A New Business Model for the Web? $100 Million Creators’ Fund Seeks to Break Tech Giants’ Monopoly

A New Business Model for the Web? $100 Million Creators’ Fund Seeks to Break Tech Giants’ Monopoly

Tech entrepreneur Stefan Thomas wants to create a version of the Internet that frees creative types from relying on ad money from YouTube or Instagram to support themselves. Instead, creators would be paid directly by their fans. To this end, Thomas’s blockchain company, Coil , along with the non-profit groups Mozilla and Creative Commons, will distribute $100 million in grants to creators and others who embrace ad-free business models. On Monday, the groups said the money would be awarded through a fund called Grant for the Web over the next five years. “The internet has gone from a place rewarding creativity, invention and substance, to one dominated by a few advertising dependent platforms that promote and incentivize anything that grabs and holds the public’s attention,” the groups said in a statement, explaining the new fund will focus on funding creators in a way that doesn’t undermine privacy. The fund is the brainchild of Thomas, who was the longtime chief technology officer at the cryptocurrency company Ripple, where he developed a technology called Interledger that makes it possible to combine different online payment systems. His new company, Coil, seeks to make it easy for web users to support creators by […]

Click here to view original web page at fortune.com

Leave a Reply