Blockchain Porn Done Right: Is Vice Industry Adult Entertainment’s Unrivalled Savior?
The adult entertainment industry is known for driving technological innovation
and the commercialization of new technologies. Studios and distributors
laid the foundations for a solid consumer base for the Internet, and
many aspects of the mainstream Internet that we now take for granted,
including streaming video, online credit card transactions, and even the
concept of e-commerce itself.
As
blockchain is swiftly becoming integrated into our digital lives, the
adult industry is looking to it to develop new business models that will
benefit everyone — the talent, the producers, the distributors, and the
consumers.
Vice Industry
and SpankChain are gaining a lot of attention for their endeavors to
improve adult entertainment through blockchain-based solutions. We spoke
with Vice Industry Founder and CEO Stuart Duncan about his company’s
solution to the issues that are hindering economic growth in the adult
industry, and how it compares to their closest competitor.
Before
we get to Vice Industry, let’s talk about adult entertainment in
general. As a multi-billion dollar industry, it seems to be doing fine,
and viewers have free 24/7 all-you-can-eat access to porn, so what
exactly needs fixing?
The
free content model is broken. Most players in the adult entertainment
industry are content with the existing commercial model. Porn generates
30% of all Internet traffic, which generates 62% of the industry’s
revenue. Those numbers sound great, but ever-increasing competition is
diluting the media landscape with lower-quality content that we’ve
conditioned viewers to watch in exchange for putting up with
advertising.
The problem
here is that, thanks to ad blocking and multi-tasking, viewers aren’t
engaging with ads. As a result, advertising revenues are sinking, and
this threatens a huge portion of our revenue.
At
the same time, producers of paid content are seeing a decline in
consumption, while simultaneously suffering from low levels of financial
compensation received for content after the ad networks and agents take
their cut. So they have little to no incentive to keep producing
high-quality content.
What is Vice Industry’s solution to these problems?
It starts with understanding what we’re really competing for here, and that is consumers’ attention.
The
future of adult entertainment lies in recognizing that consumer
attention is a valuable and scarce resource — and effectively, an
entirely new economy: the Attention Economy, which financially rewards
all parties: content producers, talent, distributors, curators and
consumers.
So Vice Industry’s solution is to ensure that everyone gets paid, even the viewers?
Exactly. As we say, “Free was good, it’s just not good enough anymore. Get paid to watch porn.”
Tell us more about the Attention Economy.
In
Vice Industry’s Attention Economy, content is produced, tagged by a
blockchain-enabled platform, and curated by channel owners. Consumers
view this content for free, in exchange for engaging with it in specific
ways — for example, commenting, upvoting, or simply viewing a video for
a set period of time. These engagements generate our cryptocurrency,
the Vice Industry Token (VIT), which is then used to as payment for
participation.
Using a
cryptocurrency, rather than a traditional currency, facilitates making
the high volume of small payments — micropayments — that our model
demands. In cases where there are multiple content producers — for
example, when a third party creates a mashup from two existing
videos — the underlying blockchain technology will be able to identify
fractional ownership and allocate cryptocurrency micropayments
accordingly.
Among
the other blockchain solutions in the adult industry, there’s been a
lot of talk about SpankChain. How does Vice Industry stack up to them?
To put it
bluntly, you can’t compare the two. Vice Industry is simple, useful, and
beneficial to everyone involved: content producers, talent,
distributors, curators, and viewers.
SpankChain,
on the other hand, is limited to a single use: anonymous payment for
webcam shows. And the viewer needs to buy their cryptocurrency in order
to pay for consumption. So they’re not even offering free content!
The
SpankChain model creates more problems than it solves. Its multi-token
model is confusing, and requires users to purchase them from obscure
sources. While anyone can certainly buy VIT, we offer viewers the
opportunity to earn VIT for consuming the content they want to see, when
they want to see it.
SpankChain
has a small target audience and small potential user base. It’s pretty
much useless if you’re just buying it for anonymity. Just ask the
billions of people who have been using tube sites since 2006.
Vice
Industry, on the other hand, serves a vast global target audience and
billions of potential users, satisfies their specific needs, and pays
them with a multi-use utility token.
****
Vice
Industry is the first adult entertainment enterprise to tokenize the
viewer relationship with content, rendering old models unsustainable.
Stuart Duncan is confident that his company’s pioneering approach to the
way we consume online porn will cross over into mainstream TV and video
content distribution. After all, why would anyone watch anything for
free when they could be paid?
To get involved in the Vice Industry Token, read the whitepaper here and join the discussion in Telegram https://t.me/viceindustrytoken
Bitcointalk profile: redtrust
Bitcointalk profile: redtrust
https://bitcointalk.org/index.php?action=profile;u=1726043
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