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Sourcery · 2 min · Dec 13, 2024

Passes removed Web3 features to protect creator acquisition

Lucy Guo says creators distrusted Web3, so Passes removed those components rather than lose recruits. She'd restore them only after broader social acceptance, while still considering crypto payments and payouts.

Lucy Guo

Lucy Guo is founder of Passes.

Founded Passes, a creator monetization platform, and co-founded Scale AI, the data-labeling company.

  • Molly O'Shea, Host · Founder, Sourcery

    Ex-Upfront Ventures investor; has interviewed Alex Karp and Palmer Luckey.

About this segment

Lucy Guo says creators distrusted Web3, so Passes removed those components rather than lose recruits. She'd restore them only after broader social acceptance, while still considering crypto payments and payouts.

From “How Lucy Guo Is Building A Creator Empire with Shaq, Kygo & Olivia Dunne | Passes”, Dec 13, 2024. Watch the full episode

“creator acquisition is like a number one priority for us so we removed their Web3 components in order to continue to recruit creators.”
Lucy Guoat 22:25 · Sourcery22:25

Takeaways

  1. Creator acquisition outweighed keeping Web3 features.
  2. Guo says she has no regrets about removing them.
  3. Crypto payments and payouts may be added separately.

In this episode

Full episode
  1. 6:09Daily posting helps creators build durable income2:48
  2. 11:51Passes uses fan spending data to shape new products3:18
  3. 18:01Passes grows creator relationships with break-even events3:52
  4. 28:52Guo uses investor updates to create fundraising competition2:01
  5. 9:31Creator commissions may shift to whoever brings the deal2:26

  6. 21:51Passes removed Web3 features to protect creator acquisition2:06

  7. 25:59Passes sees local search as a route to psychic bookings3:08Up next

Transcript

Transcribed by machine (Whisper) from the episode’s audio, so a word may be off here and there.

  1. 22:00

    and incentives of being on the platform. Yeah. So I would say I'm still very bullish on Web3, and I've always said this, even after we took away Web3. To me, it just makes sense. Interoperability, capability if um you have you're a super fan on passes like you should be able to go on ticket master connect your wallet see like the nft and get a discount right like that just kind of makes sense um but uh we noticed that creators uh have a huge distrust in web3 and uh we were losing out on a lot of creators like they weren't willing to join passes because we were web3 and ultimately at the end of the day like creator acquisition is like a number one priority for us so we removed their Web3 components in order to continue to recruit creators. I don't have any regrets about it. Web3 is still not really popping off. And if it does, I think that I'd want to wait until it's

  2. 22:47

    societally accepted and actually accepted, not just a phase, right? Before we reintegrate it back in. We listen to our creators' feedback. And until all our creators say, we want Web3 on the platform, we're not going to prematurely do it. That being said, creators love making money. so we are looking into adding like crypto payments um so people that you know like fans have more ways to be able to spend more money on creators uh because it's a win-win for everyone then and then we are thinking about crypto payouts as well just because a lot of creators like they want money instantly and right now we do have to charge an extra percentage if they want instant payouts because banks charge us an extra percentage um if we do instant payouts versus it'd be much cheaper for the creator to get instant payouts via crypto. So for creators that

  3. 23:37

    do want their money in crypto, we are looking at other solutions. This might be a change in the subject, but what are the biggest misconceptions that you faced while building out passes? Is