My name is Akintunde Sultan and I'm a GrantfortheWeb Ambassador, I'm working with the team to push the adoption of web monetization here in Africa.
My Official annoucement
Okay, so I'll take it that we all know what web monetization is, but for people like me who love to know the idea behind whatever it is I'm working on. Here's a brief explanation of web monetization.
A simple model that allows users access to contents that are monetized on the web, and creators; to generate revenue.
The whole idea of web monetization right now is 100 + 20% which is amazing and I see a future in this coming soon.
So here's my personal definition of web monetization:
Web Monetization is the only model that puts both the content creator and user in mind for content and revenue allocations.
An explanation for that? All other previous models are too focused on how the creators can generate revenue that it totally ignores the users. (Both privacy and financially ignored)
Let me prove this to you. I know I said I'll be focusing on just subscription models, but a little curve along the way won't hurt anyone.
Take the ads(adverts) model, for instance, Your data are mined to suggest relevant ads to you, you get click baits and redirection links. No one cares if you're in a hurry to access content as a user, no one cares if you have limited data or if you're trying to quit gambling and you need to avoid temptations.
So here's me seriously giving you the difference between web monetization and subscription-based models. I'll be focusing on both users and creators at the same time because a lot of creators are also users. So I'll like you to see yourself from different perspectives here. If you're more of a creator, then this is a way to understand your users.
You need to subscribe separately to each platform in subscription-based models, while for web monetization, one subscription can be used on all platforms.
2. You can exceed your budget in a month for subscriptions, however, web monetization has a fixed $5 unlimited usage:
Users who set a budget on monthly cash outflow would not subscribe out of the blue to your platform just to access one content, while users on web monetizations do not have to worry about this. Yes, that's one of the advantages of web monetization to the users, no matter how many contents you consume in a month, it's always going to be within your $5 subscription.
Consider a user who just misplaced their card, or perhaps that card just expired, they have to manually visit each website they're subscribing to and make card update as a subscription-based user, while for web monetization, they only need to update once on their coil account.
Stress-FREE!!! Think about this as a creator, What are the chances that everyone would remember to come back and update their cards, or won't decide to just postpone to next month, and then to the next month, and then to the next month till they find another platform with the same content.? Or as a user, which option looks simpler.
I like to refer to web monetization as "One subscription to access them all."
Make a list of the top 5 websites you love that use a subscription model and calculate how much that is per month, I bet it's more than $20 altogether, well if all those platforms decide to opt-in for Web Monetization, you'll only be spending $5/month now.
Before you slam that subscription model on your website, ask yourself, would all the contents I'd be producing worth each penny? Would there be times I'll just want to pass information and not want to monetize it under my subscription? I'm just here to tell you that you can easily decide what to monetize as premium content and what to set to general if you're using web monetization.
With web monetization, creators no longer have to worry about the location of their users, money is streamed in real-time from Coil to your payment pointer through interledger, so you have no issues thinking about currencies. As a content provider, subscription-based models really limit your audience right here.
As a creator, one important thing I believe we all value is spreading our content to as many users as possible. We want to cross boundaries and make what we provide available to everybody in the world. The subscription-based model really limits this important option.
So you've looked at both options and you're finding web monetization interesting? How about you set it up with these few steps.
A. Visit Uphold to get your payment pointer
A payment pointer is an address where payments are sent automatically from users who visit your website.
Uphold here is just one of the wallet providers for web monetization. Check HERE for more..
B. Attach your payment pointer to the head section of your website
If you're on a WordPress website:
Install the web monetization plugin and input your payment pointer.
C. There's no really step 3, your website is live and monetized, users who are web monetized would see something like this now when they visit your website.. Coil is paying.... Meaning, as users who are web monetized use your website, you get paid instantly to your payment pointer attached to your website.
If you have questions, I'll be glad to answer them in the comment section. And feel free to drop a link to your web monetized websites here so we can all check it out.