Another bitcoin-based content monetization startup has announced it will shut down.
The decision, made public on the company's website, marks the end of a project that was once one of bitcoin’s fastest-growing projects, and comes amid a decline in the number of consumer-facing startups seeking to launch services on the bitcoin network.
Bitcoin tipping platform ChangeTip, for example, announced it had sold its staff to Airbnb in April, and that it was searching for a buyer of its intellectual property. No details have yet been provided on whether Zapchain will seek similar sales.
Despite these challenges, however, the concept that blockchains could come to serve a vital part of content monetization lives on, most recently with the controversial success of social media platform Steemit, though it uses an alternative to the bitcoin blockchain.
Representatives from Zapchain could not be reached at press time.
Content sharing image via Zapchain
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.