How One Small Button Can Transform the Creator Economy from a Buzz Word to an Actual Economic Model The co-founder and CEO of PIP, a creator economy monetization solution, shares how his company is helping content creators get paid more easily.
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Jeff Paik, the co-founder and CEO of PIP, a creator economy monetization solution, sat down with Jessica Abo to discuss his company and to offer predictions for Web3.
Jessica Abo: Jeff, tell us a little bit about your company.
PIP, getpip.com, is a Web3 payment company focused on retail users delivering a seamless payment experience on the web. We have multiple product lines related to Web3 payments using cryptocurrency. First is the PIP extension, which is a browser extension that allows you to make a payment on social networks, like Twitter, Twitch, Reddit, and Discord.
The third payment option is PIP ME, which is a simple URL for you to receive payments. You get to have your own website, that we provide, that works as a payment gateway for any purpose that you have.
How do you think your platform helps content creators?
Content creators use multiple platforms; sometimes they use YouTube, sometimes TikTok, Instagram, Facebook, and so on. But each platform is siloed in its payment solution. And these platforms charge up to a 40% fee when a payment occurs. The beauty of cryptocurrencies is that they are neutral by nature. PIP allows anyone to send money basically to anyone on any platform without jumping through a siloed payment process.
And why crypto payments instead of regular money?
It's impossible to build PIP with a traditional monetary system because, in a traditional system, money and information are separate. Just because one has experience sending money like information, money moves differently. Also, it's really difficult to build a global micropayment system with cash. But crypto allows a seamless payment experience because it's neutral and no one controls it. And so, it moves like information.
Where do you see Web3 heading?
The most common use case is trading. And I think what's happening right now is that stablecoins are starting to become a means of payment. They successfully bootstrap it themselves as a trading pair against another cryptocurrency as a nonvolatile asset. But they're expanding beyond that because market caps are growing close to $100 billion, and it's going to go well beyond multi-hundred billion dollars, which is enough for a global payment asset.
It will become a means of payment. We believe that Web3 will evolve, not just as a trading element, but to become a payment platform that could flourish in a bigger market, where any individual can sell their content, incentivize others, or give donations or tips. And do so freely, in a neutral manner on the web.