Morgan Coleman, Co-Founder and Co-CEO of LaMint, recently presented his company’s app at the Blockchain in Business Conference in Sydney. LaMint is a tool for content creators that allows them to earn money through near-instant micropayments.
In his presentation, Coleman discussed the challenges faced by content creators in earning a sustainable income from their work and proposes Bitcoin as a potential solution.
Unbalanced revenue conditions for content creators and influencers
Coleman introduced Katie, a talented makeup artist, hardworking content creator, loving mother, and devoted wife. He described her journey from having a few hundred Instagram followers to becoming one of Australia’s most sought-after makeup artists and content creators. Coleman emphasises the tremendous effort and dedication that Katie has invested in her work, often pushing herself to exhaustion in the endless cycle of posting, creating, and curating content.
However, less than 1% of her social media posts are monetised, which makes it challenging for content creators like Katie to earn a sustainable income from their work. Coleman noted that less than 1% of all content creators manage to earn enough from their following to make it their full-time job. He dispels the misconception that these creators are not bringing enough value to the market, and suggests that Bitcoin as a payment solution could potentially change the reality of the creator economy.
Monetising content on-chain
Coleman notes that the creator economy was valued at $104 billion in 2021 and is expected to grow by 20% by 2030, indicating that content creators are bringing significant value to the market and their followers.
However, most creators are reliant on outdated and limited monetisation methods, with the majority of their revenue coming from advertising, which is unpredictable and unreliable. Additionally, big tech platforms profit more from these transactions than the creators themselves.
Coleman proposes the possibility of a platform that would democratize the creator economy, allowing creators to take back control from big tech platforms and turn their content into revenue-generating assets. Such a platform would empower creators to unlock their earning potential with every post, enabling them to monetise the content they currently give away for free.
Introducing LaMint
LaMint is a tool for creators that allows them to earn money from their content through micropayments. LaMint brings peer-to-peer and instant transactions to the creator economy, enabling creators to post and spend real cash instantly without pay cycles or confusing tokens and exchanges.
Creators can drive their followers to the platform by embedding links in their posts, stories, or profiles, allowing them to monetise even the smallest piece of content through micropayments when users view and interact with their posts.
LaMint offers multiple revenue streams to creators, with six revenue streams per piece of content in their closed beta group, which will increase to nine in the next 12 months, with more exciting revenue streams in the pipeline for creators.
High conversion rates and promising traction
Coleman said that the platform has been beta tested and some creators are already converting up to 20% of their followers to purchase per post, which is just the tip of the iceberg in terms of monetisation methods they plan to bring to the platform.
He’s confident that LaMint will succeed due to its unique solution to the payment problem faced by creators, which sets it apart from competitors. By using a simple debit card, LaMint facilitates instant payments to creators in the real world, allowing them to withdraw their earnings and spend them immediately.
The presentation showcased the platform having processed over 6,000 transactions in the previous three weeks, indicating promising traction already at an early stage of the platform.