So, our last video on the “Next Big Crypto Narrative” went viral, and we thought, why not follow it up with part two? Well, here we are! What if I told you the future of crypto isn’t just about tokens or coins, but people?
Yep, the creator economy is booming and already a $100 billion market. If you’re looking to diversify, getting coins in this space is a no-brainer. Today, we’re highlighting two of the hottest altcoins leading the charge.
One of them is backed by heavyweights like Andreessen Horowitz and Polychain Capital. And here’s the kicker—Goldman Sachs predicts the creator economy could hit half a trillion dollars by 2027. If you’re not paying attention to this narrative, you’re missing out.
Story Protocol
The first on our list today is the Story Protocol. Who are they? Story Protocol focuses on the intellectual property narrative, which is a big deal. They’ve built a blockchain-based framework to help manage intellectual property rights.
The whole idea is to create a better, more effective, and rewarding space for creators. Now, lots of content creators aren’t getting what they should for their work. It’s getting more difficult for creators to monetize their work with the rise of AI
The Story behind Story:https://t.co/opv57W0qHa pic.twitter.com/AGfoFYsWVB
— Story (꧁IP꧂) (@StoryProtocol) August 28, 2024
How big is the intellectual property narrative? We’re talking about a multi-billion dollar market. Intellectual property covers everything from brand names to entertainment content. Even Nike’s famous “Just Do It” slogan falls under this. Protecting these assets is important.
How does the Story come in?
So, Story is out to ensure that AI makers like OpenAI do not take your work without permission. How does this work? Story serves as a blockchain network where creators can store their IP. This way, they can prove they are the brains behind a piece of content.
Story protects your IP by embedding terms associated with it into smart contracts. This way the copyright holder’s IP stays programmable. It means there are rules for how people can use a creator’s content. And a price to pay if you remix their work. Great idea.
Introducing @StoryProtocol !
A purpose-built Layer 1 blockchain that combines the best of #EVM and Cosmos SDK. It’s 100% EVM-compatible and optimized for handling complex data structures like intellectual property (IP) efficiently. Here’s how it works:
Uses… pic.twitter.com/Ao7BBgBIer
— Keithbm (@KeithbmBG) September 24, 2024
How does Story get its money? It charges a fee for activities on its network. And they currently have a growing ecosystem. Story Protocol isn’t some small project with big dreams. The story has already raised over $140 million from major players like:
Andreessen Horowitz.
Polychain Capital.
Hashed.
Bloomberg values them at $2.5 billion. They’ve got the right backing, and a solid vision, and they’re still under the radar.
Why You Should Care About Story Protocol?
Intellectual property isn’t going anywhere, and with AI growing fast, the need to protect creators is only going to get bigger. The story is positioning itself as the go-to solution for this, and with the funding and fundamentals they have, there’s serious long-term potential.
Farcaster
Let’s wrap things up with our final project for today. And that’s Farcaster. Farcaster is a decentralized social media protocol. They aim to ensure users like you and I have more control over our data and online interactions.
They’ve been around since 2020, and were founded by two former Coinbase employees, Dan Romero and Varun Srinivasan. Farcaster is built on the Ethereum scaling network, Optimism.
Dan Romero: After leading Coinbase to the top, he’s now set on dethroning X by revolutionizing social media through blockchain.
Meet @dwr , the Co-Founder and CEO of @farcaster_xyz, a decentralized social network protocol that is revolutionizing the way we think about online… pic.twitter.com/wEtwYbNm4z
— Gap (@gaspardlezin) October 7, 2024
The cool thing about Farcaster is that it isn’t just a single app—it’s an entire ecosystem where users can create and interact with various social media tools.
One of the most popular apps on this network is Warpcast. It’s a Twitter-like platform where users can create posts (called “casts”). You can mostly do all the regular stuff you do on Twitter. Warpcast is a pretty big deal. It makes up nearly half of all sign-ups across the Farcaster protocol. Some notable names like Vitalik Buterin and Tim Beiko from Ethereum, and Jesse Pollak from Base are all active on Warpcast.
Farcaster has a built-in solution to tackle bot activity, which plagues most social media. To create an account, you need to pay a small $5 fee to avoid spam. And you’re also limited in how many posts, reactions, and media uploads you can do. This has something to do with “storage units.” Now, if you run out of space, you can always buy more. But the whole idea is to handle the whole bot problem.
New on Warpcast: link your Twitter account. Experimenting with this as a signal to boost reach for new users. pic.twitter.com/EOnoJSv9DE
— horsefacts (@eth_call) October 10, 2024
More About Farcaster
The next big thing on Farcaster is Frames. That’s like their blockbuster. Frames allow users to interact with on-chain and off-chain features directly from within Farcaster apps. Whether it’s minting NFTs, playing games, or even shopping, you can do it all without ever leaving the app.
Speedrun Saturdays!
Create a Farcaster frame in 5 minutes with @Replit and @ChatGPTapp pic.twitter.com/zXGOIFjTsu
— Varun Srinivasan (@varunsrin) February 10, 2024
Farcaster has over 200,000 active users. They are also expanding pretty fast. Farcaster currently supports Solana. Solana users can verify their address on the Farcaster app.
The Farcaster ecosystem goes beyond just decentralized social media apps. They’ve also introduced tokens and NFTs that are linked to the platform. These are designed to reward active community members who engage with channels on Warpcast. So, by being an active user, you can earn some valuable digital assets!
Farcaster is easily my favourite app in crypto right now
and it’s now coming to Solana
colossal
hint: with Farcaster Frames (embeddable actions into posts) — Solana is the **only** way to go from frames -> onchain without a backend
OPOS pic.twitter.com/qrxte8okiy
— mert | helius.dev (@0xMert_) February 2, 2024
Farcaster gives users full control over their data and content, unlike centralized platforms where information can be sold without consent. Its decentralized nature also makes it more resistant to censorship, allowing for free expression. Farcaster is well-positioned within the UGC narrative. We expect user-generated content to hit the spotlight soon. When it does, projects like Story and Farcaster will explode.
Tell us what you think of the UGC narrative in the comment. And other projects on your radar.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
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This articles is written by : Fady Askharoun Samy Askharoun
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