SMART MEDIA FUTURES: The RECORD SMT - Sndbox Weekly Question
The #SmartMediaFutures Challenge: RECORD SMTs
(source: Pixabay)
If I were to create an SMT (and I do plan to), here is an idea of what it might look like. For some background I run an indie record label's website and want to incorporate SMTs into the music world. The record label's reach is to the tune of millions of fans annually.
What would your token do?
My token would facilitate discussions on my record label's website. There would be the opportunity for comments on news articles, new releases (singles and albums), and merch items such as CDs, records, hats, shirts, etc.. We would give out small amounts of RECORD as a percent of your purchase on the website, and customers would begin to curate good comments. Part of the website would allow for RECORD tokens to be redeemed for an actual vinyl record from the store!
What problems would you like it to address?
The RECORD token has a dual purpose. Of course the first purpose is to offer perks to all customers and for them to get records for contributing their input to the website! As the community grows the website will become more popular, sales will increase, and customers will be happier! The second, and arguably more important purpose is to introduce the concept of cryptocurrency to a demographic that has not been exposed to the crypto world.
What type of community do you imagine it might empower?
This token will directly empower all music fans, which is a huge range of people. These users are mostly people who have not been exposed to the crypto world at all - and who could benefit greatly from the potentials of crypto.
What is the greater goal?
I believe crypto and STEEM in particular has huge potential, but there is a major hurdle with mass adoption. I think the best way to get the ball rolling with mass adoption is to just get people involved in STEEM, whether they know it or not. I do not want to advertise this idea as cryptocurrency, but rather a magical RECORD token that just works. I want people to think "hmm, I have .02 RECORD, i guess that's cool" and then eventually "oh cool, I can get that Rolling Stones album I always wanted if I just get a few more good comments". The end. If they want to know HOW it works I will of course share the details of SMTs and the steem blockchain, but my concern is giving the customer a good experience - not confusing them. I want people to get comfortable with cryptocurrency. Eventually if this works and people start to catch on that this is the true power of cryptocurrency I think the music community in particular would rally behind crypto because of how huge the potential is for artists (especially on a low income) who need money to create.
Help Me
How can I improve the idea of the RECORD SMT? Do you see this fostering a vibrant musical discussion? I really need help with the nitty gritty details of the SMT setup. Please give me some insight into the tough questions below!
| Content Rewards Curve | not sure |
|---|---|
| Maximum Total Supply of tokens to be created | no clue |
| Curation rewards curve | no idea |
| Emissions Rate | what? |
| Raise funds via ICO | Probably not (but what do you think) |
Thanks for reading, and thanks @sndbox and @utopian-io for issuing the #smartmediafutures. Read about it here.
Thank you for participating in the @sndbox and @utopian-io #smartmediafutures challenge. Your contribution is certainly an interesting and unique way to use an SMT in an industry that has not always been very open to technological innovation.
One thing I would like to see, as relates to your stated greater goal, is how the RECORD SMT could help empower artists. Fostering good comments is a great and worthy goal on its own, but empowering artists, especially in the current marketplace, would be a true boon.
I also think it would be good if you got better informed on the technical side. Understanding terms such as "emission rate" will be critical for your idea to become reality.
Finally, the post was quite well written. Some sentences would be better if broken up by a nice comma. I also think a sentence such as "The record label's reach is to the tune of millions of fans annually." is sacrificing clarity for cleverness, which a trade off
I would only support if the cleverness was truly outstanding.
I look forward to seeing the future of the RECORD SMT.
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Hi @walnut,
I'm not giving you feedback on tech-economic aspects as my knoledge is not deep enough.
I think your goals are affordable.
In my humble opinion It would be better to place RECORD as a payment option too. Some exchange aspects are involved here so customers can convert their deposits to RD (RECORD abbreviation) instantly and simple. That way they may have FIAT and RD balances. Conversion must be bidirectional so people feel comfortable and trusting. No comission or a minnimal one should be aplied on this process ( would It be posible?...no idea).
More crypto conversions should probably be necessarily implemented to those customers who already know them and are eager to use them as a payment method. That aspect could be located on the custmer's account settings section.
The curation aspect I think it's awesome and could be implemented as nowadays on steemit: curating songs, albums and comments.
I'll be thinking on It these days and will come back and post my ideas.
Hope this can be of some help.
Hey @drakernoise
Thanks for the feedback. I have not considered using RD as a currency, I have only thought of it as kind of a "rewards cashback" kind of thing. I worry that it would confuse people, because I am under the impression that less than 1% of my customer base is crypto-friendly. It's interesting to think of using RD as a payment option. Curating songs, albums, articles and comments would be the main focus.
Of course it still needs a lot of thinking, and I'm also trying to keep the idea modest because it'd be a lot of work to create (and convincing my boss to pay me for it!)
Maybe I've not expressed myself correctly:
The starting point is a vast majority of "conventional"(Fiat friendly) customers. Ok, let's not focus on cryptos too much.
We(you) could add a "new" payment option to appear at the checkout stage, that's all. Have they any RD?, those who are interested would follow the link provided(something like: view my RD balance) which would lead them to the payment options page where they can see balances,deposit, withdraw, convert , etc. Three is also a quick step guide that explains the different options (maybe we could provide vídeos).
Of course it's only another payment option added to the existing. Don't think this would confuse your customers too much.
Obviously threre would be some kind of previous info (mails, site announcments etc) prior to the final feature availability.
I would see It as a new feature implementation, not much not less.
I'm with you, about being careful, definetely yes. The curation feature would come first (with it's own info "campaign"), but behind the scenes I would implement the payment feature and test on your testing server version. It's all about to be ready for what's coming.
I would sell It to my Boss as an added value to your site as we are pioneers on this "new world". Surely this "change" won't prevent your current customers to keep buying and paying in Fiat currencies as site keeps the look and feeling. It also will open the door to new customers that are crypto-friends 😊
Would love to have the oportunity to do It on my company (boss giving the Ok first) if It would be possible. Sadly, we cannot sell online on our current business model based on direct selling in our wharehouse with added value over field technical assistance (crops health engineering). We have a website that is a shopping(PrestaShop) website with all the store features disabled and hidden so It comes out as a conventional customized site. But it's ready to work as an online shop, just in case...
Hope my point of view enriches your view as well not blurring it as no one but you know your company environment and requirements.
Sry for the huge text
Ahh I see where your head is at!
I like your thoughts and think the subtle addition of a payment option and a small marketing campaign would be all we need to get it started! And you're totally right no need to worry about scaring anyone if the option for fiat is readily available.
Really interesting perspective - thanks for sharing dude!
Anytime! 😉
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