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Video platform joins Web3, brings a decade of experience

Video platform joins Web3, brings a decade of experience

Elon Musk, the new owner of Twitter, said he planned to share revenue with creators. This brought up the controversial issue of how social media sites split ad money made from user content. Musk said in a tweet that the microblogging service plans to pay authors a portion of ad revenue “for ads that appear in their reply threads.” The centralized social media giant is known for not giving content creators on its site a fair share of the money they make, but after the first statement, no other changes were made.

In the Web3 age, revenue sharing has become much more reliable because of how blockchain works, with its decentralization, faster settlement speeds, and better security. The action-to-earn trend started when people found new ways to link up with platforms and get a share of the money made by doing different things on Web3 platforms. The gaming industry quickly adopted the play-to-earn (P2E) model, in which players contribute to the overall profit of an online video game by doing things in the game and exchanging tokens that can only be used in that game (NFTs).

Web3 gives users money for viewing content

A relatively new idea called “watch-to-earn” (W2E) aims to give the same ways to make money to a much larger group of people who like to watch videos. Users of a W2E site can upload videos and watch other people’s videos while earning prizes for each like, view, comment, and share. Coub, a video platform that was around before TikTok and Instagram Reels, adds a new type of video NFTs as part of its move into the Web3 age.

As a video-sharing platform that came out in 2012, Coub’s first step into the Web3 market is to turn the site’s video content into NFTs. With the help of Coub tools that are easy to use, users can mix and match web videos from all over the internet to make “coubs,” which are 10-second audiovisual mashups that can be watched over and over again.

With the addition of Web3 features, like the Coub Wallet, viewers and creators can now start getting paid for their work on the platform. Users will be able to mint coubs as NFTs for free. When the video keeps getting views, likes, and other interactions, Coub NFTs will create W2E awards automatically. Users can sell or auction off NFT coubs by posting films on the integrated NFT Coub Marketplace. Any future W2E incentives on the blockchain will be split between the creator and buyers.

How NFT clubs work

Coub charges a listing fee when W2E rewards for NFT coubs are unlocked. This is to stop ghost-minting or spam reuploads on the NFT Coub Marketplace. An NFT can be made for free and then sent to the validators network, where validators can decide whether or not to accept NFT coins. Once the listing is approved, the cost goes into the NFT coub’s W2E Treasury, and the coub can then make W2E incentives. If validators decide not to list an NFT cub, the listing cost goes back to the person who made it. This means that the cub is only available for trading and viewing.

With CoubDAO, Coub hopes to turn the new platform into a Web3 environment run by the community for its 106 million active users every month. The COUB coin will be the native token that can be used to trade NFTs on the platform, vote, and verify rights. Members of the community will get vCOUB as their W2E reward token, which can also be turned into COUB.

It is expected that watch-to-earn will change the way people interact with content on social media platforms in a way similar to how play-to-earn has changed the gaming industry. W2E gives the hundreds of millions of internet users who watch or make videos every day a way into Web3 by giving them money for doing so. Coub uses its ten years of experience with online movies to change the way social media works. It does this by applying Web3 principles to its loyal user base and creating a community-centered strategy.

Content Source: cointelegraph.com

About MahKa

MahKa loves exploring the decentralized world. She writes about NFTs, the metaverse, Web3 and similar topics.

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