Verasity has a lot of plans for this year. Let’s have a look at some issues that will be in the center of its attention in 2020.
Verasity, the attention-based rewards platform for content creators, finished 2019 on the right note. And 2020 is looking even better.
The team has been working hard on key relationships, which culminated in its partnership with Jun Capital, a gateway to the lucrative Asian streaming market. Outside of promising professional relations, Verasity released its metrics for a fervent Q4 2019 that entailed a 20X increase in videos watched and a 10X increase in wallet registrations since the launch of the popular platform.
In addition, the platform burned 2.1 billion VRA tokens since its inception, 17 percent of the total supply. All of the news comes at an aggressive endeavor to expand, capturing the monetization for digital content that is a massive void on the modern Internet.
“We’re expanding into new countries (6 communities so far)! With new countries came the need for new communities in different languages so that everyone is included in the Verasian family,” detailed a Verasity blog post on the platform’s metrics.
The Promise of 2020
One of the defining narratives of the next decade will be how monetization of a proliferating economy of digital content will be captured. Writing is hidden behind paywalls, YouTube creators extract minimal income portions from their content, censorship is ubiquitous, and intermediaries from e-commerce absorb significant fees.
Verasity was one of the early pioneers to tackle the problem head-on.
By crafting a blockchain-based medium for rewarding video viewers and content creators, Verasity enticed users with returns in its native VRA token based on attention spent watching videos. Bolstered by endemic censorship of major centralized platforms like YouTube, and the decentralized, “streaming payments” platform of Verasity is widely appealing to Gen Z and Millennials.
Verasity is embedded directly into popular streaming platforms like YouTube, Twitch, and Vimeo. In particular, Verasity is surging in popularity on Twitch, which is the video streaming hub of a global gaming community estimated to encompass more than 2.5 billion people.
Find a way to monetize viewers and not just a consolidated few of the major streamers? You’ve struck gold.
Most recently, Verasity has begun a staking rewards program and paired with 4DSight to bring VRA rewards to live streaming. Staking VRA daily already accrues more than 30 percent returns annually, and with DeFi on an unstoppable trajectory – look for Verasity’s liquidity to increase significantly in 2020. Eventually, native tokens of platforms, like VRA, will be instantly swappable with BTC, ETH, proxy tokens of commodities, equities, and more.
Verasity may have not struck gold yet, but they appear to be getting close. The platform recently onboarded more than 550 game publishers and is poised to capture a share of the $90 billion video game market.
The Market Void
There is a distinct void in capturing value from video streaming. The cut that content creators settle for is not ideal, and consumers of video content glean little value besides entertainment.
As we move further into a digital age, expect platforms to appeal to viewers (particularly e-Sports) more by making the experience both interactive and rewarding for viewers.
Advertising is clearly not a sustainable business model for upstart tech platforms anymore. Facebook’s privacy abuses saw that public opinion has shifted. Privacy will become a heated topic this decade, and the question will become:
How can you provide free products (e.g., Facebook, Twitter) without abusing user data privacy?
The answer is challenging, and whoever solves it will likely become one of the most influential startups in history.
Declining preferences for advertising will require that teams explore other monetization avenues. Cryptocurrencies and the concept of “streaming money” have inserted themselves into the conversation. And Verasity’s interjection into the middle of some of streaming’s biggest names, like YouTube, positions the network well for further adoption.
Whether or not cryptocurrencies and automated reward mechanisms alone are the answer remains difficult to discern at this early stage.
However, at this point, all Verasity needs is to go viral among younger generations before it erupts in demand. The same concept that Brave Browser is applying to web browsing, Verasity is fitting to video streaming.
Emphasizing user privacy and monetization is a double-threat, and perhaps can fill the massive void of the web’s next iteration.