Southeast Asia is a hotbed of creativity, bursting with talent that often struggles to break through the noise of traditional media and financial systems. It’s more than just a shame—it’s dangerous business—these incredible artists, musicians and storytellers are under threat. Geographical limitations, banking restrictions, and the prohibitive costs of fair compensation keep them at bay. Now, enter Own, a new social platform touting the ability to upend this arrangement with crypto-based payouts. Sounds amazing, right? Direct payment in $OWN tokens, eliminating the middlemen, and allowing creators to earn up to 50% more revenue. But before we start popping champagne corks, let’s look to some hard questions that need to be answered. Is this true empowerment, or just another shiny object in the volatile world of Web3, one that could leave vulnerable creators worse off than before?

Crypto Wealth Or Fool's Gold?

The allure of crypto is undeniable. Decentralized finance presents a rare window of opportunity for creators in Southeast Asia. By skipping the usual gatekeepers, they’re able to break through the high barriers that too often block their access to the global marketplace. My Filipino friends are under fire, all of them. They’ve been robbed of tens of thousands of dollars due to exorbitant conversion fees and terrible currency conversion rates with receiving payments from clients outside their country. Own’s kind of payout in crypto, though — well that sounds like a godsend!

Let’s be real. Crypto, and particularly smaller altcoins like $OWN, are very volatile. We’ve all heard the horror stories of coins crashing, tanking overnight, and leaving investors and users with a bunch of worthless digital assets. What’s going to happen when the value of $OWN tanks? THE BIG WHIFF These creators—many of whom need every dollar (or satoshi) to survive—be definitely left scrambling? The platform now audaciously declares the token is “backed by real revenue.” They further pledge to aggressively buy back their tokens to support their value. Seriously, can we trust that these tactics will hold strong against the unpredictable tempests of the crypto world? It’s akin to issuing someone a commitment for a pot of gold at the end of the rainbow. All that is wonderful in theory, but can be catastrophic if the rainbow disappears.

Here’s an unexpected connection: remember the dot-com bubble? Businesses pledging to create the new, improved internet—get rich quick, hype-driven speculation editions? Just as quickly, many of those same projects crashed and burned leaving investors and users alike disillusioned. We need to learn from history. However noble Own’s heart, good intentions make a lovely highway to—well, y’all know how that saying goes.

Web3 Education, Not Just Web3 Promises

Beyond the volatility, there's a crucial element missing from this picture: digital literacy. How many creators in the region really have a grasp on the subtleties of cryptocurrency, blockchain technology, or how to keep a wallet safe and secure? Are they ready to handle these new dangers in the form of scams, rug pulls, and hacks?

A young woman rug weaver in ownin rural Cambodia looks forward to a more prosperous future inspired with Who produced. Sadly, that happiness quickly results in tragedy when a phishing scam empties their entire wallet. This isn’t a theoretical exercise, though it is a near-term and tangible risk. We won’t have success if we just dump crypto on people and leave them to sink or swim. Along with a much more robust education and support ecosystem.

Here’s another connection: think about the early days of microfinance. Their aim, they said, was to liberate the impoverished. Instead, countless borrowers found themselves in unsustainable debt because they were not financially literate. We can't repeat those mistakes with crypto. Own, and platforms like it, have a duty to make educational resources educationally sound, culturally relevant, in multiple languages, accessible. Ideally the platform should not only be in English, but also Bahasa, Tagalog, Vietnamese and Thai.

  • Workshops: Conduct free workshops on crypto security and management.
  • Community Support: Build local communities where creators can support and learn from each other.
  • Transparency: Be upfront about the risks associated with crypto.

Beyond the Hype, a Call to Action

Own is betting on a more equitable future, one in which creators have greater control and earn fairer compensation. So are we! The platform includes a competitive aspect, allowing users to use a Reddit-style upvote/downvote system to impact content visibility and leaderboard rankings. On top of that, they say they have the highest revenue share for creators. These are great ideas. Yet as much as Own claims their platform will deliver transparency thanks to its use of the Base Layer 2 blockchain, transparency isn’t everything. It's about accountability.

The moment to regulate is now, we must demand accountability from these platforms. We need to demand the same transparency in their business practices as we do in their technology. To truly empower creators, we need to be bolder. They shouldn’t be tempted into a marketplace that is more likely to take advantage of them.

So, is Own really empowering Southeast Asian creators or is it all just hot air? The answer, as always, is complicated. And the potential is amazing. It all hinges on responsible implementation, robust education, and an honest concern for the livelihoods of the creators it empowers. So let’s not allow the promise of Web3 to short circuit our thinking about the possible dangers. Let's demand more than just hype. Let's demand real empowerment. Let's see how it goes.