The introduction of the Like button was a game-changer for social media, initiating what we now recognize as engagement. This simple feature revolutionized how content could go viral, enabling not only fans to express their feelings about the content but also reaching a wider audience.
Switching to web3, the term 'mint' gained popularity in the last cycle when everyone was minting some NFT, either because they liked it, they wanted to support the artist, or most probably, to speculate on its value. Creators realized these new digital assets are more than just JPEGs, but a way to tokenize their creativity, a new way to monetize content and get to know their audience.
We're currently seeing a shift in how we support creators, moving beyond mere engagement to include collecting. This move towards onchain content collection is more than a change in terminology; it represents a deeper engagement with digital content, transitioning from passive consumption to active curation and investment. It taps into our innate desire to own and treasure culturally significant pieces.
In this article, I'll delve into onchain rewards and curation.
Onchain rewards
We like to collect things as a way to show others what our interests are. It's not limited to art, music, or video content. Personally, I mint my Strava moments, screenshot notes, articles, and anything that resonates with me. Our digital identity should be more than just the tokens displayed in dollar values; it should reflect our interests and who we truly are.
We can have any media onchain, but for that to happen, creators must understand its benefits. Transitioning from a familiar web2 consumer platform to putting onchain their creativity is challenging, but less so when they realize that onchain collecting extends far beyond traditional ad-based revenue models: it offers direct support through collecting, subscription-based models with tokenized access, and royalties.
The beauty of creating onchain lies in its mutual benefits. This magic is made possible through referral rewards in consumer crypto, benefiting both the creator and the collector. To date, users have referred more than 4M times, earning over $734k.
Several consumer apps have implemented referral rewards, but let's take a look at how Zora and Hypersub integrated them.
Zora -> protocol rewards
Zora enables creators to earn as their content is collected and shared, while also rewarding fans with referral incentives. Last summer, they released Protocol rewards: you earn from each mint being shared on any platform that supports the protocol.
A small fee goes to the first minter; the more people collect, the more you earn. You're not tied to a higher price on your content, but on distribution. And here is where the community also earns referral rewards. It's currently one of the most used minting tools, where this past month alone, creators earned over $4M!
It's a new scheme:
Creators don't need to set a higher price for their content; fans can collect at a lower price or even for free and earn through the protocol.
Fans can share content and receive rewards for every mint.
Zora not only serves creators but also projects that integrate their protocol. Warpcast is a good example of this, where for every mint with Warps they are getting a reward. Mint.fun or Daylight are other examples of this.
Hypersub -> NFT subscriptions
Hypersub offers a unique approach to creator support, allowing fans to subscribe early and earn rewards as the creator's audience grows.
Hypersub enables creators to generate recurring revenue through NFT subscriptions. Referrals incentivize growth by allowing creators to share a portion of revenue with those who refer subscribers.
Subscribers receive rewards when they mint or renew. Early subscribers get more rewards, as the multiplier decreases over time, rewarding longevity and early participation.
Hypersub offers two types of rewards: one for subscribing and another for referring to friends. Being early is rewarded. It's impressive to see the project's growth in the past months:
Hypersub subscriptions are the easiest way to bet on your favorite creator. Imagine if you had this option 5 years ago and subscribed to your favorite artist; that Spotify Wrapped would look totally different for you for being there from day one and earning together.
It's also the best option to get everything your favorite creators do, no need to stay up to date and mint every frame, onchain content is directly distributed to your wallet.
Proposal: content rewards
Early participation must be rewarded the same way Hypersub is doing it as early as you subscribe.
We are used to buying tokens tied to a price that goes exponential through a bonding curve, but even if it's a stable price, you could earn by being early. Going deeper, collecting content and getting future revenue that is set on day one by the creator, can be a post, an article, or a podcast, it's tied to a specific content you like, not everything that the creator publishes.
The value of digital content appreciates as its engagement and popularity grow:
Content Minting: creators specify the initial number of tokens for early collectors when releasing new content onchain. These tokens are linked to specific content, not the creator's entire output.
Dynamic Reward System: this system, based on the timing of participation, offers early collectors more reward tokens, with amounts decreasing as more tokens are claimed.
Revenue Sharing: a portion of the revenue generated, through mints or secondary sales, is distributed back to token holders. The distribution rate is predetermined by the creator at the time of minting.
Secondary Market Incentives: early participants can sell their tokens on secondary markets, with token values potentially increasing based on content popularity.
Community Engagement Rewards: the protocol rewards users for contributing to content popularity through actions such as social media sharing or referring new collectors.
By collecting content and securing future revenue set by the creator, you invest in specific content you appreciate, not the creator's entire portfolio. Yes, it sounds like getting Hypersub subscriptions on a content level and adding Zora protocol rewards. Why not? /someone-build
Onchain curation
We mint our favorite content, subscribe to creators we admire, share what resonates with us, and now we also have the option to tip onchain. Curation has never been this enjoyable.
We were used to tip Warps inside of Warpcast, but what made a change was earlier this year when Degen introduced tipping in Farcaster, allowing users to tip points to a cast they enjoyed. These points were later claimed as tokens. Users have earned 4-5 figures simply by engaging with quality content. When frames launched, Degen tips were the top comments on any cast.
If you stop for a second to think about it, it's really impressive. You're given a specific allocation based on your engagement that is not taken from your wallet. Basically, you have free money to give out to your favorite brand/creator/content, and on top of that, if you share it, you also earn.
Degen isn't the only project allowing tipping on Farcaster, you can also do it with Ham and the latest news, $enjoy releasing tipping into Zora.
Not only can you tip on casts, but now you can also comment on a mint you like and both the creator and the curator earn from it. Onchain curation really pays out, with protocol rewards offering a small fee for sharing a mint link.
But curation doesn't stop here; you can also earn by creating and sharing content for your favorite onchain brand.
High-quality mints contribute value to the respective brand, and you receive rewards in the brand's token. Communities have started creating content, like $HIGHER, where the original creator, curator, and brand all benefit.
Both tipping and content curation will evolve in the coming months. It's fun to play around with points, but real content curation will take a significant switch once we start tipping directly from our wallets. Content virality will no longer be based on likes and shares but on the number of mints, collectors, and tips received.
Onchain curation will be a full-time job, as value drives back to its community.
Conclusion
The new online era, the onchain era, is reshaping our digital identity, evolving beyond a mere reflection of our token holdings to represent our interests, values, and interactions more authentically.
New tipping mechanisms and onchain rewards enrich the ecosystem by enabling users to directly reward and support their favorite creators. NFT subscriptions offer a unique way to engage with creators and provide fans with exclusive benefits and rewards. Onchain curation empowers users to curate and share their favorite content, contributing to the growth and success of creators and brands.
Onchain content creation, consumption, and curation are transforming how we engage with social media - from likes to collect, and from shares to rewards.
Whether you're a creator looking to monetize your content, a fan wanting to support your favorite creators, or simply curious about these new web3 experiences, there's never been a better time to get involved!
