Own, a new social media app, aims to tokenize the creator economy

In the wake of TikTok's impending U.S. sale deadline, a groundbreaking decentralized social media application, Own, has made its beta version available to the public. Launched on Tuesday, Own presents itself as a compelling alternative to TikTok, featuring a dynamic feed for short videos, text posts, and images, along with typical functionalities such as direct messaging. What sets Own apart is its innovative use of blockchain technology and a unique token economy designed to empower content creators. With no minimum requirements for follower count or post quantity, creators can generate revenue directly through the platform. The app is spearheaded by Amir Kaltak (CEO) and Katia Zaitsev (COO), who have a background in web3 with their previous venture, Lexit. They are joined by Sarah Mick (CCO), who brings experience from major dating applications like Tinder and Bumble. At the heart of Own's monetization strategy is the $OWN Token, which creators earn based on the engagement of their videos. This token is fully tradeable and aims to ensure that creators receive fair compensation, regardless of their geographical location. Kaltak emphasizes the app's mission to democratize earnings for creators worldwide, addressing the limitations many face on existing social platforms. “Most creators around the world don’t have access to monetization on major social platforms simply because of their location. With Own, we’ve built a system that levels the playing field and opens up real earning potential for creators globally,” Kaltak stated. In addition to tokens, Own offers several monetization avenues, including tipping, brand sponsorships, and its version of TikTok Shop called Own Shop. Creators can reportedly earn up to 50% more on Own compared to other platforms, with Own only taking a fraction of the revenue. For instance, while Own retains 20% from tipping, TikTok takes a hefty 50%. Creators keep 90% of sponsorship earnings, while the app takes just 10%. Furthermore, in the Own Shop, creators retain 95% of their sales revenue. The app’s monetization features are slated to launch in the third quarter, with Own Shop expected to enter beta testing between October and December. Another innovative revenue stream includes content licensing, where creators can track ownership on the blockchain, allowing them to license their work while retaining rights. This enables creators to resell content for marketing purposes, earning 90% of the revenue. A unique ranking system allows viewers to interact with content through upvotes and downvotes, similar to platforms like Reddit. Creators who receive more upvotes can ascend the leaderboard, enhancing their visibility. Mick emphasizes the platform's commitment to empowering content creators and addressing existing social media challenges: “Owning your content, consumer agency, global equal pay, equal opportunity to go viral, making meaningful connections, and empowering people through self-expression and fair pay are at the forefront of correcting the current problems with social media.” Own is currently available for free on both the App Store and Google Play Store, with nearly 40,000 users already on the waitlist. The startup has successfully raised over $5 million from notable investors, including Sarah Mick, Michael Terpin (Transform Ventures), and others.