Novel Cryptocurrency Venture Aims to Transform Time into Digital Assets
In the wild world of crypto, the ability to "tokenize" items has become quite the trend. And by that, we mean monetizing just about anything! Take the NFT market for example, which managed to turn digital receipts for web files into an industry worth a staggering hundreds of billions of dollars (temporarily, of course). Now, there's a new crypto platform that's trying to monetize something even more substantial - our very experience of temporality itself.
The crypto news outlet, The Block, has its eyes on a company named Time.fun, dubbed as a "tokenized time platform". Sounds complicated, right? Well, not so much when you get a glimpse of the website. It's a searchable interface where users can surf for creators and influencers, paying a fee to interact with them for a specific, often short, period. The motto "Time Is Money" couldn't be any more fitting.
In essence, Time.fun is a cross between social media platforms like Cameo, OnlyFans, and Fiverr, with a generous sprinkle of crypto. Content creators can set their own rates for their services on the platform. The offerings are quite diverse, ranging from influencer interactions, music sessions, artistic exchanges, and even technical expertise, like feedback on UX and website design. Users can connect with creators through direct messages, group chats, and voice or video calls.
Time.fun's founder, a guy named Kawz, likens the platform to "longing someone", regardless of their career. If they're new to the scene, you can buy their time, and as they grow in popularity and success, the value of their time would naturally increase. The long-term goal of the platform is to create a new asset class where people can own and trade others' time.
While Time.fun seems like a new concept, it's essentially rebranding services and systems that already exist and integrating them into the decentralized financial (DeFi) world. All labor requires time, and thus all labor involves monetized time. So, it's just another gig-services directory, but you can pay with your goofy digital coins.
Enrichment Insights:- Time.fun originally started as circle.tech but rebranded to time.fun to focus on time tokenization.- The platform operates on both the Base and Solana networks, with a recent migration to Solana.- Time.fun tokenizes time by converting it into tradable tokens. The value of these tokens is dynamically adjusted based on market demand.- Creators earn revenue through three main channels: time redemption, time trading, and referrals.- There's a modest transaction fee across the platform, which is distributed among creators, referrers, and a monthly award pool.- Time.fun aims to make tokenized time "composable", enabling other applications to build upon its platform. The platform is currently focusing on achieving market fit and establishing a new asset class around personal time.
- Embracing the future of technology, Time.fun, previously known as circle.tech, underwent a rebranding to focus on tokenizing time.
- The platform operates on both the Base and Solana networks, with a recent migration to Solana, allowing users to monetize and trade their time as tradable tokens.
- As creators on Time.fun, individuals can set their own rates for various services, such as influencer interactions, music sessions, artistic exchanges, and technical expertise, and earn revenue through time redemption, time trading, and referrals.
- Incorporating a transaction fee across the platform, Time.fun seeks to make tokenized time "composable," enabling other applications to build upon its platform while aiming to establish a new asset class around personal time.
