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New Blockchain-Based Business Models Set to Disrupt Facebook and Others

There is a rapid growth in ‘Financial internet’ as game players make digital cash. These new business models are also getting popular and likely to cut into big-players’ revenues in the coming years. Thus, Blockchain is in use by more than 1000 web-based project.

Steemit is one of the websites where people get paid with cryptocurrency for posting content. It is just one example of the many sites of its kind trying different business models on the internet from those of Facebook and Twitter where users do not get paid for what they post. With many of these websites such as Steemit, people who earn the cryptocurrency can then trade it on crypto exchanges. The cryptocurrencies can also in use to appreciate in value, and the owners can withdraw them later.

Not only is Steemit changing content creation industry using the benefits of blockchain and crypto, but is also now on the list of 1,000 most prominent websites globally according to Alexa. It has more than 100,000 content creators.

Writers post their content on Steemit, and other users can upvote the post to determine earnings. Therefore, there is still the social aspects of enjoying what they create together. Right now, users accumulate a total of $3.5 million per year, but within two years, the amount could be as high as $50 million a year. This is according to Susan Eustis, CEO of WinterGreen Research who says that the market could reach $180 million within five years.

Steemit does not sell ads but owns a portion of the tokens.

Steemit is among the companies that are trying different models of paying users for what they create. This model is common in games that use tokens, but unfortunately, it is not possible to withdraw most of those in-game tokens. However, some offer options for a symbol that can be use for trading. Bancor network registered more than $37 million token volume per week in January from $3 million per week in November. With it, you can earn and trade in-game tokens.

Others trying similar business models for paying authors and creators include Golem. Users are already making money there for taking polls and designing stickers, and the tokens are tradable on exchanges. CryptoKitties is a place where people earn from selling virtual kittens.

Still, many other blockchain-based startups trying new models allow users to tip content providers in cryptocurrencies.

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David

David Kariuki is a journalist who has a wide range of experience reporting about modern technology solutions including cryptocurrencies. A graduate of Kenya's Moi University, he also writes for Hypergrid Business, Cryptomorrow, and Cleanleap, and has previously worked for Resources Quarterly and Construction Review magazines.

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