- DASTAN unveiled its MYRIAD prediction market platform at Consensus Hong Kong, aiming to realign media ecosystem incentives by rewarding users for participation.
- Since its January mainnet launch on Abstract, MYRIAD has attracted 415,000 new signups and generated 1.2 million predictions.
- Crypto culture is evolving beyond money-making communities toward broader adoption, with industry leaders emphasizing the importance of onboarding users philosophically as well as financially.
DASTAN, the parent company of Decrypt and Rug Radio, showcased its prediction market platform MYRIAD at Consensus Hong Kong, promoting a new model that restructures incentives in the media ecosystem. Company President Farokh Sarmad positioned the platform as “a good champion” for the cryptocurrency space, highlighting its potential to transform how value flows between content creators and consumers.
During the ‘Predicting Media Success’ panel, Sarmad explained the fundamental issue MYRIAD aims to solve: “The person who’s gotten the least amount of value from media is the reader, and it should start from there. It’s supposed to be top down.”
Instead of the traditional top-down approach, MYRIAD implements what Sarmad described as a bottom-up value distribution model. “The participant actually gets a piece out of it, gets to put the reputation on-chain, gets to participate within the network and gets a piece of that network back to it,” he stated, noting that benefits then flow upward to content creators and platform administrators.
Loxley Fernandes, DASTAN’s CEO, emphasized that MYRIAD creates a “reciprocal environment” where users are “more often than not, won’t be served ads, but rather served opportunities to participate in the content funnel.” This approach stands in contrast to traditional media models that treat consumers as products to extract value from.
Since launching on Abstract’s mainnet in January, MYRIAD has demonstrated significant traction, attracting over 415,000 new signups through Abstract Wallet and generating 1.2 million predictions. The platform integrates on-chain prediction markets and Quests with content from Decrypt and Rug Radio.
The discussion was part of Rug Radio’s Web3 Art and Culture Summit at Consensus, which featured brands, creators, and developers utilizing Web3 technologies to redefine cultural and artistic expression. A panel titled “Does Crypto Have a Culture?” explored the evolving cryptocurrency landscape.
Sebastien, Founder and CEO of Sophon, observed that crypto culture has traditionally been defined by communities “making money together.” He advocated for leveraging airdrops to build lasting communities, citing HYPE’s launch as a successful example of maintaining an accessible entry point for new community members.
Mike Three, Creative Director at MOG, noted a “culture shock” occurring as long-term cryptocurrency holders encounter new market participants who may not share the same decentralization values. “A lot of the friction happens with having expectations of new participants that are unfair,” he remarked, questioning how newcomers are being onboarded culturally rather than just financially.
Different Web3 brands require distinct approaches to building identity and culture, according to Pedro Gomes, Founder and Director of the WalletConnect Foundation. He compared WalletConnect to payment networks like VISA, which operate in the background of daily transactions. “Every bank relies on them for pretty much every payment that we use, on a daily basis—whether it’s buying a flight ticket to go to Hong Kong or to pay for coffee, it’s something that just exists and you trust it because it’s everywhere,” Gomes explained.
Sarmad concluded with the observation that “People want to rally behind good products and apps,” citing examples of successful projects that have built communities over time. “People are starting to really want to support proper founders in the industry,” he added, noting a desire to return to cultural fundamentals in the cryptocurrency space.
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