Brave Payments Uses the Blockchain To Monetize YouTubers Content
Brave, the free browser, recently released their new payment platform geared towards content creators. The platform, named Brave Payments, allows fans of a YouTube channel to support their favorite creators directly.
Varied Revenue Streams to Supplement Advertisements
A large number of people run ad-blocking software, denying YouTubers any advertising revenue from them. The payment platform also enables these users to anonymously contribute a fixed sum of money every month to these creators.
Alternative payment methods are nothing new, as YouTubers have indicated an interest towards different revenue streams. Earlier in 2017, the website’s biggest star, ‘PewDiePie,’ came under a barrage of criticism from the media in response to one his videos; namely that it was anti-semitic.
Clips such as these have caused several major brands to pull their advertisements from YouTube, which in turn drove down ad revenue for creators. The incident was termed as the “YouTube adpocalypse” and affected YouTubers across the board.
Since then, many creators have turned to Patreon instead, which is a website that allows fans to pledge a monthly contribution directly. On paper, Brave’s new service is not radically different from the one Patreon offers, but it is the more delicate nuances that separate the two.
Firstly, the browser can track the amount of time a person spends watching a particular YouTuber. Using this data, Brave will then give that creator a percentage of the user’s monthly budget. Alternatively, one can also choose to donate a fixed sum every month, regardless of time watched. This flexibility in contribution is noticeably lacking in alternatives such as Patreon.
Internally, Brave uses a cryptocurrency to process payments. While the platform initially started off with Bitcoin, it has since moved on to Ethereum. Unsurprisingly enough, Brave Payments also uses a blockchain to keep track of transactions.
Regardless of the technology at work though, users and content creators do not have to deal with the complex nature of digital currencies. Brave, in collaboration with Uphold, facilitates the conversion process for its users.
Users are given Basic Attention Tokens (BAT) based on the amount of money that is added from their bank account. They can then spend these tokens to support the YouTuber of their choice.
Funding A New Wave of Browser’s
Brave also plans to fund this platform through its targeted advertising program that is due to release sometime next year. Though the browser itself blocks ads, the company hopes to replace traditional advertising networks with their whitelisted ones. Brave argues that their implementation would be far superior regarding privacy.
Today, Mozilla’s Firefox and Google’s Chrome browsers dominate market share charts, while newer competitors like Microsoft’s Edge are on their way up. Brave Payments is only one of the many new features that the browser is introducing to distinguish itself from the competition. However, for this payment platform to take off, Brave needs a broader user base.
Even though the browser already boasts a million monthly active users, it will remain a niche until more people are aware of its potential.