Blockchain’s decentralized ledger and smart contract system are currently popular in fintech; however, they have applications that reach far beyond investment markets. The technology has the ability to streamline and centralize tasks across a wide variety of industries. While new companies are appearing every day with novel applications of blockchain networks, not many of them focus on the arts.
The arts and media industry has experienced a renaissance of sorts with the recent social media revolution. New platforms like YouTube, Facebook, Instagram, and Snapchat gave content creators the opportunity to release material to a wide audience at an extremely low costs. Certain creators who built dedicated followings have become stars among millennials, commanding their attention in the same manner that Hollywood stars have stunned generations past.
In order to monetize this newfound fame, many of these influencers have turned to sponsored content in order to make a living off of their art. The decentralized nature of the industry, however, has made it hard for influencers and brands to connect without devoting significant time and financial resources to the project.
This is where Starflow comes in. The new startup is led by 21-year-old serial entrepreneur David Gabor, who believes that one of blockchain’s biggest applications lies in the growing industry of influencers.
The goal of the platform is to provide the first comprehensive marketplace for influencer content that allows all parties, not just brands and content creators, to participate. A simple marketplace, fast transactions, and powerful analytics, paired with an impressively clean user interface designed by Gabor, makes Starflow a company that tech insiders should keep their eyes on.
Starflow’s most ambitious project is its comprehensive influencer marketplace. The company hopes to solve the problems that both brands and influencers face when trying to connect. It accomplishes this with a decentralized ledger and smart contracts that provide a central point of access for all types of content creators.
Users on both ends can easily sign up and enter the marketplace as either buyers or sellers of content. Keyword searches for advanced specificity in influencer type, coupled with a simple negotiation protocol, allow users of the platform to easily access and perform transactions in the media assets they are interested in.
The startup has also introduced a proprietary cryptocurrency, StarCoin, to simplify transactions between influencers on the one hand and brands and consumers of their content on the other.
Blockchain technology allows transactions to occur at a much faster rate than traditional bank transfers, meaning that large amounts of money can be securely transferred around the world in minutes. Influencers can thus access earnings from sponsored content more quickly than ever.
In addition, by standardizing the currency, a proprietary cryptocurrency does away with the need for conversions that brands and consumers must make when buying content from or supporting consumers. By using StarCoin, brands can quickly and securely make media buys from influencers around the world, while followers can support their favorite creators with the same speed, security, and global reach.
One unique aspect of Starflow is that the company allows for investment in these media assets, inviting investors of all sorts to participate in the growing influencer economy.
Casual and institutional investors can use the platform to invest in all types of media, allowing for unparalleled access to the marketing industry as a hedge. In addition, investors can have a tangible effect on their investments by sharing media, as the more it is viewed the more valuable their investment becomes. This network also assists brands and influencers in further circulating their media, providing real benefits for all parties involved.
On top of their comprehensive marketplace, Starflow also offers a powerful suite of analytical tools for all users of the platform. For brands, real-time return on investment data from all social platforms is gathered in one place for easy analysis.
Influencers are able to monitor their accounts and their sponsored content through a similar toolkit that centralizes and displays their following and interaction data. Starflow has included tools for investors to get a real-time sense of what their asset is worth and how it is trending.
It is no surprise that there is so much excitement surrounding blockchain technology, given what it can offer industries around the world. A decentralized ledger system running smart contracts has the ability to streamline processes in many different types of companies, including those in the media and art world.
Starflow is a new startup boasting the first comprehensive influencer marketplace. As both the blockchain and digital media industries continue to grow, expect that this millennial-led company will be making waves not only in the financial technology world but in the world of art and media creation as well.