The social media industry has become one of the most important in the world, and one startup is betting on Bitcoin SV to revolutionize it. Memento was one of the ventures that pitched on the second day of the Bitcoin Association’s second BSV Venture Pitch Day.
While social media networks like Facebook, Instagram and Snapchat rest have become multi-billion dollar companies, the creators who have ensured these companies’ successes have little to show for it. As the famous adage goes, “If the product is free, then you are the product.” Memento is out to change this, giving the content creators an opportunity to earn from their creativity.
Memento is similar to Instagram, in that the users can post photos and short video clips. Other users get to like the posts or leave comments. That is as far as the similarities go. While the Facebook-owned photo-sharing platform pretty much enjoys all the financial benefits by itself, Memento believes every user should get rewarded for their creativity.
Memento is trying to re-imagine social media, CEO Daniel Street explained. The current platforms work through ads that target their users. The companies get to keep the majority of the revenue generated through the ads. There’s also a very tiny number, probably 1% of all users, who also get to generate some revenue. The 99% don’t make a single dime, and it’s this majority that Memento is appealing to, Street explains.
Current platforms own their users’ content, which means they are free to monetize it as they wish. Memento allows its users to fully own the data by recording it on the massively scalable Bitcoin SV blockchain. The users can thus permanently own the data as the BSV blockchain is immutable.
Memento believes that users are more willing to part with their money when they are certain that it will go directly to content creators. Jeremy Street, the CTO, cited Patreon, a platform that allows content creators to run a subscription content service. It, however, still relies on third-party payment processors. Bitcoin SV eliminates the need for these third parties, ensuring that the content creators can earn directly from their content.
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