This quick 2 minute video on Cinnamon.Video discusses the MG.Social platform and why it exists:
Traditional social media is broken.
Existing platforms have made a fortune off the back of your content and data.
They've hogged the financial rewards of their networks for themselves, while selling you out to advertisers.
At MG.Social we think differently!
We have developed a business model for our social network that scales ad-free, while allowing you to get paid for the content you contribute.
How does it work?
To participate you will need an active $5 per month Coil subscription.
What is Coil?
Coil is using the Web Monetization Standard to solve the problems faced by current methods for monetizing content on the web.
Traditionally, web monetization has relied on either intrusive advertising and user data mining practices or separate pay wall subscriptions for each site and service being used.
Coil is a single subscription service that grants access to a range of premium platforms and content across the web, such as Cinnamon.Video, Imgur Emerald and GFam.live.
Streaming micro-payment technology is used to allow creators to get paid fairly and instantly as their content is consumed by Coil subscribers.
Requiring a Coil subscription for MG.Social access helps deter bot and troll accounts, improving the community for everyone.
The revenue generated from web monetizing MG.Social with Coil allows us to develop and scale the platform ad-free.
We will never sell your data to advertisers and you will never see ads on MG.Social.
In addition to earning web monetization revenue through Coil,
MG.Social creators can accept XRP tips on their postings using the Xumm mobile app for iOS and Android.
XRP is a digital asset like Bitcoin. Unlike Bitcoin, XRP settles in only 4 seconds and transaction costs are a fraction of a penny.
Come check out MG.Social and be part of a new social media revolution, where creators can directly partake in the financial rewards of the social network they contribute to.
Top comments (4)
is it profitable?
Not yet, but the goal is for MG.Social to eventually become sustainable based on web monetization revenue.
Does MG.social has a backup plan if at some point you find that web monetization can't support the platform?
What's the revenue split?
Asking all these cause I'm also planning on a social media type thing too with webmonetization as the only business model.
This is such an incredibly fantastic video! Highly recommend for anyone looking to explain the benefits of web-monetization or how it works in an easy to understand way!