Wouldn't it be exciting to have people earn money by bidding on your success? You might have heard of investors bidding on a company's success or bettors bidding on a team’s success but have you ever heard of investors bidding on the success and reputation of influencers and celebrities? Let's address the elephant in the room, BitClout.
One lousy evening, supposedly March 24, 2021, a platform was launched out of private beta with 15000 twitter profiles of celebrities and influencers preloaded WITHOUT their permission.
BitClout is a merging point of social media and speculation, a platform that has its own cryptocurrency, called BitClout which can be used to buy a new age asset called ‘creator coins’.
Everyone on the platform has a coin that can be bought or sold. The price of creator coins is woven into the reputation, deeds, and potential of a creator. For instance, if Mr. Narendra Modi decides against the interest of a large section of society, the price of the creator coin might go down. As we all know, venture capitalists and investors invest in the future growth of start-ups. Similarly, the investors in BitClout invest in the potential of a personal brand.
How does it work, you may ask?
A user can buy BitClout from Bitcoins and can use it to invest in Creators' coins. Creator Coins are bought, sold, and traded like stocks.
Time for some Tea!
Mr. Narendra Modi's coin is valued at $7505
Many influencers have claimed their pre-made profile. However, few have raised concerns over their identity being used without their consent, including Singapore's Prime Minister Lee Hsien Loong who tweeted regarding the same.
The CEO of BitClout is unknown and has been registered by the name 'DiamondHands' on the platform.
BitClout is an up-and-coming platform that has raised a few eyes and smiles. Is it legitimate? Is it worth investing in? That is for you to decide. However, the 'social clout' platform has paved the way for many more new-age use cases of Blockchain technology. In the words of Vaibhav Sisinty (Entrepreneur), "BitClout is one big creator away from gaining mass adoption in India."