How Cryptocurrency is Transforming The Online Streaming Space
Since the mass adoption of cryptocurrency as a medium for the trade of goods and services, the world has experienced a multitude of peaks and troughs both economically, and socially. However, as competition in the cryptocurrency has space increased, so has the potential for new and innovative ways companies and people alike are able to utilize the technology.
For example, Incent amongst a small handful of other companies has discovered a way to utilize cryptocurrency as a tool to monetize and reward attention, particularly in relation to the online streaming community. Gamers are consistently at the forefront of technology and communication innovation, so it should come as no surprise that they are also early crypto-adopters.
Benefits of Cryptocurrency
There are a number of benefits associated with the implementation of a cryptocurrency solution, or even as a payment mechanism into one’s gaming, streaming, or content platform. The first, and possibly the most important is the security associated with cryptocurrency which remedies age-old issues like identity theft and risks inherently unique to using traditional credit cards.
Secondly, credit card companies are known for charging exorbitant transaction fees for everything from payments and withdrawals. Whereas the majority of cryptocurrency projects lack any hidden fees, and funds are able to be transferred between wallets instantly without the need to wait the standard three business days. Beneficial for both the game developers, organizations, and consumers who need not experience any delays between making payments and actually receiving their order.
Incent and to an extent Gate.io enable content consumers to be rewarded in redeemable currency, simply for their engagement with selected content creators. In the example of Incent which runs agnostic independent of the streaming platform used, be it Twitch, Dlive, Theta, etc., content creators gain the additional benefit of using it as a medium to drive up their own viewer retention, and engagement, in addition, to earning a percentage of INCNT for doing so.
Internal research has uncovered that content creators who have implemented Incent’s technology into their streams experience a 20% growth in viewership month on month.
The streaming platform – Dlive, is another example of a service integrating a rewards mechanism by the name of Lino for their content creator community. A token exchangeable into real-world which viewers can donate to their preferred streamers.
As time progresses (seemingly progressing at an exponentially fast interval within this community) cryptocurrency is becoming more and more embedded within online streaming and content creation. Services like StreamLoots which didn’t exist a few years ago now act directories, listing streamers and the type of cryptocurrencies they accept.
To conclude, at this point, there is but one thing to do. Watch this space. I predict that as the level of crypto adoption grows, and once the regulation that embodies it becomes standardized the fascination that content creators/consumers have with cryptocurrency will undoubtedly continue to rise.