Verasity & The Evolution of Content Consumption
Online video creation and consumption is currently more widely accessible than ever before. With the latest global trends, digitalization is a phenomenon that’s showing no sign of slowing down. Despite a lot of controversy surrounding privacy, fake advertisements, hacking and all the other negative aspects of the digital lifestyle, the digital world keeps moving forward. With a digital marketplace that’s constantly growing, brands and companies will continue to fight for their share of consumer attention.
Global online advertisement expenditure has continued to rise significantly. In a few recent studies, nearly half of the interviewed advertisers were planning on increasing their budget for digital marketing. Online traffic has quickly become one of the most effective attention grabbers for brands to try and utilize in their favor.
Traditional digital content
This new evolution towards digital content didn’t come without its own core problems. Because of digital content and more specifically video content being so popular, platforms and websites quickly started figuring out how to monetize these mediums. Most monetization and loyalty schemes out there are designed to benefit the platform itself, and not the actual content creators or publishers. Outside of that, the current economy is lacking incentives. Viewers feel frustrated about the current system, and the mass adoption of ad-block plugins further proves that.
There are many existing challenges identified with the online video space today. Verasity’s team of media, technology and blockchain experts has released a video player system that offers video publishers and creators a way to enhance their audience’s video engagement by rewarding viewers for watching a video. (Source: Verasity Whitepaper)
In the VRA ecosystem, general revenue that’s generated through the system will be used to buyback the tokens. This is directly correlated with the size of the specific audience. More viewers bring a bigger reward, which will then be used to buy back more tokens. Publishers will also be able to use the Verasity network to directly reward their viewers. This all results in a positive snowball effect, creating a situation where there’s more ad revenue, better subscription revenue and more highly appreciated sponsorships and websites. For a short visualization of how exactly the Verasity ecosystem operates, make sure to take a look at the diagram below.
Thousands of new people around the world join the immense group of internet consumers every day. Especially when it comes to Generation Z and Millennials, the weekly amount of time spent online can be quite high.
Along with the shift of people spending most of their time on mobiles instead of on a PC / laptop / tablet, comes a different direction in terms of advertisement. With the preferred content people consume evolving at such a rapid pace, advertisement models in general are quickly becoming quite outdated. The business models behind online advertisements are often based on old and outdated ideas. While these ideas might have worked wonders in traditional media, they definitely do not anymore.
Due to this shift in device usage, there’s also a natural shift in content consumption. In this case, the majority of mobile users spend most of their time using specific applications, albeit to read up on social media, play video games or catch up on the latest news. Interactive content is quickly starting to outgrow traditional content.
Verasity’s video platform providing unique rewarding technologies to major publishers was just the beginning. Verasity has just announced that they’re going to start working together with mobile gaming publishers. Content consumers will be able to earn crystals on these kinds of applications which can then be converted to VRA in the Verasity wallet. They’ve recently made their first step towards this new trend. The first application they’re going to be working with is Triviata, a popular quiz app.
One of the key aspects of the entire ecosystem that will keep token metrics in check is the VRA buyback and burn policy. Half of all the advertisement revenue earned by Verasity in fiat, will be used to buy back tokens from all exchanges. These tokens will then be burned to further reduce the circulating supply.
Verasity is currently under negotiation with one of the leading mobile advertisements networks in the industry. Once finished, this could provide a wide variety of mobile applications the option to have VRA as an in-game reward.
In recent history, content consumption in general has changed significantly. It is a given that attention-based content is the future of advertisements. Verasity is trying to spark the flame towards an infrastructure which supports the integration of cryptocurrencies and utilize a system where both token rewards and user incentives are part of the foundation of future advertising models.
For more information regarding Verasity, make sure to check out their social media and web pages below:
Telegram Token Discussion: http://t.me/verasitychat
Telegram Token Announcements: https://t.me/verasity