Mirror crowdsources publication curation on the blockchain
The Future. A publishing platform called Mirror combines blockchain tech, crowdfunding tools, and even a little Squid Game-like competition. In a publishing world that uses crypto, NFTs, and social tokens to fund work, generous patrons may one day replace advertisers… but still want the same, or even more, say in how the work will be created.
Welcome to the crypto Patreon.
- Mirror is a Substack-like platform that gives users access to crypto tools — like NFTs, social tokens, and fractional ownership — to fund their work.
- When creators make money, they can automatically share the revenue with both backers and collaborators through smart contracts.
- Since Mirror allows users to raise funds upfront for projects, creators and their community are incentivized to ideate together on what should be focused on.
- While most users have used the platform to fund long-form essays or newsletters, others have created a songwriting “camp,” a dating show, and even a community of cabins in rural Texas.
Founded by former Andreessen Horowitz crypto partner Denis Narazov just last year, Mirror has already raised enough money to hit a $100 million valuation. Mirror makes money by taking a 2.5% fee on all transactions.
Ready, set, write
Although Mirror’s tools are available to all users, the platform got its start through a community-ranking competition that took place on Mirror and Twitter.
- Dubbed “Write Race,” contestants write a prompt of what they would do if they win the game — which is essentially a popularity contest of users using a limited number of votes to move people up the rankings.
- A contestant can see their rankings (represented by their Twitter avatar) in real-time.
- At the end of the two-hour voting period (which takes place every Wednesday), ten winners are selected.
- Each receives a digital token which gives them “access to a unique subdomain on a publishing platform where writers can earn cryptocurrency for their prose.”
While wannabe-Mirror users no longer need to win Write Race to use the platform’s creator tools, the contest still has a waitlist of 21,500 users long because — in the coming web3 world — nothing beats “decision-making power” in the community.