- Global media company Condé Nast enables monetization for all its websites with Ripple (XRP) supported platform, Coil.
- Coil platform creator confirms that Condé Nast is doing a limited test of its services.
One of the world’s largest media companies, Condé Nast, has enabled a new method of monetization. In search of a more efficient and less intrusive way to monetize its content Condé Nast is testing Coil on all its pages.
Ripple supports content monetization alternative
According to its website, Coil is a platform that offers an alternative to the traditional model of monetizing content. It was launched by Stefan Thomas, former CTO of Ripple, as the first decentralized platform for monetization. Coil allows its users to pay to affiliated websites. Payments are direct and are made through the Interledger protocol. The platform received a $4 million grant and one billion XRP from Ripple in a 2019 round of investment. Coil aims to simplify and democratize the monetization of digital content, giving even lesser-known content creators the opportunity to make money from their content.
Developed by Ripple Xpring’s investment arm, the Interledger protocol allows payments to be sent with XRP, Bitcoin (BTC), Ethereum (ETH) and fiat currency. According to its co-inventor, Evan Schwartz, the protocol allows applications, services and content creators to monetize their content without relying on a single cryptocurrency or payment method.
The implementation of Coil to Condé Nast was reported by Eric Dadoun after noting an article on the website Wired with the Coil feature enabled. The user rippleitin.nz highlighted the importance of this addition because of the websites that are part of Condé Nast. These include GQ, Allure, Condé Nast Traveler, Bon Appétit, Architectural Digest, Teen Vogue, Vanity Fair, The New Yorker, Wired, among others. Dadoun and other members of the crypto community were enthusiastic about the integration of Coil, Dadoun said the following:
This is quite exciting. This is exactly what I wanted as a consumer. Pay Coil and gain access via PumaBrowser or my desktop extension to content behind paywalls that I otherwise wouldn’t read. I can pick and choose and the platforms gain new rev streams.
As mentioned, Condé Nast is one of the largest media companies globally. It is estimated that among its prints brands and websites the company receives around 84 million consumers (print media), 366 million in digital media such as Wired and 384 million in other platforms such as Twitter and Facebook.
Finally, Coil Niels’ co-creator confirmed the reports and said that Condé Nast is currently testing the platform. The Coil co-creator said that this is a limited test and that there will probably not be access to subscriber-only content for now. However, he said it is exciting. In the future, Coil users could access an article or exclusive content by paying directly through Coil with a much more simplified process than the current one.