2018 will be the year that blockchain makes waves in media and advertising.
According to Forbes this is the year that blockchain will finally jump the shark to creative content management and monetization.
The implications of this development are huge. The entire media space is ripe for disruption. Digital piracy is at an all-time high. Social networks are taking the lion’s share of content revenue rather than creators or traditional publishing outlets. Online advertising is still relatively untargetable (and it is also clear there will be more regulation of social media advertising in the future on top of this).
A transparent, blockchain-based ledger at the heart of a creative media ecosystem would solve many of these issues, while also creating vibrant online communities of consumers and content.
In the content economy, users govern the ecosystem. Each participant’s contributions and actions, influenced by overall reputation, impact the economic reward of all users.
Narrative is a social media network that rewards content creators, moderators, and readers who positively contribute. 85% of all revenue is distributed to users.
The system uses blockchain technology as a basis for its own “content currency” – a token called the NRV. Narrative is a bit like a mashup of Medium, Instagram, and Twitter with a more focused subject matter. However unlike existing social networks where content policies are increasingly set and enforced centrally, and the billions in advertising mostly flow one way, Narrative flips the script.
Members and contributors are in control.
Users can post their own subject matter. Niche owners create curated content areas. And special channels called “brands” are designed for organizations or publications who post and manage their own content.
Narrative’s mission is to fundamentally change the game with a powerful economic model that rewards creators and content facilitators with enough revenue sources to build and sustain the network.
There are many benefits of this kind of content-management blockchained network. These include:
Autonomy: Users can create their own channels, create content, elect their own moderators and even approve the ads that appear. The Narrative organization keeps things humming in the background.
Transparency: Every action taken by anyone in authority (including moderators) is displayed for the community to see. All revenue-related transactions are cataloged in the immutable ledger of the blockchain system.
Ownership: All users create their own content and profile data. This can be exported at any time. Ownership is also reflected in the role all users have while governing the network as a whole.
Economic Benefit: Users are rewarded for behavior that benefits the network. 85% of all revenue generated goes to its active users. The top 90% of all monthly content will also be remunerated.
No Crypto Barriers: Advertiser fees and network rewards can be paid either in fiat or cryptocurrency. A 15% conversion fee applies when switching between the two.
The Narrative Network will use the NRV token. Originally based on an ERC-20 ETH utility-based currency, NRV will henceforth be based on NEO to take advantage of the many advantages offered by this blockchain over Ethereum. This includes increased speed offered by the NEO Network (10,000 transactions a second to Ethereum’s 15). It is also cheaper to operate on the NEO system as there are no fees. This means, in effect, that more of the revenue generated by the platform will stay with content creators and other users.
The token will be used for items of value (such as channels, and advertising). It will also be used to reward users who contribute positively to the network – which means content creation, voting and commenting on content, and more).
Revenue sources for the Network will include:
- Brand and Niche Channel Ownership Fees
- Issuance of NRV Tokens
Until advertising becomes a vital part of the system, minting of new tokens will remain a significant source of revenue for the Network. Tokens will, as a result, have a “market” value.
Revenue collected by the Network will be held and disbursed in the following ways:
- Content Creators – 60%.
- Narrative Organization – 15%
- Niche Owners – 10%
- Activity Rewards – 8%
- Niche Moderators – 6%
- Tribunal – 1%
The Narrative Network offers many benefits for users, especially when compared with the social media model that is widely used today by “conventional” networks. These include:
Reputation and scoring – Reputation scores and content ratings ensure that poor quality and “bad actors” have minimal impact. Quality users and content is rewarded the most.
Member governance – Narrative members have management authority over all content. Content is actually “owned” by users. However, moderators are elected by system users. A user-elected Tribunal is a final authority on all content-related issues and data posted on the network. Ads that appear on the network are also subject to community approval.
Transparency – Narrative is a completely transparent system. Actions from moderators or even tribunals are published as well as all revenue-related transactions. Financials of the organization will also be audited and published.
Easy-to-use – While the Narrative platform utilizes cryptocurrency to capture and monetize the value of the network, users do not have to have any understanding of either blockchain or cryptocurrency to use it. The service is free to use. Rewards are paid either in crypto or fiat currency.
Staked Value – Niche and brand fees will be paid annually in fiat currency values. This ensures that there is non-cyber, fiat “worth” also inherent in the system that represents a constant revenue stream that is not based on the volatile nature of cryptocurrency valuation. Tokens granted to the founding team will be redeemable only after a three year vesting period.
While it is very unusual for ICOs to switch their form of blockchain in the middle of an ICO, the company has also just announced this technical change in direction. Why?
To quote a recent online wit, NEO is a cryptocurrency David to the ETH Goliath. Yes, it is smaller, but it is also faster and more nimble. The coding base and focus of the two blockchains is also slightly different. NEO is also designed to be far more compliant and in line with national regulations now developing around the blockchain space.
It is an oversimplification to think of NEO as “better” than ETH, but the two blockchains are distinctly different.
To users who are not technically proficient, the most important impact is that they will get more value from coins built on the system in the short term.
Here are the details of the upcoming Narrative token sale. There are a few differences in the way the sale will proceed thanks to the change from ETH to NEO. This includes a mandatory KYC check before participating in the ICO. For more details, go to the
token sale link on the Narrative website.
Token name: NRV
Token base: NEO
Token supply: 100 million created, 50 million sold via crowd sale. The purchase of 60 NEO is required for founder status.
Token sale duration: February 13, 2018. Token discounts will be available for the first two days of the sale.
Token sale target: 30,000 NEO (soft cap), 166,667 NEO (hard cap)
Token exchange rate: 300 NRV = 1 NEO