- Crypto media company The Block has launched a tokenized paywall model
- The model was launched in association with the access protocol
The Block, one of the leading crypto media companies, is now moving forward by introducing a crypto-based paywall model.
The Block presents a paywall model based on crypto tokens
Crypto Newsroom Platform The Block Will Move Towards New Crypto Adoption tokenized paywall model. The platform will dedicate portions of its consumer paywall exclusively to the crypto-based token model.
By adopting the tokenized crypto paywall model, The Block has become the first newsroom in the industry to launch a special system in a new industry framework called the Access Protocol, which will further allow consumers to purchase “multiple media or creator subscriptions through a uniform set of tokens”. .”
“It (The Block) becomes the first newsroom to launch a tokenized paywall in a new industry framework called the Access Protocol, which allows consumers to purchase multiple media or creator subscriptions through a uniform set of tokens” , as stated in the Axios statement.
Speaking about Block’s latest crypto paywall model, the company’s CEO, Mike McCaffrey, said the model was introduced to cater to its ever-expanding user base.
“All of this is done in an effort to increase the distribution of our content to more people,” McCaffrey added.
The Block’s tokenized paywall will work in sync with the access protocol. The Access Protocol will be responsible for issuing the custom “Access” tokens which will be offered for sale on various crypto markets. Users will be able to purchase the tokens and stake them later temporarily to access content on Block’s website.
“The Access Protocol works by issuing personalized “access tokens” on various crypto markets that people can purchase and use to access their subscriptions…When a user hits a paywall on The Block website – and in the future, other media paywalls – they may “stake”, or temporarily pledge, a number of tokens to access content on the website.
The statement further adds that each media subscription company or participating creator can set the “minimum threshold” for the number of coins a user must stake to access the website’s services.
Initially, the Block will continue its plan by applying its tokenized paywall option to almost 20% of its articles published on the website. However, the company plans to scale its tokenized subscription format up a notch in 5-10 years.
Image: The Block/Twitter
