Here is a live excerpt of Marty’s Bent Problem #1262: “Content Monetization Through LN Waves Is Here.” Sign up for the newsletter here.
In March 2021 I wrote a piece called out the Web3 meme and the elaborate schemes that the shitcoin projects were/are trying: for their tokens to monetize the content. In that section, I highlight Sphinx as an application built on top of the Bitcoin protocol/Lightning Network protocol (BP/LNP) that is proving that content monetization happens by putting bitcoins over the Internet. Lightning Network into various content media. Well, here we are 17 months behind and the trend has accelerated considerably. I thought it would be a good time to check out this particular vertical and highlight some interesting projects under construction.
In my opinion, Podcasting 2.0 has the potential to be the first killer of bitcoin beyond using bitcoin as a good means of saving. I’ve been using it for almost two years now with “Tales From The Crypt” and “Rabbit Hole Recap” and the flow and number of people streaming them have only increased since we first added the public address. Lightning Network to RSS Feeds. Many apps have integrated Podcasting 2.0 into their services.
However, Podcasting 2.0 is just the tip of the iceberg. This model has inspired builders all over the world, and we are starting to see more and more apps and tools coming to market that will make content media of all kinds. can make money through Lightning Network. Alby is a browser extension wallet that makes it easy to pay your Lightning bill as you surf the web. Soak is a set of tools that content creators like me can leverage to monetize written, audio, and video content and user interactions as they interact with certain features ( like, vote, comment, etc.). Wavlake is a company working to bring the Podcasting 2.0 model to the music industry (among other verticals), allowing musicians to post their audio files, make them available to users, and let users Stream value over Lightning as they listen. That gives those musicians the ability to automatically split payments among others involved in the production of their art.
These are just a few of the companies that come to mind when thinking about the boom in activity taking place in this particular corner of the Bitcoin economy.
What’s exciting about all of these apps and tools is that they’ll begin to allow creators and their audiences to experiment with new business models that haven’t been possible before before the advent of the stack. BP/LNP. For example, fountain incorporated a podcast clipping feature that allows listeners to get paid for cutting certain segments of podcast episodes. If other Fountain users like a particular clip you’ve trimmed, they might push you to do that microcontroller rendering job.
Generating revenue streams for listeners is an untapped design space that should make for some mind-bending experimentation. Not only can listeners get paid, but this particular mechanism introduces an organic path through which the best content is displayed. Instead of depending on some black box algorithm to get the content in front of you, the curated content will be user-generated and driven by the value specified by the user network in the application. Since the actual values (sats) are above the line, the ice cream will rise to the top.
I like that most of the traditional Silicon Valley venture capitalists and others enamored with the extremely complex world of “Web3” are sleeping on these developments on Bitcoin. It doesn’t seem like these types are capable of supporting anything or building anything that doesn’t have a lease token attached to it. The signal lies in everything discussed in this rag and all other projects as they are not mentioned. Having a real, concrete infrastructure under construction will have lasting power in the Bitcoin economy while “Web3” types are completely distracted by the shitcoin flavor of the month.