How new social media App Own is tokenizing the creator landscape in Africa

A new decentralized social media app named Own has launched its beta version to the public, marking a significant shift for content creators in Africa.

As TikTok faces a critical deadline regarding its U.S. operations, the introduction of Own comes at an opportune moment for creators seeking new platforms to share their work and generate revenue.

Own, which offers an alternative to TikTok, features a swipeable feed for engaging not only in short videos but also in text posts and images. The app integrates familiar social media functionalities, such as direct messaging, while aiming to disrupt existing frameworks using blockchain technology and a token economy. Notably, the platform allows creators to earn revenue without any minimum follower count or post count, democratizing monetization opportunities.

Amir Kaltak, CEO of Own, and Katia Zaitsev, COO, co-founded web3 company Lexit before creating Own. They were joined by Sarah Mick, CCO, who brings her experience from popular dating apps Tinder and Bumble to the new platform. Together, they envision a future where creators across diverse geographic locations can flourish.

At the core of Own’s innovative approach is the $OWN Token, awarded to creators based on video engagement, which is fully tradeable. Built on the Base Layer 2 blockchain, the app ensures secure transactions and verified content ownership. Kaltak emphasizes that this system is transformative for creators worldwide, especially for those in regions that have traditionally struggled with access to monetization.

“Most creators around the world don’t have access to monetization on major social platforms simply because of their location. With Own, we’ve built a system that levels the playing field and opens up real earning potential for creators globally,” Kaltak stated in an interview with TechCrunch. His vision includes a model where a portion of the platform’s cash revenue is used to purchase $OWN Tokens from exchanges, distributing these tokens to creators.

In his view, the approach of tokenizing the creator economy is groundbreaking, offering fair rewards for creatives while generating consistent demand for the token in open markets. This model parallels other ventures in emerging markets, such as Chingari, a short-form video app with over 180 million users in India, which has similarly adapted to meet local creator needs.

Monetization on Own extends beyond token rewards. The platform integrates various other revenue streams, including tipping, brand sponsorships, and an e-commerce feature called Own Shop, mirroring TikTok Shop. Creators on Own potentially stand to earn up to 50% more than on traditional platforms. For instance, in cases involving tipping, Own retains only 20% of the earnings, while TikTok claims half. In sponsorship scenarios, creators keep 90% of their earnings, with 10% going to Own. The earnings are even more favorable in the Own Shop, where creators maintain 95% of their sales profits.

Photo. Own.

The rollout of these monetization features is anticipated in the third quarter of the year, while the Own Shop is expected to enter beta testing between October and December. These developments could fundamentally reshape how creators in Africa and beyond monetize their content, granting them unprecedented control and revenue potential.

Additionally, content licensing presents a further revenue avenue on the platform. Each piece of content will have verified ownership tracked on the blockchain, enabling creators to license their work while retaining rights. This means that creators could sell their content for use in marketing campaigns, receiving 90% of the revenue generated from these transactions.

Another feature of the Own app is its unique ranking system, which allows viewers to interact with content via upvotes and downvotes. This system enables users to express their preferences, and high-performing content can gain traction, climbing the app’s leaderboard for increased visibility.

“Owning your content, consumer agency, global equal pay, equal opportunity to go viral, making meaningful connections, and empowering people through self-expression and fair pay are at the forefront of correcting the current problems with social media,” Mick stated. In her view, enabling creators from various backgrounds to excel without unnecessary barriers is transformative for the industry.

As it stands, Own is available for free in the App Store and Google Play Store, with the company reporting nearly 40,000 people waiting for access. Enthusiasm around the app underscores a growing demand for alternatives to existing social media platforms, particularly in Africa, where a thriving community of creators is eager for innovative solutions.

To date, the startup has successfully raised over $5 million from a range of investors, including Sarah Mick, Michael Terpin of Transform Ventures, Saba Capital, Base Spin Capital, and Stoka Global. This financial backing positions Own well as it prepares to redefine the creator economy, championing a more inclusive and equitable landscape for content creators across the continent.

As the world watches the ongoing developments in social media, the launch of Own highlights a pivotal moment for creators, urging changes in market dynamics that could empower voices previously marginalized within traditional frameworks.