What is BitClout and why are electronic music artists flocking in droves? – EDM.com
Electronic music artists from all walks of life are flocking to BitClout, a new social media platform rooted in the ever-evolving field of blockchain technology.
For years, blockchain proponents have claimed that the technology has the ability to support decentralized social media networks. In this case, decentralized simply means that there is not a single point of failure like the private server room owned by a traditional social media company. Instead, the decentralized network is supported by thousands of independent nodes managed by consumers around the world.
In short, BitClout is one of the first successful blockchain applications when it comes to social media. And the word is getting around quickly.
Much of BitClout’s initial success is due to the platform’s unique financial incentives for creators and consumers. When creators sign up on BitClout, they are assigned their own unique currency called Creator Coin. The success of an influencer on BitClout is based on their ability to create value for the holders of their unique piece. Through the fundamental laws of supply and demand, consumers and fans alike speculate on the price of these digital assets based on the incentives offered by the creators to the community.
Since the platform is still in its infancy, there isn’t necessarily a clear blueprint for what the ideal incentives for Creator Coin should look like, but their potential is vast. Imagine getting access to your favorite artist’s music or tickets before they release, or receiving free limited-edition merchandise, all because you owned that artist’s unique token. This only scratches the surface of how Creator Coins could revolutionize influencer culture as we know it.
If you still have qualms about the wind behind this trend, check out some of the many electronic music artists who are embracing this new social media paradigm below. The race to become the first BitClout billionaire start now.