market.
Own promises that creators can earn up to 50% more than on other platforms. For example, in the case of tipping, Own takes only 20% of the revenue, whereas TikTok takes 50%. For sponsorships, creators retain 90% of the earnings, with only 10% going to Own. Creators benefit most from Own Shops, keeping 95% of the revenue while Own takes just 5%.
Another revenue stream is content licensing. Each piece of content has proven ownership and origin, tracked on the blockchain, allowing creators to license their content while maintaining their rights. For example, creators can resell their content to brands for use in marketing campaigns and earn 90% of the revenue, while Own takes a 10% cut.
The ranking system is also an interesting feature of Own. Viewers have the ability to interact with content by pressing the up or down arrows to cast their votes – upvoting or downvoting posts in a manner reminiscent of platforms like Reddit. Creators who receive a higher number of upvotes can climb the leaderboard, gaining greater exposure.
“Owning your content, consumer agency, global equal pay, equal opportunity to go viral, making meaningful connections, and empowering people through self-expression and fair pay are at the forefront of correcting the current problems with social media,” Mick told TechCrunch. “Without higher platform support and higher expectations of app ability for these creators, you’re ultimately doing a disservice to their loyal fans.”
Own is now available for free in the App Store and Google Play Store. The company claims to have nearly 40,000 people on the waitlist. To date, the startup has raised over $5 million from Sarah Mick. With its unique features and token economy, Own is poised to become a strong competitor in the social media market.
