Web monetization is a relatively new concept that aims to change the way that content creators are paid for their work on the internet. The idea is to create a more equitable and sustainable system that rewards creators for their contributions, rather than relying on advertising revenue or paywalls.
One way that web monetization is being implemented is through the use of a small micropayment, known as a "web monetization tag," which is added to a creator's website or social media post. This tag allows users who have a web monetization-enabled wallet, such as Coil, to make a tiny payment to the creator each time they visit the website or view the post. This payment is then distributed to the creator based on the amount of time the user spends on their content.
Web monetization has the potential to benefit both creators and users. For creators, it offers a more stable and predictable source of income, as they are paid for every view or visit to their content, rather than relying on advertising revenue, which can be unpredictable and often favors larger, established creators. For users, it offers a way to support the content they enjoy without having to pay a subscription fee or see intrusive ads.
One potential downside of web monetization is that it may not be accessible to everyone. In order for a user to make web monetization payments, they must have a web monetization-enabled wallet, which not everyone may have or be willing to use. Additionally, the small size of the micropayments means that it may take a long time for creators to earn significant income from web monetization.
Overall, web monetization is an interesting and potentially beneficial development in the world of online content creation. It offers a new way for creators to be paid for their work, and has the potential to create a more equitable and sustainable system for supporting content on the internet.
The hope is that eventually web monetization is available to everyone. I think the Fynbos and Rafiki wallets/protocols are intended to help with exactly this.