KEY POINTS
- Soulbound co-founder Casey Grooms said streamers are drawn to the 'freedom' that blockchain offers
- Blockchain is also changing the old monetization system that limits what creators can earn
- Soulbound steps into the picture with a unique ideology that creativity should be a rewarding venture
- The platform uses an hourly payout model to provide an equal ground for all
Livestreaming has long been plagued by multiple issues, ranging from exploitative monetization strategies to inadequate incentivization of user-generated content creation. With cutting-edge technology that provides solutions to the challenges in traditional livestreaming, blockchain is flipping the script.
The COVID-19 pandemic brought about many opportunities in the livestreaming sector as more people became drawn to the digital realm. On the other hand, it also brought to light some of the major issues that centralized platforms like YouTube and Twitch have, including transparency.
Such issues are drawing livestreamers to other alternatives, and at the center of the shift is blockchain livestreaming. In an exclusive with International Business Times, Casey Grooms, the co-founder of Web3 livestreaming platform Soulbound, shared his thoughts on how blockchain is changing the game for livestreamers and small creators and how he sees the future of the new but promising segment.
An Attractive Alternative for an Old System
After years of growth coupled with multiple problems in the traditional livestreaming system, gaming livestreamers, streamers of social content, and digital art creators are moving to the world of blocks and cryptocurrency tokens.
Grooms believes the transition is mainly due to a sense of liberation. "Due to the industry's growth in recent years, users have come to know that blockchain technology guarantees freedom. This freedom encompasses data protection, content monetization, and security," he said.
Unlike traditional livestreaming platforms, blockchain livestreaming presented new strategies for livestreamers to break through the barriers of viewer and subscriber thresholds.
"While traditional streaming platforms focus only on creators, blockchains have lowered the earnings barrier, making livestreaming mutually beneficial," he said.
Solving Pain Points One Block at a Time
Blockchain technology has also opened a whole new experience for streamers and creators due to the solutions it provides to various aspects of livestreaming, including transparency and data security.
Traditionally, livestreaming platforms have a hold on the rewards and eventual payouts for streamers. With blockchains, creators and streamers don't have to settle for whatever they are paid. "Blockchain is changing the game in this regard with full, verifiable transparency," Grooms noted.
Equal Ground for All Players
Livestreaming opened many doors for creators across various segments, whether gaming, social content creation, and digital art.
However, it has also evolved into an industry that can be unfair to smaller creators, with only a few receiving a proportionate amount for their creativity. "Blockchain evens out this disparity, allowing everyone to take a piece of the pie," Grooms said.
Also, blockchain technology has empowered creators and users to have full control over their data. After all, the primary goal of Web3-based livestreaming is to empower everyone to contribute "with the right technology to preserve data integrity," Grooms said.
How Soulbound is Changing the Livestreaming Landscape
Soulbound, which caters to the SocialFi and GameFi segments, stands out from the rest with its underlying ideology of creativity as a rewarding venture for all creatives. The simple-to-use platform has an economic model based on hourly payouts that has changed the game in traditional livestreaming.
Expounding on the hourly payout model, Grooms explained that Soulbound is paying streamers based on the time they spend streaming. "This unique deviation from the ad-based revenue or subscription model that traditional alternatives rely on. With Soulbound, creators with small audiences can start earning instantly, and users can further expand their earning streams through bounties or promotions from developers," he said.
Soulbound is backed by some of the Web3 industry's biggest investors, including Animoca Brands, Blocklords CEO David Johansson, Delta Blockchain Fund, and more.
Soulbound is the ultimate gaming platform! 🕹️
— Soulbound (@Soulbound_GG) August 12, 2024
Soulbound build solutions to solve problems in gaming:
◽️ Tokenised identities
◽️ Avant-garde social interactions
◽️ Empower creators
◽️ Data for game studios & access to UGC.
Better social gaming experience & supporting creators. pic.twitter.com/sipDurmeWn
The Role Soulbound is Playing in the Broader SocialFi and GameFi Segments
Since its founding two years ago, Soulbound has sought to revolutionize the GameFi and SocialFi spaces. Even as a pioneer in the Web3 livestreaming niche, the platform was designed with a flexible model to ensure that it stays updated and it can continue launching innovations to bring value to users.
In particular, Soulbound's gamified approach to earnings, the conversion of time to money, and the breakthrough in monetization barriers have made the platform a "streaming trailblazer to watch in blockchain," Grooms said.
Communities on Soulbound is a great way to connect with other like minded individuals.
— Soulbound (@Soulbound_GG) September 3, 2024
NVIDIA stocks might be falling but communities are absolutely pumping. 🥁🥳
Join a community on Soulbound to get exclusive stickers and stay tuned for some incredible new features coming. pic.twitter.com/WQcpWDX3ox
The Future of Blockchain Gaming
Blockchain continues to grow as more innovations emerge around the technology. Grooms sees a future where top games will move on-chain, one way or another. The gaming community is the key reason why huge gaming studios rake in billions yearly. However, a shift is inevitable due to the many benefits and solutions blockchain offers, he said.
"Once gamers understand that they can have as much fun as they currently do and get rewarded, their loyalty will shift. If this plays out as highlighted, established game studios will have no choice but to adopt the play-to-earn (P2E) model," Grooms said.
He said the model will benefit everyone within the system and will help bridge the gap between Web2 and Web3.
It's already happening. Tencent is already in, gaming giant Nintendo has expressed interest in integrating non-fungible tokens (NFTs), while Sony recently splashed into the Web3 space with Ethereum layer 2 Soneium, which will focus on various practical applications, including gaming and entertainment.
