Ideamarket aims to maximize return-on-attention by offering a platform that gives more credibility to creators and Journalists while they make more money publishing their best work for free. The CEO Mike Elias shares more details about Ideamarket in this exclusive interview with TechBullion.
Please tell us a little more about yourself?
Mike Elias — As a philosophy-nerd-and-meditation type guy, my background is a bit unusual for the crypto space. I’ve been working in crypto full-time since 2017, and am very fortunate to have spent much of that time around utter geniuses.
What is Ideamarket and how does it work?
Ideamarket is the credibility layer of the internet. It uses a market to allow the public to define reality on its own behalf, rather than have reality defined for it by a few media corporations.
Is Ideamarket a prediction market or a contest platform, please elaborate?
Ideamarket is neither a prediction market nor a contest platform. Ideamarket is like a commodity market — it treats trust and attention like scarce natural resources that need to be wisely allocated between parties with conflicting interests. Markets have always been a natural fit for these kinds of things.
What is the level of market demand for a platform like Ideamarket and what makes you unique?
We can see market demand in a few different places.
One — If you remember the $GME phenomenon, that was millions of regular people who decided they’re sick of being ignored and abused by powerful institutions. So sick of it in fact, that they were willing to risk money just to send a message, because markets are the only message that powerful institutions listen to. People used $GME to say “We’re not gonna take it.” Ideamarket is $GME for everything. It allows the public to use markets to send messages that can’t be ignored. Ideamarket gives the public irrevocable power over its own Overton window. And after decades of institutional betrayal, the public is clamoring for that.
Two — The explosive launch of Bitclout has shown the world is ready to use markets to solve content curation on the internet. Bitclout has done a really great job mainstreaming that idea. But Ideamarket is decentralized and non-custodial, which we think will appeal to the crypto industry, as it’s eager to graduate from the centralized, trusted third-party platforms that dominated in the past.
How does Ideamarket specifically combat fake news, could you tell us more about this?
Ideamarket measures credibility in dollars. What this means is, a genuinely trusted voice can crowdsource a high rank from its millions of adoring fans, while someone that wants to *fake* trust must buy a high rank out of pocket. This makes producing fake news and propaganda extremely unprofitable, as they have to pay out of pocket while competing with the purchasing power of entire populations. Ideamarket creates a new income stream for honest voices, and a new expense for propagandists, and eventually the latter becomes completely unfeasible. See how this works?
As Ideamarket grows, the cost of “minimum viable credibility” increases, and a fake article that might cost $10,000 to spread today, soon ends up costing $10,000,000 or more, because it’s no longer just about eyeballs. It’s about skin in the game.
Without any fake news tracking algorithms or censorship, Ideamarket devastates the power of fake news to sway opinion.
Could you give us a walkthrough of how to participate on Ideamarket and how to get listed?
Visit Ideamarket.io and click “Start trading.” From there you’ll be taken to the market itself, which has rankings on it and Buy buttons, so it looks sort of like a combination of Reddit and Binance. To signal your confidence in a listing and increase its rank, hit the “Buy” button and connect your crypto wallet to complete the payment.
Anyone can list anyone else on Ideamarket, so to get listed, just list yourself! Once your token has been bought, interest starts accruing to your account. You can verify ownership by sending a tweet, and then collect your interest at any time. You don’t even need to own your own tokens. Just show up and collect a check, as it were.
What is the Ideamarket Wallet and how does it work?
The Ideamarket wallet isn’t a separate product, just a webpage that displays the tokens you own, both as a buyer and as a listing owner (interest earner).
At what stage of development is the Ideamarket platform and what is next on your roadmap?
Ideamarket has been live on the Ethereum Mainnet since February 15. We’re migrating to a Layer 2 solution to bring gas fees down, and after that we’ll be launching markets for YouTube accounts, and some other really cool secret projects. Our browser extension is also live in the Chrome store — it displays Ideamarket rankings subtly and elegantly in Twitter so you can find undervalued listings while you scroll.
Any available opportunities for investors and partners at Ideamarket?
One of our major goals is to liberate creators and journalists from paywalls, so that they can make more money by publishing their best work for free than they could by paywalling it. We’re now rolling out a Grants program, where we’ll back your account with $1,000 and lock it for a year. This jump-starts your Ideamarket income stream and gives you a little skin in the game, and you get to keep whatever that $1,000 ends up being worth after a year. (If you’re thinking “damn I wanna do this,” apply at ideamarket)
Do you have more information for our readers?
There’s a huge gap between “common knowledge” and “the best knowledge in the world.” Ideamarket means that gap doesn’t have to exist anymore. I’m looking forward to that world.