Patreon mulls enabling crypto payments

Patreon is considering a change of attitude towards cryptocurrencies, a new report by Tech Crunch has revealed.

The platform, which enables creatives to receive donations from their followers, is considering enabling backers to support their preferred projects and causes in its own cryptocurrency, on top of the existing backing options.

Patreon could explore “creator coins” that fans will then be able to buy to show their support for an artist or a project they want to back.

While Patreon has denied having a dedicated team to work on crypto projects, the company seems to be toying with the idea of introducing such a feature.

A creator coin would have very little real-world value and would serve as a badge of honor that users have backed a project they believe in.

With the NFT bonanza that is striking home with athletes, entertainers and artist, Patreon is following in a similar trend.

Patreon executive Julian Gutman commented the significance of NFTs in the artistic space for The Information, which hosted The Creator Summit 2021, and argued that NFTs are a way for creators to help sustain their efforts.

Tom Brady, a famed NFL athlete, has launched a series of forays into NFT space, creating compelling overall products.

Snoop Dogg, a music creator, revealed himself as Cozomo De’ Medici, a big NFT owner and fan whose identity was a secret until September this year.

In the meantime, you may enjoy crypto for recreational purposes at Bitcasino, 1xBit or FortuneJack.


Updated: 11/02/2021 — 00:00