TL/DR:
In this conversation, Humpty and Lucas discuss the platform Pods, which allows creators to publish podcasts on-chain as NFTs. They explore the value proposition of Pods, including the ability to monetize content directly and engage with the audience on a more granular level. They also discuss the power of composability in extending the value of content and the different ways creators can leverage the data available to them. Lucas highlights the importance of designing games and rewards for different types of audience engagement, such as speculation, social interaction, affinity, and patronage.
The conversation explores the potential of on-chain media and the role of collectors in content creation. It discusses the design space for creators to engage with their audience and the importance of recognizing the value of collecting data early. The conversation also touches on the challenges of onboarding creators and listeners to the crypto space and the need for improved user experience. It concludes with a discussion of collaborative opportunities in on-chain media and the potential for incentivizing engagement through games and rewards.
An exciting platform called Pods, which is on track to change the podcasting space via the Ethereum blockchain, is introduced in the latest episode of the Crypto Consumer Chronicles series. The show begins with a brief mention of the development of the Bankless DAO community. In this comprehensive discussion, the host, Humpty explore the implications of on-chain podcasting, the benefits for creators and fans, and the challenges and opportunities in this burgeoning field.
The Evolution of Bankless DAO and Web 3 Impact
The episode begins with host Humpty reflecting on the significant impact the Bankless DAO community has had on the Web 3 ecosystem. He expresses amazement at how long the community has been thriving and its role as a launching pad for numerous individuals in the space. A key point of discussion is the longevity of Web 3 projects and whether it’s acceptable for them to evolve or be replaced. Lucas adds that while Web 3 systems can potentially last forever due to their on-chain nature, the community and stakeholders ultimately decide their fate.
Introduction to Pods: The On-chain Podcast Platform
Lucas then introduces Pods, a groundbreaking on-chain podcast platform. Pods leverages blockchain technology to enable creators to monetize their content directly from their community. By publishing podcasts on the Ethereum blockchain, creators can offer verifiable, scarce copies of their work to listeners who support them, fostering a more direct and rewarding engagement model.
This mechanism enables creators to monetize directly from their community by allowing listeners to own verifiable, scarce copies of the work in return for their support. Additionally, the data analytics side of publishing on-chain allows creators to identify and engage with their fans, providing more granular insights into their audience beyond just macro-level data. This identification process can help creators build a leaderboard of their most dedicated fans and understand their level of support and affinity.
Publishing on-chain is a powerful tool for creators, providing new opportunities for monetization and fan engagement that are not exclusive to online platforms.
Benefits of On-chain Podcasting
Lucas discusses the benefits of publishing podcasts on the blockchain platform Pods. One of the significant advantages discussed is the enhanced monetization opportunities. Unlike traditional podcasting platforms that rely heavily on ads or subscription models, Pods allows creators to sell ownership rights to their content. This ownership can take various forms, such as unique digital copies or exclusive access, providing fans with tangible value and a deeper connection to the creators.
Moreover, on-chain data analytics offer granular insights into the audience. Creators can identify their most dedicated fans, understand their support levels, and engage with them more effectively. This data can be used to build leaderboards, reward top supporters, and create a sense of community around the podcast.
️Aside publishing, discovery, and ownership on @podsdotmedia, you can still do more with the data available to you.
@0x_Lucas, in this conversation with
@thedatadood, shares a number of interesting high level ideas for every creatoor who wants to make the…
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By doing so, creators can make their content publicly available and allow anyone to share, mint, and own it. This permissionless ability to add content anywhere in the ecosystem helps with distribution and can lead to new audiences on various platforms. Lucas uses the example of Mr. Beast to illustrate the potential financial opportunities for creators in the Web 3 space, enabling them to reward their community with incentives and financial models.
Lucas discusses the potential of data available to creators in the Web 3 space. They highlight the ability to identify and engage with listeners, leading to various monetization opportunities. Some of these ideas include token-gated chats, shout-outs, and even governance rights for collectors. He also mentions the potential for speculation, social engagement, and patronage, creating a framework for creators to monetize their content uniquely using blockchain technology.
