@bldgblox is an SMT product developed by the @sndbox incubator. This post outlines our research and proof-of-concept for utilizing Steem as a powerful crowdfunding platform. Stay tuned for an official announcement from @bldgblox coming in February, 2018.
Going Beyond the Blog with SMTs
With Smart Media Tokens (SMTs) coming out soon and a number of Steem derivative tokens already publicized to launch this year, we’re beginning to witness how the Steem blockchain can be applied to disrupt many other industries beyond blog-form media. New industries and new SMTs will open up new avenues of taking advantage of one the world’s [best performing blockchains] for multiple sectors.
What is truly important to understand is that whatever is possible in the future with any SMT is theoretically possible at this moment, manually and in practice. What this means is that if we as a community want to tailor the Steem blockchain to achieve a certain goal right now, we can. We see this happening with @dsound, @dtube, @utopian-io, and @steepshot to name a few and today, we want to talk about one perspective and use-case for the Steem blockchain - crowdfunding campaigns - and how you can start putting our principles and strategies to work.
Of course, as of now, Steemit.com is a very different interface than that of Kickstarter or Indiegogo and the current upvote mechanism for posts encourages audiences to treat them as singular rewards. But even without key interface functions such as a ‘percentage achieved’ meter or tiered contribution rewards, it isn’t difficult to imagine that the Steem blockchain is perfect for fundraising initiatives. Engagement, follow-up, and progress are implicitly valued on Steemit.com and that transparency is painfully lacking on current centralized funding platforms that care about the bottom line.
A Public Backstory
Steem Park was the product of our initial fundraising hypothesis, that an engaged and ongoing project would be able to effectively raise more funds and impact than any Kickstarter campaign. As we got deeper into the process, there are a number of tremendous perks as well - the ability to choose intervals and types of rewards, circumventing network fees, and having verifiable/secure transactions between “patrons” and creators.
And while we pursued this campaign over the course of 2 months on the @hitheryon account, one post at a time, the possibilities of establishing any timeline and any type of campaign on the Steem blockchain are endless. Best of all, the momentum of the project is as strong as we are willing to maintain it; the Steem Park project of course continuing to be the flagship example of blockchain-based crowdsourcing from Sndbox.
Looking back, here are some of the "Tier" rewards we created for those donating to Steem Park (below). We experimented with different types of rewards and recognitions. Of course now - the prices that correspond to prizes look ludicrous! Steem has grown tremendously over the last several months!
Tapping into the True “Crowd”
Current funding platforms - Kickstarter, Indiegogo, GoFundMe - pride themselves in being “crowdfunding” environments where anyone can contribute to a good cause, new product, or creative process. Newer websites are even allowing the purchase of equity to help fund startups and organizations. While these technologies do allow better access for the ‘normal’ individual (as opposed to venture capitalists or deep-pocketed buyers) into domains that were previously out of reach, they remain a huge barrier for most of the world who do not have dispensable financial amounts to offer.
That of course does not mean they do not have anything to offer. But with the current state of these platforms, any meaningful contributions or discussions are neither possible nor productive with the functionality of a one-way Paypal system. Creators should be rewarded and supported for their projects/work but contributors should also be able to accrue some meaningful asset or stake, especially one that they can build upon in the future.
This is where the power of the crowd - a broader engaged public - could really shine. Hundreds or thousands of new accounts, even with 1-cent upvotes, could potentially grow to have greater impact than a single $20 or $100 contribution in Kickstarter. Those stakes will grow over time and the impact accordingly.
Here's a list detailing the earnings of Steem Park and those who contributed. Theres tremendous power and enthusiasm in this blockchain crowd.
Formatting Posts for Long-Term Impact
So, since we don’t have this type of interface now, we can enact the ethos of this type of blockchain-based fundraising by tailoring our Steemit posts a certain way. As we’ve seen with community and project accounts affiliated with @sndbox (i.e. @phillyhistory, @myach, @steemph.cebu, @hitheryon), we can use the tools we have in certain ways to achieve our goals.
Here are some tips to make advantage of a longer campaign-type ambition -
Keep your audience up-to-date. It’s a bit difficult to follow every post someone does, even during an important campaign or series of related posts, due to the broad quality of the Steemit interface at the moment. It’s important to add small summaries and links to previous posts to manually keep project-related content linked. This gives both new and old followers a moment to orient themselves.
Set a roadmap with projected milestones. Set future goals and a schedule so your audience can follow. This opens up channels for people to engage and contribute along the way rather than waiting passively or even unknowingly for the next potential update. This also implicitly shows your seriousness and accountability to follow through with your project.
Experiment with post types. Having a long-term and developing effort affords you the chance to play with traditional post formats. Curation articles, update newsletters, donor information, contests, and any number of different strategies can make your trajectory more effective and inclusive.
Share your ideas!
The opportunities for funding a whole new world of potential with a whole new crowd. Let us know what you think and share your ideas below! What kind of developments and impacts would you like to see out of the Steem ecosystem?
