Content platform Coil, backed by blockchain-startup Ripple, has announced a collaboration with Mozilla to create a $100 million grant for web monetization.
$100 Million Grant for Web Monetization
According to a post published by Coil, the company is looking to give away $100 million to creators who can innovate and improve upon the existing model of web monetization. Coil will be working alongside open-source web browser foundation Mozilla and Creative Commons to tackle what it views as the next step in digital evolution.
Since the 90s, open technologies have had a lot of successes like this, but one industry has remained frustratingly closed: payments.
Coil claims to be inspired by the open-source movement over the last twenty years, in addition to remedying the “broken business model” of today’s Web content.
According to the release,
Every day, we read a new headline about privacy abuses related to ads, demonetization to appease advertisers, unethical sponsored content, popular sites struggling to make money, ads placed next to content without the creator’s consent, adblocker arms race, subscription fatigue, large platforms abusing their market power, and so on. All of these issues can be traced back to one simple problem: browsers don’t pay.
Coil, who received a one billion XRP grant from Ripple earlier in the year, says that small payouts ($1,000 to $100,000) will be made to developers and creators to support web monetization, with the majority of money going to openly licensed software.
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