I noticed that Sellah (3Cr8) Creator coin has the option to purchase some physical goods with their creator coin. I intend to buy one for a friend who I know is a fan, but it got me to thinking…I imagine this will be increasingly important with other musicians like Portugal the Man wanting to leverage creator coin for goods, services, access etc…
There are a couple of issues with using Creator coins to purchase goods vs. Services:
User experience. I have to purchase coins and wait for the transaction to complete, and then I need to donate the coins in a separate transaction.
The UI for donate prompts me for an amount of coins, but I must calculate the value. This could fluxuate a meaningful amount, wildly even at certain points along the sigmoidal TBC or with larger transactions. While the average user might reasonably think to simply multiply the coin price times the number of coins. Additionally, other sales could happen that would further change (for higher or lower) the amount of my donation. $RLY coin price could also change, though we should expect that to stabalize in the longer term. Ultimately, this offers a suboptimal experience for both the fan and the creator, particularly as Creators may have more flexibility with cost of services over goods that have more or less fixed costs (CD, poster, hoodie etc…).
It’s really important that Creator coins can capture all the economic activity in a creator economy, so it’d be great if we could develop or implement a more seamless solution. How can we enable fans to donate a precise amount to their creator using creator coins…Solution?
Create an option to purchase and donate in a single transaction. This would in effect mint and transfer the coins in a single transaction. The value at minting could then be verified by (or provided to) the creator. Additionally, the fan will have an easy time knowing precisely how much they have donated in fiat.
Alternatively, one might want to purchase say 50$ of coins and donate 20$. While adding a step to the process, it might make sense to have a prompt to allow for a partial transfer at the purchase time. Would you like to donate part of your purchase to the creator? Not as big a fan of this, as I see the need to solve for the goods - particularly for those fans who simply want to buy the CD etc… and aren’t interested in engaging further in the creator coin.
Not to overcomplicate things, but we could even create tools for Creators to programmatically burn a portion of each donation, say 1%. This would smooth out redemptions, and could even set this aside from their current redemption caps. Perhaps an idea for another thread!
Welcome further thoughts!