This guide will explain what it is and how it works. Writers have many options to make money with their stories
Online writing is fraught with traps.
After you have been writing for some time, you’ll no doubt feel the following:
- Modifying or deleting your content
- A ban from a platform
- Low quality content that exploits readers, either intentionally or not.
- Conspiracy theories and misinformation
- You will be made to feel a weapon.
- You may also be trolled by other content creators.
These are not unusual challenges. These challenges are not the fault of the platform and they were not intended. Jack Dorsey (co-founder of Twitter) reflected on the difficulties in running a social media site after Trump’s ban and said:
“The reason why I love #Bitcoin so much is because of the model it shows: an internet technology foundation that is not controlled by any one person or entity. This is the internet’s future, and it will only get better over time.
Jack continues by saying that Twitter is funding a small, independent team of up five open-source architects, engineers and designers to create a decentralized, open standard for social media. Twitter is expected to become a client of the standard in the future.
Mirror.xyz, the first decentralized writing platform is for writers
I am a blockchain hawk. Talk about Mirror.xyz, a new platform for blockchain technology, started to simmer on Twitter as well as in Slack channels.
Their mission: Mirror’s publishing platform revolutionizes how we share, share and monetize thoughts through a decentralized, user-owned network that is crypto-based.
Mirror.xyz is still in its infancy. There aren’t many reviews or information available. It is like a secret society of writers, which spreads through word-of-mouth. Reddit user explains that the platform is built on Ethereum, and that essays and stories are NFTs (Non Fungible Tokens). Crowdfunding is possible.
Mirror.xyz is the radical difference
You become a contributor to the platform and become a co-owner. Contributors run the platform and build it. The roadmap is centered on the interests of contributors. There is a process that must be followed to join the platform “to ensure a high-quality foundation.”
You needed to send an invitation on newer social media platforms, such as Clubhouse. Invitation spammers flood platforms like LinkedIn with loud personal branding. It was a toxic community.
Mirror.xyz uses cryptocurrency tokens. You can publish on Mirror.xyz if you have the $WRITE crypto token. This gives you the ability to create your publication’s own domain. You can also use your name as the publication.
The platform’s creators were concerned that the content they chose would reflect their tastes and knowledge. They created a writer race to ensure that the community decides the direction of the platform.
Mirror.xyz votes for writers to join the platform. Each week, ten writers are selected and awarded a token. One token equals one publication. Genius. Connect your crypto wallet to the waitlist and you can get tokens to vote on writers.
This is the best thing about writing.
It is not known what the outcome of this writer race will be.
Perhaps the most prominent voices will be the ones who rule.
Perhaps an up-and coming voice will rise to the top and blow our minds.
You might discover a writer that you haven’t heard of.
Perhaps your favorite author will be the one to get in.
You might be allowed in.
Mirror.xyz: How to Make Money
PayPal and other companies charging writers 4% to 5% for the privilege of being paid, is something I am sick of. Foreign exchange companies charge ridiculous fees to convert U.S. Dollars to another currency. Western Union, for example, charges 10% to send money to Africa because not all citizens have access to a bank account. It is financial discrimination.
Platforms such as YouTube can offer false hope for content creators looking to make a living from their work. According to a new study, “96.5%” of YouTubers do not earn enough to meet their basic needs. Mirror aims to open up revenue streams for creators. It is still in its infancy.
Koopa Troopa, a writer, explains the differences between social media built on Web 2.0 and Web 3.0.
“In Web 2.0, creators can monetize their work through a SaaS model. They are paid for a newsletter or artwork on a regular basis.
Web 3.0 allows creators to monetize their work through the issuance or NFTs of social tokens. Non-fungible tokens act as digital media ownership.”
Mirror’s best feature is that you can earn cryptocurrency (Ethereum) as a writer. This is my dream job. Mirror offers many ways to make money, and I’m only able to see a few.
A quick note to help you understand what you are about to read: An NFT is a smart agreement that reflects digital ownership. The NFT is stored on the blockchain. This makes it simple to transfer or divide into smaller pieces.
An NFT can be a piece of writing. WOW.
Mirror.xyz can help you make money by:
1. Get tips from your readers
2. Your story is now an NFT. An NFT can either be sold at an auction for readers who want it or sold to a publication. NFTs offer creators the opportunity to make money in the future. The original creator of NFTs can receive a portion of any profit each time it is sold.
3. Crowdfunding is a way to raise money and get people to pledge money. The story’s profits are shared with the readers once it is completed. It’s amazing.
4. In your story, you can either embed your NFTs or ones owned by content creators and make money. Think of it this way: The more NFTs are shared in a written story, pdf, jpeg or mp3, the greater the value they have.
5. It is certain that the ability to charge a subscription or make money with your writing will come later.
6. An old-fashioned call to action link can be added at the end your story. This will take you to an email list that allows you to sell a course or eBook.
You can also split the feature. The revenue generated by the story can be seen at the end. A friend could write a story together and split the earnings 50/50.
A charitable split can be added to your story. This means that 20% of the earnings from your story could go to a cause that you are passionate about. Stories can literally help homeless shelters. The money generated by your passion for a topic could be used to help solve the problem. You could also earn a share of the earnings if you cite sources or people in your writing. Here’s how an earnings split between writers and sources looks.
A split of the earnings between writers and sources.
It’s going to be interesting to make money as a writer. Many people thought it was impossible to make money as content creators. To be able live comfortably and pay your bills, it’s crucial for writers to find new ways to make money online.
Writers should be paid for what they do. Finally, decentralized writing platforms allow creators to create new business models.
What I think about Mirror.xyz
Many social media apps end up in ashes or are never found by a community willing to put their time and effort into them. Mirror.xyz could be the same.
It will be fascinating to see if blockchain and the recent boom of NFTs can solve the common problems that writers face. A community of writers could help to combat clickbait, for example. Are features such as engagement, time spent reading and user behavior able to determine whether content is helpful or harmful?
Side effect of decentralized writing platforms
Mirror is not yet the platform that writers use to make money through their work. It is likely that centralized platforms will migrate to become decentralized platforms. This will be inspired by Jack Dorsey’s announcement to consider making Twitter decentralized.
It is possible that decentralization will become an essential feature for writers and readers, as well as a requirement. With Bitcoin and Ethereum, the benefits of decentralization became apparent. Blockchain could be a friend to writers.
Mirror.xyz offers writers a fresh way to think about making money online.