Mirror Genesis NFT casting ends tonight, Subscribe to Mint can change the economic dilemma of Web3 creators?

After a few months, Mirror is once again rolling out new features. On March 9, Mirror announced in a social media post that Mirror's new Subscribe to Mint feature is a new way for creators to transform their identity as subscribers into holders, helping them create an engaged Web3 community.

"The realization problem" : Mirror's tortuous exploration road

As the most well-known decentralized writing tool in Web3, Mirror has taken a tortuous path in exploring the creator economy. From Editions and $WRITE competitions to crowdfunding and writing NFT, Mirror has launched seven product functions for creators in a year, and the audience has swung back and forth between 2C and 2B. Although the team has tried in many different directions, the results so far have been unsatisfactory. Before we get To the new Subscribe To Mint feature, let's take a look at what Mirror has done with content creation before.

Mirror Creator tool evolution history

In June 2021, Mirror announced the introduction of Editions. Editions is an improvement on NFT auctions, allowing multiple users to own a single Edition. Because the value of the early version is higher, it incentivizes users to participate. It also offers different levels of NFT pricing, as well as a more cost effective casting method to reward first superfans. Can be used in crowdfunding projects to reward superfans instead of material gifts.

In September 2021, Mirror announced the introduction of the new feature Heroes, in order to achieve Sybil-resistant fair issue of NFT, so as to meet the game that anyone can participate in, so as to prevent a single address from being able to cast a majority of NFT. Those allowed to enter the $WRITE contest to create an identity as their own pseudonym or character identity are limited to one NFT per account, free mints can also be traded, and provide a marketplace for names that seem rare. The activity was discontinued shortly after, however, due to poor results.

In September 2021, Mirror opened its crowdfunding function. The specific functions of crowdfunding include: Token represents the membership of participating projects; NFT Ladder, providing digital collections; Sponsorship platform to reward the top three sponsors; Crowdfunding editor makes it easier to create crowdfunding. Mirror has also announced that it plans to release all of its remaining authoring components to the public in the coming days.

In October 2021, Mirror officially opened up all its new features: NFT version publishing, crowdfunding, NFT editing, sharing and voting, Token Race, auction, etc. Designed to support all creators, communities, and DAOs throughout their life cycle, thus providing all tools for anyone.

In February 2022, in order to facilitate creators to quickly issue their ERC20 tokens on Mirror, which can enhance security and improve efficiency at the same time, Mirror released new features: ERC20 Factory contract, which is convenient for creators to release tokens, can set the token owner and total supply, and in this process, users can also set the burn setting of the contract, which is to determine whether the token can be burned. Thus, it affects the circulation supply of tokens and token economics.

In May 2022, so that people can collect important works as digital collectibles, with customizable supplies and prices to facilitate the development of all great ideas, Mirror is simultaneously releasing two new features: Overall leaderboards and collector individual pages to facilitate the process of discovering and exploring Mirror releases by writing NFT.

In July 2022, creators set up a wallet-based Web3 community so that readers could subscribe to any Mirror publication through their wallets and receive email alerts when new content was posted.

Poor revenue performance

So do these updates provide the desired revenue change for Mirror's creators? BlockBeats in"Web3.0 Creator Economics Report: State of the Art and Imagination of CreatorFiAccording to the data in the report, Editions and writing NFT functions that Mirror values most do not bring significant economic value to creators.

By the end of 2022, the two largest modules in Mirror's revenue generation are the crowdfunding and auction functions, accounting for 90% of the total, at 6,464.26 ETH and 2787.04 ETH respectively, while the writing NFT is only 210.43 ETH, accounting for 2%. Mirror's user activity is dominated by article publishing, which is concentrated in early to mid-2022. In particular, Mirror posted more than 6 thousand articles in May when the writing NFT function was officially launched. However, by comparing the revenue data in May, we found that writing NFT did not bring significant income to the creators, and the main revenue was still crowdfunding events. In other words, monetizing through Mirror is still a "whale's game."

By the end of 2022, 7,395 authors had published writing NFT on Mirror, just 8% of the total. The creators have published a total of 13,000 writing NFT series and 760,000 NFTS, earning a gross of 149.1 ETH, or about $228,000. Mint, a single written NFT series, averages $3.06.

As for collectors, 78,000 users have collected writing NFT as of 2022. Among them, the users who have only collected one NFT account for 58.3%, while the users who have collected no more than three articles account for nearly 82%. Most of the readers only dabb in the matter of spending money to collect NFT articles, which also reflects the lack of quality content on Mirror platform, and there are not many articles with collection significance. Among the top 10 collectors, total spending drops sharply from number two.

