Twitch and YouTube, the two largest video streaming platforms, have attracted the attention of crypto firms looking to tap into their popularity for traction. According to Binance, XRP is the seventh largest coin as of late September 2024, with a market cap of over $33.26 billion and each coin valued at $0.58.
Content creators on YouTube and Twitch can now earn XRP through a browser extension by Coil. The extension enables them to receive tips in XRP from their viewers.
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So, join us as we explore how creators on Twitch and YouTube can now accept XRP for monetization. Let’s get started!
YouTube And Twitch Are Video Streaming Giants
Research shows Twitch attracts over 140 million users monthly, with over 7.3 million users streaming on the platform monthly. Users have spent over 23 billion hours watching videos and streams on Twitch, generating over $2.8 billion in revenue as of 2022, which is expected to be even higher in 2024.
With its ties to Google, the world’s largest search engine, YouTube is a dominant force in video content creation and sharing. As of early September 2024, YouTube had over 2.4 billion users, up from 2 billion in 2019. Over 47% of all global internet users choose YouTube, and the platform generates approximately $8 billion in advertisement revenue every quarter.
Why The XRP Tipping Extension Is Beneficial
The availability and adoption of the tipping extension mark a massive shift in the content creation landscape. This feature offers several advantages.
First, XRP, the native currency of the XRP Ledger, can be transferred cheaply, unlike BTC or ETH, which require higher transaction costs. As of late September 2024, transaction fees on the XRP Ledger, which also supports smart contracts, stood at 0.00001 XRP.
Second, and most crucially, although creators traditionally depend on advertisement revenue or subscriptions to earn an income, the integration creates an avenue for creators to receive tips in XRP from their global audience. They don’t have to wait for monthly or quarterly remunerations from YouTube or Twitch. Instead, all funds will be settled directly in their wallets.
Content creators must integrate Coil into their websites or streaming channels to earn. The tool will then be active, and they can receive tips from their fans, regardless of time zone or geographical location.
Creating A More Sustainable Reward Model For Content Creators
This is also helpful for creating a community. Instead of relying on intrusive ads, fans can directly support their favorite artists, who will, in turn, reduce their reliance on Twitch or YouTube advertisements for revenue. Fans only have to tip or pay for content they want to consume.
This model’s advantage is that it will be specifically beneficial for niche content creators who may not have a huge subscriber base. This will allow for the creation of an even closer-knit community where the audience-creator relationship is direct.
As the community grows, the content creator will also be incentivized to create even more high-quality content, knowing they will be directly rewarded for their effort. Meanwhile, the audience will have more control over the content they consume and be able to support a creator whose work they appreciate.
Final Words: XRP for Creator Monetization
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