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- Buterin envisions creator coins driven by quality, not speculation.
- A DAO for creators, focusing on curated memberships and governance.
- Speculators predict high-quality creators, shifting away from recursive speculation.
According to Vitalik Buterin, the world of creator coins has seen multiple attempts at incentivizing content creation through crypto-based platforms. Such initiatives, including first attempts, such as Bihu and Steemit, as well as recent ones, such as BitClout and Zora, have not been as successful as many people wanted to see them. Buterin is convinced that this battle is caused by an inherent problem of the ecosystem, an issue that has not been resolved yet.
The Shift from Quantity to Quality in Content Creation
One of the problems with creating content was the insufficient content in the past years. Buterin, however, contends that that is no longer the case. The content is currently bountiful, and the artificial intelligence can produce enormous amounts of it. The issue is whether this content is of high quality, which, according to him, is the real problem. Creators are not supposed to be encouraged to create a greater amount of content, but instead find the best content that would rise above the noise.
He points to Substack as an example of effective incentive programs for creators. On this platform, the best creators will be able to enter into a continuous interaction with the audience by providing paid subscriptions, the objective of which is to generate value and intellectual discussion.
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Buterin compares the success of Substack to the failure of other creator coin platforms. Social platforms such as Zora and BitClout have in many cases failed to reward creators on the content they make. Instead, the most successful creators in such sites are already high-society individuals who succeeded in their posts due to factors that are not related to the content. This compromises the validity of the creator coin model because speculators are more inclined to aim for fame and not quality.
A New DAO Approach: Combining Creator Coins and Curated Membership
Buterin suggests a different solution that might be more effective at solving the incentivization problem. His vision is the establishment of a DAO (Decentralized Autonomous Organization) that is not really decentralized, but aimed at creating a limited number of quality creators. The DAO would also enable the governance of the community, instead of depending on token speculation by members voting on who can join the community.
The DAO would not be a blanket approach to most forms of content, but would be selective in the kind of creators it would like to support. This edited model would unite like-minded creators, so the content would be aligned to the mission and values of the DAO.
The Role of Speculators: Shifting from Purely Speculative to Predictive
This system allowed creators that become members of the DAO to burn a section of creator coins in the process. This would assist in making the position of speculators a more intentional and less speculative one when making the prediction on which creators the DAO is going to accept. Rather than forming a chain of speculative value of infinite feedback, such a mechanism would see creators ascending to the top on the merit of their output and the level to which they adhere to the spirit of the DAO.
The vision of Vitalik Buterin of creator coins is a new and more sophisticated way of rewarding quality content. This model could be used to overcome the issues that have plagued earlier efforts to incentivize content in the crypto world by focusing on less token-dependent curated, community-driven platforms.
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