In today’s age of information giants (i.e., Facebook and Google) dominating the online advertising, search, and traffic; smart marketers – most especially the content creators – know that they have to build a strong online presence to remain relevant and continually generate revenue from their content.
However, nowadays, this proves to be very difficult as these companies constantly change their algorithms – making a lot of businesses hard to be found. And understandably, lack of online visibility will make it even harder to monetize content. Because of this, creators often find themselves constantly contending with ad blockers and fighting stolen content. Moreover, worse, even the most popular creators on social media receive no rewards for the work they do.
But the good news is, a newly founded cryptocurrency startup has recognized the problem and is changing the way how creators are recognized. Hoping to provide a novel solution, Narrative cryptocurrency builds a new kind of social media platform that acknowledges the value of every creator’s work and rewards them accordingly.
What is Narrative?
Narrative, a new company that was established earlier in 2017, is one of the ever-growing lists of cryptocurrency startups that use blockchain technology to create social networks aiming to provide solutions to problems like the one mentioned above. Few examples of these platforms are Patreon and Steemit.
The difference, however, is Narrative focuses on allowing the ones who actually make content (i.e., creators influencers, and moderators) to add value to the platform (i.e., writing posts and comments, monitoring content, paying for advertising, and etc.) and receive rewards for it. Because, in fact, a less number of users realize that their content might be worth something.
In other words, Narrative is “putting revenue in users’ pockets, not Mark Zuckerberg’s.”
How does Narrative work?
The network is broken down into three main channels/categories of content:
Personal Journals are accessible to every registered Narrative member. They are quite similar to personal blog pages where users can create their own content, however, they have no moderators. The content then (which are created by its members) are stored in these personal journals, are visible, and can be commented by any other member.
Niches work more like a subreddit, according to allcrypto.com. Essentially niche are the topic boards with owners and moderators that get rewarded by maintaining them – although they must pay a yearly fee. However, before niches can be posted on the network; the community has to approve them – that is why niches have to be uniquely designed.
Content writers/authors, on the other hand, can associate their content with up to three niches and can participate in the discussions that are separated according to topics.
Moreover, niches can be quite profitable so creating one seems to be a smart move.
Brands are simply company portals where brand owners can create discussions, choose the authors, and appoint editors to review the content before posting to their network.
So, how is Narrative different from any other social media platforms?
Rather than having companies to control the content published on the network, Narrative allows users to “govern” the system through the Tribunal, elected by the users, that functions like a Supreme Court and has the final say on all matters relating to the content.
In addition, moderators are nominated by niche owners and then, elected by the community. And because the users are able to see the actions that moderators take, any moderators who abuse their power can be referred to the Tribunal.
Furthermore, to ensure that everybody can see how the network operates; Narrative makes it easy for users to find the niche owners and to see what rewards other creators earned for their works.
How does Narrative reward its users?
According to allcrypto.com, “a maximum of 100 million tokens will be issued to users.” And once Narrative is fully rolled out, new tokens will be “released directly into the Network Rewards fund over the next 30 years.”
Rewards can be received in a variety of ways, from which the bulk is dedicated and given to content creators. Niche owners and moderators, on the other hand, receive a percentage of the content rewards for all the eligible content associated with their niches. And members, of course, are eligible for activity rewards.
Tips are also a great way for users to earn money.
To collect the rewards, which are given during each payout period, users can choose to take payment in either USD (that often takes 14 days to process) which are made through third-party providers or NVRE (Narrative’s official token) which can be received instantly via NEO transaction.