How Crypto Payments Could Strengthen Your Creator Partnerships

Photo of author
Written By Ishika Chauhan

Lorem ipsum dolor sit amet consectetur pulvinar ligula augue . 

They are powerful marketing assets, regardless of whether you call them creators or influencers. They are more open-minded about receiving remuneration.

What is the size of the creator economy? Statista says it is on the rise towards the $14 billion mark. But not all of the $14 billion is paid in traditional ways. Many of today's creators and influencers prefer to receive their payments via cryptocurrencies.

This is a major shift for marketers. While cryptocurrency and crypto wallets are not new, they have never been as popular as they are today. Generation Z sees cryptocurrency as a safe, modern, and quick method of payment. Younger creators are more open to accepting bitcoin and other cryptocurrencies than creators of years ago. Marketers will have to adapt if this trend continues.

How is Cryptocurrency Disrupting The Creator Economy?

You may be shocked by the rapid rise in digital currency payments as a marketer. This trend is not to be ignored or underestimated. Although cryptocurrencies are still very young and have many issues, they are not yet mature. The Federal Trade Commission estimates that nearly two-thirds (32%) of all social media scams use fake cryptocurrency to lure victims. According to a survey by Pew Research, 31% of adults under 30 claimed that they have used cryptocurrency in the recent past.

What is it that makes crypto so appealing to creators? Offering cryptocurrency payments positions your company as innovative, fresh, and at the forefront of the market. Even if creators are initially not interested in your offering, they will be able to see the progress of your company.

It's like shopping on an e-commerce website. At checkout, you see that the merchant accepts a variety of payment options, including Venmo and PayPal. You can even pay now/pay later. While you might prefer a standard payment method, such as a credit card or debit card to pay, it is easy to notice how flexible and flexible the merchant is with payments.

The same will be true for your creators. Some creators who work full-time may prefer to be paid in dollars. Some people may prefer to be paid in bitcoin, while others might see their creative talents as side hustles. It doesn't matter what, it is a positive sign that your company is open to new ideas.

Why not Court the Creator Economy with Crypto?

Crypto reached high levels in 2021. However, it is a fact that everything that comes up must eventually fall. That time has arrived. The market is facing a $2 trillion crypto crash, but this does not mean that people have given up on crypto. Cryptocurrency has been risky in the past, but people are willing to accept it as it is. Because cryptocurrency is innovative and instantaneous, it has some benefits. When it comes to the use of the funds, users can avoid transaction fees or chargebacks.

The next big thing in influencer marketing is cryptocurrency payments. Here are the top benefits of including bitcoin payments and other cryptocurrencies in your creator partnership benefits package.

1. Let Creators Run Their Business The Way They Want

Today's creators tend to be independent thinkers who are open-minded. They want to have more options so that they can choose the best way to make their platform income.

SoFi at Work found that 36% want cryptocurrency payments as an option. 42% would happily accept performance rewards in crypto. Statista says that more currencies than 10,000 are available on the global marketplace. The most widely used cryptocurrency is Bitcoin and Ethereum, but newer coins like Litecoin or dogecoin are also popular. You should decide which cryptocurrencies you wish to support for payment methods.

2. Cryptocurrency is Now more Accessible to Own and Exchange

Although crypto exchanges, wallets, and bitcoin ATMs can accept bank transfers and debit cards to purchase BTC and other coins, banks generally avoid directly associating themselves with crypto. This is particularly true in foreign exchange, where cryptocurrencies are not considered viable currencies or supported financial/investing tools like stocks, bonds, and contracts for difference. However, you can trade and invest in crypto CFDs. According to the Association of Certified Anti-Money Laundering Specialists, 63% of bankers consider cryptocurrency too risky in terms of security.

If a creator insists that they get paid into their crypto wallet, they may overlook your company if it does not support their preferred payment method.

3. Keep Your Brand Image Fresh and Relevant

Creators are not hobbyists or dabblers. They should be treated as business partners. Creators are able to link their brand and persona to your company image when they work with your business.

Your business is at the forefront of technology when it comes to how you pay creators using the most advanced and up-to-date payment options such as cryptocurrency. It encourages creators to link their brands with your company or platform. Twitter is aware of this and announced that in 2021, its creators would be eligible for tips in bitcoin.

Marketing departments are always looking for new ways to attract creators to their platforms. To make the most of your relationships, you must understand their motivations and how they would like to be paid.

Leave a Comment