As the widely anticipated deadline looms for TikTok’s mandated sale of its U.S. operations, a fresh face has entered the crowded social media landscape, unveiling a decentralized platform built around blockchain and cryptocurrency-based rewards.
The new app, named Own, officially launched as a public beta this past Tuesday. While initially positioning itself as another competitor to TikTok, Own differentiates itself by offering users a seamless, swipe-based interface for content ranging from short-form videos to images and text posts. It also incorporates familiar elements such as direct messaging capabilities.
What sets Own apart from its predecessors, however, is its innovative integration of blockchain technology and a token-driven economy. Central to this approach is the $OWN token, a crypto asset that creators receive based on user engagement with their content. Notably, there’s no threshold requirement of followers or posts before users can begin earning from their creations—the platform’s rewards start immediately, irrespective of popularity metrics.
This venture emerges from an experienced founding team, including Amir Kaltak (CEO) and Katia Zaitsev (COO), previously known for their roles at the web3 firm Lexit, alongside Sarah Mick (CCO), who has an extensive background working with major dating platforms Tinder and Bumble.
Speaking on the philosophy behind Own, Kaltak highlighted a critical barrier faced by creators globally on traditional social media sites: limited access to monetization options due simply to their geographic location. “Own introduces a level playing field,” he explained, emphasizing the potential for real and universal earning opportunities facilitated by the blockchain-based system.
An interesting component of Own’s economic structure is the app’s practice of using a portion of generated cash revenues to consistently purchase $OWN tokens from crypto exchanges. These tokens are then redistributed to creators on the platform, creating ongoing demand and potentially contributing to token stability.
Monetization strategies extend beyond token rewards, encompassing tipping from users, brand sponsorship deals, and an in-built shopping feature termed “Own Shop.” According to the developers, creators who utilize Own Shop stand to keep 95% of their sales revenues, far exceeding rates offered by comparable platforms such as TikTok, which retains a larger percentage of earnings across various monetization mechanisms. Tipping on Own involves just 20% going to the platform compared to TikTok’s 50%, and when it comes to brand sponsorships, Own claims merely a 10% cut.
Additionally, Own addresses the increasingly valuable field of content licensing. Due to blockchain-enabled tracking of each piece of content, creators can securely verify and license their original work to interested brands, maintaining control over their intellectual property while reaping the financial benefits of creative reuse.
Further distinguishing Own from its competition is its dynamic interaction mechanism, which mirrors community-driven content evaluation systems like Reddit’s. Users can actively upvote or downvote posts, thereby influencing a public leaderboard that can elevate an artist’s exposure across the platform.
“Ownership, equal pay worldwide, equitable opportunities for virality, meaningful connections, and fair compensation—these are fundamental elements that many current platforms simply lack,” Sarah Mick stated, reinforcing the app’s overarching commitment to transparency and creator empowerment.
The startup has already built significant momentum in early stages, attracting $5 million in funding from investors such as Saba Capital, Stoka Global, Base Spin Capital, Transform Ventures’ Michael Terpin, and co-founder Sarah Mick herself.
Own has become available this week via the App Store and Google Play Store, with a growing waitlist approaching 40,000 users. Although the monetization mechanisms, including full token integration, are slated for rollout between July and September, the app’s Own Shop feature is scheduled to enter beta testing between October and December of this year.
