The rise of digital platforms like Reddit and Brave Browser has introduced new forms of virtual currencies, such as Reddit coins and Basic Attention Tokens (BAT). While these currencies have no monetary value in the physical world, they hold significant importance within their respective communities. They facilitate an innovative exchange of value between content creators and consumers, redefining the traditional dynamics of digital publishing and shaping the future of the media industry.
Timestamped summary of this episode:
00:00:02 - Introduction,
Tameka and Lynne D introduce themselves and discuss the topic of currencies in the digital media industry.
00:01:05 - Reddit Coins,
Tameka shares her experience with Reddit coins and how they are used to reward compelling content on the platform.
00:05:24 - Value of Content,
Lynne D reflects on the value of content in the publishing industry and the evolving nature of the value exchange between publishers and readers.
00:09:06 - TV Ad Market,
Tameka discusses the shift in the TV ad market from Nielsen ratings as the currency to a multi-currency system, with other companies competing for measurement and valuation.
00:12:35 - Basic Attention Token,
Lynne D explains the concept of the Basic Attention Token in the Brave browser, where users can receive tokens for viewing ads and exchange them with content producers.
00:17:03 - Understanding Currency in the Digital World,
The conversation begins by discussing various forms of currency in the digital world, such as direct revenue from users, paying for content, and engaging with black audiences. The importance of blackness as a cultural currency is highlighted, as well as the lack of social and financial currency for black individuals.
00:19:13 - Cultural Currency and Black Identity,
The discussion delves into the concept of cultural currency within the black community and how the perception of blackness has evolved. The richness of blackness is now celebrated, allowing individuals to express their black identity in various ways without conforming to stereotypes.
00:20:49 - Currency from Different Perspectives,
The conversation explores currency from different lenses, including the advertising and publishing lens, the creator lens, and the entrepreneurial lens. The value and worth of content in the entrepreneurial world are discussed, highlighting the lack of standardization in pricing and the need for negotiation.
00:22:18 - Setting Standards in the Content Industry,
The importance of setting standards in the content industry is emphasized, with examples of companies like Contently that have successfully implemented standardized pricing models. The value of currency is seen as subjective and dependent on the holder's perspective.
00:24:06 - The Value Economy,
The conversation concludes by discussing the shift towards a value economy, where the focus is on the value of what one can offer. This shift eliminates the need for middlemen and allows for direct negotiation between creators and consumers.
Ep 2 - Tokens, Transactions & Cultural Currency