Monetizing your Content with Coil
The Web Monetization API is an open spec and allows websites to receive micro-transactions every time a user spends time on your site.
It’s an interesting concept - and if it takes off could provide a viable income method for sites. As far as I’m aware, only Coil.com is setup to accept payments using this API.
In this brief tutorial I’ll run through the steps needed to accept micro-transaction payments using Coil.
You don’t need to verify your identity to collect payments with either, but you will do in order to withdraw funds to your bank account.
Once you’ve signed up you need to generate an ILP address (Interledger payment pointer) and pick the currency of your choice.
Next, you’ll need to signup for a free account with Coil . You don’t need to become a paying member in order to receive payments from others.
To start collecting payments you just need to add the
meta tag to the head of the web pages you wish to monetize.
<meta name="monetization" content="$ilp.uphold.com/Epqzn3YGr2MB" />
Now, when a user with an active Coil subscription (and Coil browser extension installed) visits your site they’ll be notified that the content is included in their membership.
Once you’re all setup you can then check the status of incoming payments at Uphold.
Setting up Coil to collect micropayments is quick and easy, but until Coil becomes more popular and gets more paying subscribers to their service it’s unlikely you’ll generate much income - though of course it will depend on how popular your site is.
If you have a YouTube or Twitch channel you can link your Coil account to them too .