December 8th, 2021: Happy (belated) Thanksgiving! While you were eating stuffing and turkey, the influencer marketing world was hard at work. Let’s go!
In today’s edition:
- TikTok continues to prioritize creator monetization
- Meta allows crypto companies to advertise
- Twitter’s CEO steps down
TikTok Launches Even More Monetization Features
TikTok has launched Creator Next, a way for creators to access monetization tools as a reward for their creativity.
Thank U, Creator Next
Monetization is the name of the game! Creator Next gives eligible creators access to the following:
In order to be eligible to participate in Creator Next, there are a slew of requirements for creators. Creators have to be at least 18 years old, have at least 100,000 followers, have at least 1,000 video views in the last month and have at least three posts in the last month. But wait, there’s more! Each creator must also have an account that is in good standing with Community Guidelines, and be based in the United States, United Kingdom, Germany, France, Italy or Spain.
Diamond in the Rough
With Creator Next, TikTok is expanding their LIVE Gifts feature to include Video Gifts. Previously on live videos, users could gift creators with diamonds— a virtual currency that costs nothing to the user, but can be redeemed for cash by the creator. Users can now donate diamonds on any TikTok (by someone who is a part of Creator Next) furthering the monetization opportunities present on the app.
We hate to sound like a broken record when it comes to TikTok consistently prioritizing creator monetization, but we can’t help it. The platform that puts creators first will reign supreme, so it’s no wonder why TikTok is as successful as it is. The fact that users can now reward their favorite creators at no personal cost is groundbreaking. We see plenty of ways to utilize this feature, such as a brand incentivizing an influencer to receive diamonds on their sponsored post — because at the end of the day, these diamonds are the ultimate form of engagement. Just when we thought TikTok couldn’t outdo itself, here we are.
Meta Welcomes Cryptocurrency With Open Arms
Meta loosens restrictions for crypto advertisers, now boosting the number of accepted regulatory licenses from three to 27.
All Grown Up
As the cryptocurrency landscape continues to mature and stabilize, Meta is recognizing the role it will play in the evolution of the metaverse. With more government regulations and clearer rules for the sector, Meta sees crypto as a way to give businesses equal opportunity to grow their audience.
Crypto-related brands were previously required to submit an application in order to advertise on the platform. Now, the following organizations no longer need written permission:
- Tax services catering to cryptocurrency companies
- Events, education or news that is related to cryptocurrency or blockchain tech
- Services and products based on blockchain technology that are not a virtual currency (like NFTs)
- Cryptocurrency wallets allowing users to store their cryptocurrency (not including buying, selling, swapping, or staking)
So, who still needs permission to run ads? Basically any platform that allows for the trading or buying of cryptocurrencies (see a list here). However, we predict this could change in the future.
Whether we like it not, crypto is here to stay (and growing). Cryptocurrencies are arguably going to be a pillar in the metaverse (still confused on the metaverse?). In the next few years we will see crypto become increasingly part of everyday life, so it makes sense that Meta is at the forefront of this industry. We predict that at some point, paying with crypto will be like paying with a debit card. Want to see what else we predict around crypto? Check out our 2022 Influencer Marketing Predictions where we break down the top 10 predictions from industry experts.
Twitter Has A New CEO
Twitter Co-Founder, Jack Dorsey, has stepped down as CEO to be replaced by former CTO, Parag Agrawal.
What Does this Mean?
Jack decided to resign in order for the company to be able to grow and no longer be “founder-led.” He feels that with Parag at the helm, Twitter will be able to grow from its origin and no longer be held back by Jack’s limitations. Jack will be on the board until the end of his term in May and then will no longer be affiliated with the platform so that Parag has “the space he needs to lead”.
Just days after Jack stepped down from his role at Twitter, the fintech company Square announced their name change to Block. What’s that about? The founder and CEO of Square is Jack Dorsey, and it isn’t too surprising he would switch gears and focus on his passion for cryptocurrencies and the principle of technology decentralization. And, Square has a very clear and public interest in Bitcoin, cryptocurrencies and blockchain technology. “Block” is the parent company of Square, Tidal, Cash App, and TBD.
In a tweet the company stated, “Block references the neighborhood blocks where we find our sellers, a blockchain, block parties full of music, obstacles to overcome, a section of code, building blocks, and of course, tungsten cubes.” This name change reinforces the company’s goal: to provide economic empowerment.
Rumors are swirling that Jack left Twitter to put all of his focus on Square (now Block). Square was always seen as Jack’s “metaphorical second child.” Well, not anymore! Square — excuse me, Block — has Jack’s full attention, and a name change suggests a bright future full of growth and innovation. We are excited to see how the two brands evolve under a new focus and leadership.