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It's time to say goodbye to credit cards and welcome crypto. According to a report presented by Axios, the readers of The Block will soon be able to access the site by handing over something called "Access Tokens." The idea is that as long as you park a certain amount of tokens, you have what amounts to a subscription. The project is being managed by an outfit called Access Protocol, aspiring to make its tokens the new coin of the realm for the media world. If all goes well, readers will buy Access Tokens and then use them to view all sorts of web-based content. This process promises to involve less friction than credit cards, and, as a sweetener, offers rewards to both publishers and readers in the form of more Access Tokens.
The launch of Access Protocol addresses mounting web2 friction points in media for content creators and consumers. Creators are plagued by increased reliance on individual subscriptions, limited distribution, and reduced content quality while consumers struggle with frustrating sign-up and cancellation processes. Access Protocol aims to improve monetization and distribution for creators and enhance consumers' content accessibility and user experience.
"At The Block, we've long thought the size of media, info services, and creator businesses do not reflect their societal impact or value. Some creators generate tens of millions of monthly readers, yet fail to achieve the financial metrics or valuations proportionate to their influence," said Mike McCaffrey, CEO of The Block.
The Block has provided crypto news, research, and data for more than four years and as a result, has a unique perspective on the plight of content creators. "We're excited to leverage our experience and experiment with the Access Protocol. Web2 frictions – familiar to many – could be seamlessly alleviated by a web3 enabled solution," said McCaffrey. "It's an opportunity to be on the frontier of innovating with evolving technology in support of a healthier, more vibrant media and creator ecosystem." Access Protocol is expected to go live on www.theblock.co in Q4 of 2022. Interested participants can access content through The Block's website by connecting their crypto wallet and staking Access's ACS tokens.
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