Kickstarter reels back blockchain aspirations thanks to lost revenue and a community council

July 6, 2023 1:00 PM

Back in 2021, Kickstarter announced plans to go crypto, with the idea of using a Celo blockchain as part of a “decentralized crowdfunding protocol that will make it possible for people to launch and fund creative projects anywhere.” The plan went the way of many crypto announcements, with an exodus of high-profile users, a 33% drop in tabletop project revenue (which is easily the platform’s biggest cash cow), and the apparent repudiation of a community council formed in March 2022 – a council that is largely being credited as a reason for Kickstarter drawing down its crypto aspirations.

“As we’ve shared with our community in previous blog posts, we’re exploring the opportunities that are in blockchain to alleviate some of the challenges that we face as a centralized crowdfunding company,” reads a spokeswoman’s statement to Polygon. “However, we’re not committed to moving Kickstarter to the blockchain or doing anything specific there. We are open to exploration and experimentation but want to do it in a way that feels tested, collaborative with our community and considerate of the experience they want from Kickstarter.”

The statement then goes on to explain that the community council’s formation came from Kickstarter’s blockchain protocol, as the company believed it “saw a need to create another surface for feedback and conversation with our community so that they could be involved in our direction and our decision making — not just about the protocol but about all the topics that are top of mind for us and our community.”

If you read between the lines, it doesn’t appear that Kickstarter is moving away from blockchain wholesale – note the section about “open to exploration and experimentation” – but it at least appears that some of its reeling back is thanks to the platform’s community council. Incidentally, a second council is being formed, with applications open until July 18th.