From the collection data, the Mint collection of NFT was highly concentrated in May, and then the collection growth decreased significantly. During the initial launch of the Writing NFT feature, the average collection price briefly increased, but then began to decline as Mint's revenue rapidly declined. Without good content, and without the privileges that an NFT Pass brings (such as subscription to paid content, deep involvement in future content creation, etc.), users quickly put their own mental prices on article NFT. At the time of writing, Mirror's top 10 articles by volume are almost all project announcements, all of which cost nothing to collect.

BlockBeats reports that the biggest problem with writing NFT features is the ambiguous design of ownership and social attributes. The fact that Mint writes NFT does not mean that they get ownership of the content of the articles. Secondly, not every Mirror author is an influential figure like Vitalik, and most articles are hardly collectible in the traditional sense. Therefore, when readers collect an article, the value of the article NFT to them is to show their identity as a true fan of the creator, as well as to obtain the credentials of deep interaction with the creator.

For now, Mirror is still seen as a decentralized publishing standard, but we think Mirror is better positioned as an "on-chain writing community." In a Web3.0 world that emphasizes community and composability, the top priority of a content app should be to help form and nurture its own community, but Mirror seems to have fallen short, both in writing NFT and later in wallet subscriptions. With no way for authors to reach an audience through Mirror, there is no incentive to produce original content, which further leads to a lack of quality content on the platform, a problem that many Web3.0 content platforms may face.

Now, Mirror is ready to take on the "monetisation conundrum" for creators once again with a new creator tool. Subscribe To Mint with high hopes, can help Mirror break through the dilemma?

What innovations do Subscribe To Mint make?

Mirror is once again subscribing to Mint with a new feature designed to help creators convert their identity as subscribers into holders, thereby helping creators create an engaged Web3 community. Subscribe to Mint Subscribe to Mint works very similar to open edition drop, but with the addition of Mirror-native style elements: Subscription Mint better deepens Mirror's signature web3 local publishing features, including web3 subscriptions and Writing NFTs.

Based on the Subscribe to Mint feature, collectors need to use their email to subscribe to the creator's Mirror publications, leading to a channel of communication for the creator to interact with the collector on a regular basis. While making creators stronger, it also makes creators and the community more connected.

In addition to the web3 subscription, the Mint subscription also includes writing NFT, guided audience collection on Mirror through the Genesis NFT activity. For example, after UFO attracted nearly 8,000 subscribers via Genesis Pass, each of their posts sold out and raised an average of 0.5 ETH.

Mirror officially claims to have demonstrated the success of Subscribe to Mint by testing new features on web3, large and small, such as: Optimism collected 334,000 subscribers, a collection of collectibles celebrating their achievements in the last year; Base has gathered 222,000 subscribers to mark the historic collaboration between Base and Optimism; UFO, a popular web3 podcast, has gathered 8,000 subscribers for their podcast.

And to celebrate the launch of Subscribe to Mint, Mirror is launching its own genesis NFT free mint. Subscribe to Mint has entered a community beta phase accessible only to Mirror Genesis NFT holders to unlock early access to the tool, future product updates, and beta features. Mirror Genesis NFT casting ends tonight.

How do I create a collection using Subscribe To Mint?

After casting the Mirror Genesis NFT, get the Subscribe to Mint function test. Creators can go to the Mirror website, click NFTs, and then Create NFT collection.

Then upload a picture of the NFT and fill in the name and description of the collection. Note: collection is the ERC1155 collection. You can also change the choice of network (eth, optimism, polygon), set the symbol of the collection, change the address to receive funds, and set royalty rates in the advanced Settings. Finally click Save and Create, and the creator is done creating his own subscription NFT collection. Please check the information for yourself. These Settings cannot be changed after deployment.

Currently, publishing and writing NFT on Mirror is free. The creator of Subscribe to Mint NFTs is also currently exempt from paying any platform fees associated with his or her Subscribe to Mint NFTs casting and retains all foundry proceeds other than platform fees and gas costs. Subscribe to Mint NFTs will charge collectors a flat platform fee, 0.00069 ETH per mint on Ethereum and Optimism, and 1 MATIC on Polygon.

For example, if the creator sets the price of a Mint NFT Edition subscription at 0.01 ETH per NFT, the total cost to the collector is 0.01069 ETH plus gas, while the creator keeps the entire NFT price at 0.01 ETH. If the collector casts two NFT, the total cost to the collector is 0.02138 ETH plus gas, while the creator keeps 0.02 ETH.

For the release of Mirror's new features, many people also took this opportunity to question and question Mirror: is Mirror's target group and audience the project side or a single creator? What are the outstanding features and advantages of Mirror? Some users who didn't get the answer even turned around and abandoned Mirror in favor of Medium and Substack. It remains to be seen if Mirror subscribes to Mint NFTs will bring new meaning to the creator economy.

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