Soulbound unveiled its Web3 live streaming platform at TwitchCon 2024 in San Diego, California, introducing blockchain technology to transform the gaming and streaming experience. 

Per GamesBeat, the platform leverages blockchain to offer features such as stream-to-earn, an NFT sticker marketplace, and a prediction market. These mechanisms are designed to deepen audience engagement while generating revenue for streamers. 

Soulbound stated that these blockchain-powered interactions create transparent and automated processes, allowing streamers to monetize their activities more efficiently.

A key feature of the platform is its bounty system for game developers. Developers can set up prize pools for streamers by depositing funds into a smart contract and creating streaming challenges. 

Streamers, referred to as Bounty Hunters, participate in these challenges over a set period. Rewards are distributed based on audience size and time streamed, which Soulbound believes ensures proportional compensation for streamers.

The platform also includes a prediction market feature where viewers can place bets on games or individual players. This feature enhances viewer engagement while providing streamers with additional earning opportunities.

Soulbound, founded in 2021 by A.I. Mansbridge and Casey Grooms, is a SocialFi platform designed to help streamers monetize and grow their audiences.

Web3 Makes Foray Into the Creator Economy

Web3 is becoming the go-to solution for creators to monetize their content.

BINARY KOREA, a subsidiary of HYBE, recently signed a memorandum of understanding with Coinbase to develop an Onchain Engagement Protocol. The partnership focuses on integrating AI and Web3 solutions to streamline payments between fans and creators.

In July, Web3 platform STIX partnered with CREATOR to bring meme-based crypto engagement to a potential audience of 30 million monthly active users. The collaboration connects traditional UGC to the crypto world.