BitClout is the latest social network that’s making headlines.
BitClout is a crypto-focused social media platform that monetizes influencers’ reputations into customized coins/tokens that users can buy and sell.
It’s analogous to a stock market for online influencers.
It basically allows users to speculate on people’s success, from Kanye West to YouTube’s MrBeast.
Every profile gets its own unique creator coin. Users can convert Bitcoins into BitClout’s coins. These can be used to buy a creator’s coin.
It’s essentially the same way you buy shares of a company. When people buy the coin of a creator, the price for that coin goes up. And when people sell, the price goes down.
Is there an opportunity?
Well, being an early adopter can be risky, but it has its upside.
- Since BitClout is a new platform, positioning yourself as an expert shouldn’t be difficult.
- Think off-platform: Build a community of BitClout enthusiasts.
- Once you have a community, identify their pain points and build a product or service that solves them.
That’s a good plan to become a BitClout guru. If you really know your stuff, then why not spread the knowledge!
But it’s not all fun and games.
Here are some of Bitclout’s biggest criticisms:
- It’s unregulated: there isn’t any oversight body regulating it.
- You can’t convert BitClout coins into money or Bitcoins.
- While some influencers joined the hype, the platform doesn’t have any consent from celebrities to trade their reputation. They will likely face many legal battles.
- The founder of BitClout is known similar to the creators of many cryptocurrencies.
Despite these downsides, the platform is attracting some big investors: Coinbase Ventures, Social Capital, Winklevoss Capital, and Reddit co-founder Alexis Ohanian.
BitClout could be the next big thing. Or, it could be the next big flop.