Podcasting 2.0 could be the "killer app" that brings bitcoin to the masses.
Below is an excerpt from Marty's Bet Issue #1262: "The contentmonetization via LN Wave is here." Subscribe to the newsletter here.
I wrote a piece in March 2021 that discussed the Web3 meme, and the complicated schemes that shitcoin project were/are trying to use: to make their tokens monetize content. I mentioned Sphinx, an application built on the Bitcoin protocol/Lightning Network protocol stack (BP/LNP), that demonstrated that content monetization could be achieved by injecting bitcoin via Lightning Network into various content media. We are now 17 months later, and the trend has increased dramatically. It seemed like a good opportunity to review this vertical and highlight some of these cool projects being constructed.
Podcasting 2.0 is, to my mind, bitcoin's most powerful app, aside from using bitcoin as sound savings. It's been almost two years since I started using it with "Tales From The Crypt", and "Rabbit Hole Recap". The amount of sats flowing, and the number of people streaming them, has only increased since we added Lightning Network public addresses into our RSS feeds. Podcasting 2.0 is now integrated into more apps.
Podcasting 2.0 is only the beginning. This model has inspired builders around the globe and we are starting to see more tools and applications that will allow content mediums of any type to be monetized via the Lightning Network. Alby, a browser extension wallet, makes it simple to pay Lightning invoices while you surf the internet. Content creators such as myself can use Mash to monetize audio, written and video content. Users also have the opportunity to engage with certain features (likes. voting. comments. etc.). Wavlake, a company that aims to bring Podcasting 2.0 to the music industry, among other verticals, allows musicians to upload their audio files and syndicate them to users. Users can stream Lightning value as they listen. This allows musicians to automatically split the payments to all other people involved in the creation of their art.
These are just a few examples of companies that spring to mind when you think about the explosive activity in this corner of Bitcoin's economy.
These applications and tools will allow creators and audiences to explore new business models that weren't possible before the emergence and use of the BP/LNP stack. This is what makes them so exciting. Fountain, for example, has added a podcast clipping function that allows listeners to earn money by clipping specific segments of podcast episodes. Fountain users can vote for a clip you've clipped and boost your chances of getting paid to surface that microcontent.
It is possible to create revenue streams for listeners. This space should inspire some innovative ideas. This mechanism allows listeners to get paid and also creates an organic way for the best content to be surfaced. Instead of relying on a black box algorithm to place content in front you, the curated content is user generated and driven based on the value it receives from the app's network. The real value (sats), is at stake so the best content should be the most popular.
It is amazing to me that many of the Silicon Valley's traditional venture capitalists, and all those who are enamored of the complex world of "Web3", are still sleeping on the developments in Bitcoin. These types seem to have an inability to invest in or build anything without a rent-seeking token. This rag, and all the similar projects that are mentioned in it, is the signal. While the "Web3" types are distracted by the shitcoin flavour of the month, there is real concrete infrastructure being constructed that will be able to support the Bitcoin economy for the long term.
By: Marty Bent
Title: Podcasting 2.0 Will Bring Bitcoin To The Masses
Sourced From: bitcoinmagazine.com/culture/podcasting-2-0-will-bring-bitcoin-to-the-masses
Published Date: Fri, 16 Sep 2022 03:00:00 GMT
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