If you’re still trying to untangle the concepts of blockchain and bitcoin in your head, here’s another fun topic to tackle when you’re having trouble getting to sleep at night: BitClout.
What is BitClout?
BitClout is a new social crypto-exchange platform, in which users buy and sell tokens based on a profile’s reputation. While crypto-exchanges are not new, BitClout has some unusual features that make it a unique option for investors.
The site’s concept is different because instead of generating revenue based on ads, it ties monetary value to a profile’s clout or reputation. While content is fleetingly temporary and can’t hold lasting value, say the creators, a person’s creative potential is what you really should be investing in through a social platform.
Part of the frenzied buzz around BitClout is because the project is shrouded in a bit of theatrics with a hint of Ponzi-scheme suspicions. For instance, the creator of the concept remains anonymous, referring to himself as “Diamondhands,” which might make you wonder if he has a bit of a fascination with Bond villains.
The project isn’t short on enthusiastic backers. From the Winklevoss twins to Sequoia Capital and a host of other Silicon Valley all-stars, BitClout is generating a lot of interest.
What Does This Mean for Marketers?
BitClout is introducing a conversation that you may have considered in the past: individuals contribute the creative brains behind content, but companies receive the economic benefit and own the content as it is monetized in social media.
While BitClout may crash and burn as many are predicting, the concept is still catching the attention of marketers because it signals that change may be coming in how social media is used to trumpet your brand and products. Combined with the privacy policy changes coming to companies like Apple and Google, there may be seismic shifts happening in how brand awareness, content and individual reputations converge.
Want to know more about BitClout and the controversies that have some anticipating a short life for the platform? Stay tuned as we discuss this topic further in part two of this blog series.
To learn more about emerging marketing trends and how they may impact your strategy, contact us at DirectMail.io.
