Welcome to RepubliK
The world’s first digital ecosystem designed to align the interests of creators and supporters.
RepubliK is a revolutionary ecosystem of digital tools, where talent and their audience can engage with each other in a mutually beneficial way.
This symbiotic relationship of economics and trust will redistribute power from legacy platforms and distribution companies into the hands of creators and supporters, enabling better content and more sustainable careers.
More than just a smart contract or payment method, the RepubliK ecosystem will encompass:
To create a self-sustaining virtual economy where creators can maximize value from their activities.
To achieve this goal, we plan to
- Facilitate new ways for creators and their audience to engage with each other
- Distribute value equitably by removing all middlemen
We believe that the primary means of value exchange should be from engagement between creators and their audience, not through monetizing eyeballs via advertising.
We will start by
Creating an app where it is easy for creators to create or join competitions and for the audience to vote and stake on the outcomes. The prize pool will be distributed between the supporters and winners according to performance.
We will make it easy for the audience to support a creator by investing in their creator token, subscriptions to premium content or paying for personalized interactions.
The effect of our actions
RepubliK essentially decentralizes well established mechanisms in the world of sports, contests and talent management that have previously only been available to the top tier of creators.
Web 3.0 and smart contracts on the blockchain frees us from the administrative/operational/ legal cost of sustaining these functions and allows us to build a new ecosystem. One that is fair, more engaging and simply more fun than what has been previously possible.
The Creator Economy
The creator economy is broken
The current ecosystem masquerades as a republic but is actually an oligopoly. We are led to believe that the system is fair and the share of the spoils equitable, but it is an illusion created by record labels, media companies, and social media platforms. In reality they dominate the economy for creative and artistic talent.
The end result is an inefficient market. The incumbents reap most of the rewards, shared with a slim apex of creative talent. A large majority of talent is never discovered, wasted, or diverted to more prosaic pursuits that pay the bills. There is no creative middle class.
This oligopoly also controls the investment in talent, and without avenues for direct investment the rest of us remain consumers, not participants.
Imagine if even a small portion of the trillion dollars worth of Facebook’s market cap had been invested in the creators that fuel their platforms instead of being tied up in company equity. Imagine the impact that would have on content.
There have been many attempts to help creators generate more value, from direct donations (Patreon, Twitch) to services that help in the monetisation of content (OnlyFans , Rally, various NFT generators).
However none of these address the fundamental issue of an oligopoly, resulting in the lack of early support for creators, poor monetisation efficiency and the absence of opportunities for mass participation in talent investment.
Solving these problems requires more than smart contracts, algorithmic automated market makers or unique virtual trinkets. It requires the creation of a new economy and an equitable ecosystem of products that support the creators and participants every step of the way.
RepubliK will be the creative commons built from the ground up to equitably distribute value by giving everyone a stake in the economy.
It will be an ecosystem of tools not rules, allowing each participant to define their own path free from the restrictions that exist today. A republic of Kin, where everyone is given an equal opportunity to succeed.
The creator economy is huge but it lacks a middle class
It’s estimated that there are 50 million people around the world who now consider themselves “creators”. Even more significantly though, 93% are amateurs struggling to make a living out of their passion.
While the current funding ecosystem for creative and artistic talent has evolved in the last few years beyond traditional content monetisation models, current solutions still favour the top minority of creators who have access to an existing audience. Making it no easier for up-and-coming artists with talent to be discovered, let alone get funded.
Some notable examples include:
- On Spotify (royalties-based content monetisation), the top 43,000 artists — roughly 1.4% of those on the platform — pull in 90% of royalties and make, on average, $22,395 per artist per quarter. The rest of its 3 million creators, or 98.6% of its artists, made just $36 per artist per quarter.
- On YouTube (ad-sharing content monetisation model), 96.5% of creators don’t make enough to reach the U.S. poverty line of $12,140. To compound this issue even further, ad revenue for Creators has declined by 33% during COVID.
- On Patreon (subscription-based fan monetisation), only 2% of creators made the federal minimum wage of $1,160 per month in 2017, while the top 15 creators each made over $200,000 per year.
RepubliK will ensure that those people with the talent but not necessarily the resources or existing audiences to make it, don’t miss out on a chance to succeed