Jeff Paik, the co-founder and CEO of PIP, a creator economy monetization solution, sat down with Jessica Abo to discuss his company and to offer predictions for Web3.
Jessica Abo: Jeff, tell us a little bit about your company.
Jeff Paik:
PIP, getpip.com, is a Web3 payment company focused on retail users delivering a seamless payment experience on the web. We have multiple product lines related to Web3 payments using cryptocurrency. First is the PIP extension, which is a browser extension that allows you to make a payment on social networks, like Twitter, Twitch, Reddit, and Discord.
The second product is PIP Button, which is a simple JavaScript snippet that allows you to embed any payment button on any website that you control. If you wish to receive a donation, or if you wish to receive any sort of payment on your blog or on your website, you could.
The third payment option is PIP ME, which is a simple URL for you to receive payments. You get to have your own website, that we provide, that works as a payment gateway for any purpose that you have.
How do you think your platform helps content creators?
Paik:
Content creators use multiple platforms; sometimes they use YouTube, sometimes TikTok, Instagram, Facebook, and so on. But each platform is siloed in its payment solution. And these platforms charge up to a 40% fee when a payment occurs. The beauty of cryptocurrencies is that they are neutral by nature. PIP allows anyone to send money basically to anyone on any platform without jumping through a siloed payment process.
And why crypto payments instead of regular money?
Paik:
It’s impossible to build PIP with a traditional monetary system because, in a traditional system, money and information are separate. Just because one has experience sending money like information, money moves differently. Also, it’s really difficult to build a global micropayment system with cash. But crypto allows a seamless payment experience because it’s neutral and no one controls it. And so, it moves like information.
Where do you see Web3 heading?
Paik:
The most common use case is trading. And I think what’s happening right now is that stablecoins are starting to become a means of payment. They successfully bootstrap it themselves as a trading pair against another cryptocurrency as a nonvolatile asset. But they’re expanding beyond that because market caps are growing close to $100 billion, and it’s going to go well beyond multi-hundred billion dollars, which is enough for a global payment asset.
It will become a means of payment. We believe that Web3 will evolve, not just as a trading element, but to become a payment platform that could flourish in a bigger market, where any individual can sell their content, incentivize others, or give donations or tips. And do so freely, in a neutral manner on the web.