@bldgblox is an SMT product developed by the @sndbox incubator. This post outlines our research and proof-of-concept for utilizing Steem as a powerful crowdfunding platform. Stay tuned for an official announcement from @bldgblox in February, 2018.
Want to support Steemit content like this? Consider joining our curation trail! You can learn more about the @sndbox incubator mission here.
A crowdfunding platform like you are describing, along with good user interface and easy usability by the people raising the funds, would be a total game changer.
@heymattsokol, @sndbox, it's also fun! I think more fun than some of the most popular crowdfunding websites.
We agree @heymattsokol. Very excited to share some developments with you all soon :)
This is what excited me about Steem. A lot of people I explain the platform to like to oversimplify it to "reddit but you get paid for it" but I think that cuts out the true power of the platform. I love the idea of keeping a base up to date on a project, for example a making a Film. While you keep people up to date, they can help fund the project, and the transparency, something everyone seems to crave, will not only make the base feel closer to the project, but will assure there will be people out there excited and ready to consume the project when completed.
Very interesting. I am beyond excited to see how the block chain develops and what new tools are created by utilizing the new SMT's that will be coming out.
SMT's will change everything. 2018 is set to be a banner year for the Steem community!
What platform do you think is best for issuing new SMTs?
wooow very interesting post. Steem has lots of advantages at this era and I am very sure It will grow quickly and professionally in a short time based on the platform growth recently
Thank you for that information following you ♥
So much coming out of Steem it is really exciting and makes me want to be completely involved with the innovation. I think there is so massive potential going forward it boggles my mind. P.S How do I get involved with sndbox?
A huge number of incredible projects are coming. Lot's of game-changing innovation!
If you're curious to learn more about the Sndbox Incubator check out this post, outlining our rotating cohort schedule. If you have any questions always feel free to ask / reach out!
Thanks so much @sndbox!
I see current applications are closed. I am a everyday Steemit user looking to get more and more involved. Should I for now just tag sndbox and continuing to socialize in the community? Want to build as much as I can and the support of a group such as yours would be benefit greatly for me.
There are a lot of ways to get involved, we frequently do contests like this one (open to everyone to participate). And we'll be sharing many more fun challenges in the coming weeks. Stay tuned!
https://steemit.com/steem/@sndbox/steem-stats-infographic-contest-announcement-big-upvote-prizes
Ok will do and following you also on Twitter!
What to say? This is a Perfect Combo. I just can't give any suggestions neither any idea, çause this is a learning shot to me!
So good notices, seeing how Steem Blockchain is having a New Shape, and so many good things are coming around; SMT, @bldgblox, Witnessing.
Sounds like projects like this could really shift big things in the world. Inspired to hear about it.
very genius ,, i love to read her ,, thanks her information ,,
wow It's great post and I think, It's necessary situation.. good work @sndbox
Thanks for that information
Exactly right, @sndbox. As you say in a kind shoutout, we’re on board and excited @phillyhistory to experiment and prove a functioning model for crowdsourcing. Thing is, funds are only a part of it. The rest of it, the heart of it is, that basic and essential special sauce: attention. Paired up together on the platform, they’ll constitute a timely and practical demonstration of the attention economy.
Terimakasih banyak.sangat bermamfaat bagi kasi..selaku kami baru pemula di stimeet...tolong dong di folback...terimaksih banyak
Thank beneficial to our kita..selaku new starters in stimeet ... please dong in folback ... terimaksih many
Bravo! I like that you've systemized the way this can be used and already has as well as creating a bigger vision for the potential. Having done a successful Kickstarter, one thing that is clunky on that and other crowd-funding is community inclusion. Yes you can send out updates, newsletters and such but Steemit has this way of creating more invested and intimate engagement that I think makes the participants, contributors and supporters feel more connected to the project they are funding.
Sigh, lol once again I could wax poetic with my head floating off into the ether when thinking about the brilliant potential here!!
Community inclusion! And reputation! So important and so overlooked. Thank you so much for your support and enthusiasm @natureofbeing :D
ps. I'll also mention that I've been cooking up a project that I have been planning to fund with steem so the idea must be floating around as ripe ideas do!!
Awesome! Looking forward to learning more about it :)
Fantabulous ideas. WOOT WOOT.
I do like the idea of using different kinds of posts - posting video posts, contests, newsletters, images, etc.
Will Re-steem so all can see this post.
THANK U.
wow.. another steem park history will be made by the steemit user's. this is awesome.
if I could win @papa-pepper meme challenge I will donate 50% of it to crowd funding project.
Really interesting proposed project, I'm interested to see how this turns out.
A really cool feature would be if some of the funds were controlled by a smart contract that would only release more capital to the fundraising party if the community came to consensus that early milestone goals were reached. Otherwise, the unspent money could go back to the original contributors. This would prevent some of the disastrous mismanagement of money that goes on a lot of crowdfunding site, and protects the contributors more than anything in the space.
By making a handful of smart contract features, such a platform would have a HUGE competitive advantage over Kickstarter and Indigogo.
I really love your concept in this community. @samrigour.