New App Own Aims to Empower Creators Through Tokenization

With the U.S. deadline looming for TikTok to sell its operations, a new decentralized social media app called Own launched its public beta on Tuesday.

Positioning itself as a TikTok alternative, Own offers a swipeable feed that supports short videos, text, and images, along with familiar features like direct messaging.

Blockchain-Powered Monetization with No Barriers to Entry

What sets Own apart is its use of blockchain and a token-based economy. Creators can earn revenue through engagement without needing a minimum number of followers or posts.

“Amir Kaltak (CEO) and Katia Zaitsev (COO), who previously co-founded the web3 company Lexit, teamed up with Sarah Mick (CCO)—known for her work at Tinder and Bumble—to create the app.“

Key features include the tradeable $OWN Token, which rewards creators based on engagement, and the use of the Base Layer 2 blockchain to ensure content security and ownership.

Kaltak sees this as a breakthrough for creators, particularly because they can earn tokens no matter where they are based.

Unlocking Global Earning Potential for Creators

“Major social platforms often block creators around the world from monetizing simply because of where they live.” Own changes that by creating a system that offers equal earning opportunities for creators everywhere,” he told TechCrunch.

“Kaltak explains that Own uses part of its cash revenue to buy back $OWN Tokens from exchanges and distribute them to creators.” “Our approach tokenizes the creator economy to ensure fair rewards for creators, while also generating steady buy-side demand for the token—supporting long-term value and sustainability,” he said.

Token Rewards Gain Traction Beyond the U.S.

Rewarding creators with tokens is becoming increasingly common, especially outside the U.S. For example, Chingari, a short-form video platform in India, has gained over 180 million users by adopting a similar model.

Own also supports additional monetization options, including tipping, brand sponsorships, and sales through its built-in Own Shop (comparable to TikTok Shop).

The app claims creators can earn up to 50% more than on rival platforms. In tipping, Own takes a 20% cut compared to TikTok’s 50%. For sponsorships, creators keep 90% of the revenue, and with Own Shop, they retain 95%, leaving just 5% for the platform.

Monetization features, including token rewards, are expected to go live in the third quarter (July to September). Own Shop, the platform’s commerce feature, is slated to launch in beta between October and December.

Another potential income source for creators is content licensing. “The blockchain verifies each piece of content’s ownership and origin, allowing creators to license their work while keeping their rights.“For instance, they can sell usage rights to brands for marketing purposes and retain 90% of the revenue, with Own taking a 10% commission.

The app also introduces a ranking system where users can vote content up or down using arrows, similar to Reddit. Posts with more upvotes help creators rise on the leaderboard, increasing their visibility and reach.

Redefining Social Media with Fairness, Ownership, and Creator Support

“True content ownership, user control, global pay equity, equal chances for virality, and the ability to form meaningful connections are all essential to fixing what’s broken in today’s social media,” Mick told TechCrunch. “If platforms don’t provide stronger support and set higher standards for creators, they end up letting down both the creators and their dedicated audiences.”

Own is now free to download on both the App Store and Google Play, with the company reporting a waitlist of nearly 40,000 users.

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

Read the original article on:Techcrunch

Read more:Instagram Users Allege Mass Account Suspensions And Attribute The Issue To AI Moderation