Today we’ll explore naming systems across Web 2 and Web 3, more specifically Medium vs Mirror.xyz. Our new “Web 2 vs Web 3” series is where the team at Ripple breaks down the similarities, differences, and impact of similar technologies across Web 2 and Web 3.
Why did we start this series? As we learn more about the Web 3 space, the value of certain elements is difficult to grasp fully right away. We believe that by comparing new Web 3 technology and features to Web 2 features, we can draw better comparisons, and in turn, understand the value proposition of the features people are building in the Web 3 space.
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Over the past few years, we’ve seen a tremendous growth of content creation across all industries, and writing has undoubtedly been one of the most popular avenues. By 2030 the digital content creation market is projected to reach $38.2 billion, strongly indicating the value created by users seeking to voice their thoughts to the world. We can dive in further to recognize platforms that have been able to capitalize on creating a platform that enables users to publish content online. Today we’ll explore online publishing across Web 2 and Web 3.
The traditional format of sharing stories has evolved from paper to the web and continues to expand further into web 3. Beyond all the noise surrounding this new topic, you may be wondering what does it entail to shift content creation from web 2 to web 3? Is it necessary? What benefits are there for the reader and the writer?
In simplest words, here is the difference: Read. Write. Own.
The movement towards web 3 and specifically for online content publishing roots from its ability to provide the creators the opportunity to own and monetize their work. Focused primarily on the writers and creators, web 3 allows for monetization to take place in multiple ways. Let’s jump into the specifics.
When it comes to the gold standard of blogging and writing on the internet, Medium may just be sitting on the throne. The platform enables amateur and professional content creators to broadcast their stories and ideas to the world without any limitation to the content.
Medium sits at the top of content creation (blogging/publishing) accounting for 54 million users and well over 100 million visitors per month. Its freemium business model has allowed for an interesting approach to attract users towards its $5 per month or $50 per year for unlimited access to the platform's content. For writers, publishing is free, but earning money on their content is limited to the Partner Program. The top creators may earn upwards of $50,000 per month, but starting off you can expect up to $25. The platform also provides monthly bonuses among the top creators, so in essence, you’re constantly trying to push out the content, grow your following and ensure to be a top creator in the crowd.
Medium currently sits at a $600 million valuation including its last raise of $30 million in November 2021. Its growth had continued to incline over the years with seven notable acquisitions and a global online presence - climbing to monthly traffic of 182 million users between March to August 2021.
Let's pivot to web 3 and introduce Mirror.xyz. This decentralized platform can be considered as a spin-off of Medium, as it provides users with the tool kit to share stories or ideas with their audience. The interesting twist is that it places the creators at the center ensuring that they are the ones profiting from generating content. Though it may appear similar to traditional publishing or blogging websites, Mirror.xyz allows you to immediately monetize your work.
This nontraditional business model starts off with the users joining the platform with a crypto wallet and opening the doors to:
Mirror.xyz places an emphasis on becoming the essential web3 toolkit for sharing and funding anything - this means that it aims to ensure that the user is not simply a product, but is able to take ownership of their ideas and generate earnings (funding, royalties, etc.).
Sitting at a valuation of $100 million, the 16-month startup has continued to see exponential growth riding the crypto craze these past few months including:
At the core, it’s clear to recognize that the similarity between the two is their content creation platforms which both enable users to creatively write and share blogging content. However, this would be the limit to any further similarity.
Mirror.xyz takes on an alternative approach to merge with the decentralized crypto-based network providing the creators to monetize their work earning cryptocurrency as a result. These offerings expand and continue to empower the creator through the opportunity to:
Though both platforms provide the user with the ability to create content and build a community, there is a distinction between the two as Mirror.xyz has created several tools to allow users to launch their brand or ideas beyond the content alone. Going forward, only time will tell if there will be a rise in popularity of web 3 to drive the mass population towards new solutions, however, content creators should be aware of the new opportunities offered for anyone and everyone to immediately own and earn from their work.
If you have any suggestions on edits or more content we should cover, please reach out to us at jay@rippleventures.com and turja@rippleventures.com.