Own: A New Contender in the Social Media Space with Innovative Monetization Strategies

Launch of Own Amid TikTok Uncertainty

With the impending deadline for TikTok’s sale of its U.S. operations just around the corner, a new decentralized social media platform named Own has officially launched its beta version to users on Tuesday.

Features of the Own App

Designed as a compelling alternative to TikTok, Own boasts a swipe-friendly interface that accommodates not only short videos but also written posts and images. The app incorporates essential features, including direct messaging capabilities.

Disrupting the Market with Blockchain Technology

What sets Own apart is its incorporation of blockchain technology, accompanied by a token-based economy. A standout feature is its monetization model, where content creators can earn income without needing a specific follower count or minimum post engagements.

Leadership and Development Team

Own was co-developed by Amir Kaltak (CEO) and Katia Zaitsev (COO), both of whom were instrumental in founding the web3 company Lexit. The platform’s creative direction is led by Sarah Mick (CCO), who brings valuable insights from her past experiences at Tinder and Bumble.

The $OWN Token and Platform Mechanics

One of the significant aspects of Own is the $OWN Token, which rewards creators based on the engagement their videos generate and is completely tradeable. Utilizing Base Layer 2 blockchain technology, the platform ensures secure transactions and validates content ownership.

Empowering Global Creators

Kaltak has expressed confidence that this will greatly enhance opportunities for creators, irrespective of their geographical locations. He emphasized that many around the globe struggle with monetization due to the limitations on major platforms, but Own is designed to provide equitable earning potential for all its users.

Tokenomics and Revenue Generation

A notable aspect of the platform’s financial ecosystem involves using a fraction of its cash revenue to purchase $OWN Tokens from exchanges, thereby distributing them to creators. Kaltak explained that this approach tokenizes the creator economy, offering fair rewards while also creating a consistent demand for the tokens, aiding in long-term market stability.

Existing Models and Global Trends

The practice of rewarding creators through in-app tokens is not novel, especially in regions outside the U.S. For instance, Chingari, a short-form video app, has already amassed a user base of over 180 million in India.

Diverse Monetization Options

In addition to token rewards, Own offers various monetization avenues, such as tipping, brand partnerships, and a unique shopping feature called Own Shop, akin to TikTok Shop.

Competitive Revenue Sharing Structure

The platform pledges that creators can potentially earn up to 50% more compared to other social media platforms. Specifically, in the case of tipping, Own retains only 20% of the revenue while TikTok takes a significant 50%. For sponsorship deals, creators keep 90% of earnings, and Own takes just 10%. Moreover, creators benefit from Own Shops, where they can claim 95% of the revenue.

Upcoming Features and Capabilities

The monetization features and token rewards are set to be rolled out in the upcoming third quarter, likely between July and September, while Own Shop will enter beta testing later this year, between October and December.

Content Ownership and Licensing Benefits

Another revenue stream for creators is content licensing. Each piece of content is linked to proven ownership on the blockchain, allowing creators to license their work while maintaining rights. For example, creators can resell their content to corporations for marketing uses and keep 90% of the revenue generated.

Interaction and Community Engagement

The platform includes an innovative ranking system that enables users to interact with content by voting—upvoting or downvoting posts similarly to how Reddit operates. Creators with a higher number of upvotes can rise on leaderboards, leading to increased visibility.

Vision for the Future of Social Media

Mick emphasized that essential issues within current social media ecosystems need addressing. She believes that prioritizing content ownership, equal pay, and opportunities for genuine connections will greatly benefit creators and their audiences alike.

Availability and Growth Metrics

Own is currently available for free on both the App Store and Google Play Store, with a reported waitlist of nearly 40,000 eager users.

Financial Backing and Future Outlook

To date, the startup has successfully secured over $5 million in funding from investors including Sarah Mick, Michael Terpin (Transform Ventures), Saba Capital, Base Spin Capital, and Stoka Global.

This innovative launch marks a significant potential shift in how social media platforms operate and rewards content creators, promising a more equitable landscape for all participants.