On June 26, 2019, Techcrunch.com reported that Imgur, a popular website for the creation and sharing of memes, has partnered with Coil to provide ad-free monetization to its creators. The deal will reportedly provide Imgur with $20 million in venture equity from Coil in exchange for Imgur agreeing to integrate the Coil monetization system into its service. Coil founder and CEO Stefan Thomas will also take a place on the Imgur board of directors. The deal will allow for the 300 million monthly Imgur users to get paid in real time as Coil subscribers view their content. Eventually Imgur will launch a premium membership that will provide exclusive features and content for users that are Coil subscribers.
Coil works by allowing it subscribers to support all their favorite content creators while only paying a single monthly fee of $5. This differs from a traditional subscription model like Patreon, where a subscriber must pick and chose which creators they wish to fund in an a la carte fashion, paying a single rate regardless of how much content is or isn’t being consumed. Coil by contrast uses streaming micropayments to allow its users to browse content from as many creators as they wish, paying creators for every second that a Coil subscriber views that particular creators content, at a rate of $.36 per minute.
Creators can get paid in either US dollars or the XRP digital asset. Coil currently uses browser-based extensions but is working on getting their service baked into popular web browsers by default. For more information on how Coil works and how to create an account to fund creators or monetize your own content view the follow tutorial here.
Note: MateoXRP is not a financial advisor. All information is for provided for entertainment purposes only and does not constitute financial advice.