Engaging Different Audience Personas
Understanding the diverse audience personas in the on-chain media space is crucial. Lucas highlights that beyond creators, there are speculators, patrons, and content collectors, each requiring tailored engagement strategies. Designing rewards and interactive experiences for these different groups can help build a more wholesome and monetizable community.
Lucas emphasizes the massive design space for creators to explore and the importance of understanding these different audience members and their motivations. Levy, mentioned as an example, has been successful in collecting data and leveraging it to extend the distribution of his content.
The Marketing Funnel and Web 3
The discussion also touches on the differences between Web 2 and Web 3 in the context of the marketing funnel. They also highlight the difference between Web 2 and Web 3, noting that in Web 3, the speculation bucket is larger and more accessible, allowing creators to monetize their content in new ways. Lucas envisions Pods as not just a podcast platform but a discovery tool where users can find and engage with content from their favorite creators and collectors.
He explains that on their platform, they focus on providing a mechanism for creators to earn money without relying heavily on speculation or ads. They discuss the benefits of focusing entirely on podcasts, including the ability to create new experiences and generate RSS feeds based on collections.
On-chain Collaborations and Incentives
Lucas and Humpty are particularly excited about the potential for on-chain collaborations between media projects and platforms, which could provide distribution mechanisms and incentives for engaging with content. These collaborations can provide new distribution mechanisms and incentives for engaging with content, driving innovation in the on-chain media landscape. The concept of composability, where content can interact with different platforms while maintaining ownership and provenance, is seen as a significant opportunity for creators.
They discuss the potential of on-chain media, specifically podcasts, to offer new experiences for both creators and collectors. They are excited about the opportunity to engage collectors and provide them with valuable touchpoints, filling a gap in the curation aspect of media. They both believe that collectors should earn rewards for their support of creators and are exploring ways to incentivize this collaboration. Lucas sees this as an exciting design space that could drive innovation in the on-chain media landscape.
Lucas discusses the intersection of on-chain media and crypto, specifically scene coins and meme coins. He mentions the potential for a niche ski podcast on the platform, but the focus is onboarding Web 2 creators to the platform.
Challenges of Onboarding New Users
Despite the excitement, the hosts acknowledge the challenges of onboarding new crypto users. The need for wallets, ETH, and familiarity with the blockchain can be daunting. However, initiatives like funding wallets for new users and offering incentives such as NFTs or cryptocurrency can help ease this process.
The team at Pods aims to eliminate these blockers for both creators and collectors. Humpty shares his experience bringing crypto-curious individuals on board, funding their Farcaster account and gifting them subscriptions to generate a wallet and receive airdrops. He expresses the need for easier onboarding flows and funding wallets to help new users familiarize themselves with on-chain activities. Humpty also mentions a new app called Mochi that funds the first mint on their platform, which he finds promising for improving the onboarding process.
Lucas discusses the challenges of onboarding new crypto users and the potential incentives for creators to encourage adoption. He acknowledges that platforms still have work to do on the onboarding side, but suggests that creators can also offer incentives to make the process worthwhile. He also mentions the potential for collaborative efforts between creators and scene coins or grants to incentivize adoption. Lucas concludes by emphasizing the importance of game design in on-chain media and the potential for creators to design engaging and interactive experiences for their audiences.
Stay Connected and Final Thoughts
The episode concludes with a look at the prospects of the on-chain media ecosystem, specifically podcasts. The team behind Pods has already seen substantial growth, with over 220,000 mints, 75,000 unique collectors, and more than 500 episodes published on the platform. Their goal is to scale the number of podcasts significantly, competing with major publishers while offering the added benefits of blockchain technology.
Lucas expresses his excitement about the possibilities for creators, emphasizing the importance of monetization and data ownership in this new paradigm. As the technology matures, the potential for innovative and engaging experiences in the on-chain media space appears limitless.
For more information on Pods, visit the website.
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