Liberating Subscriptions for Creators
Dead-simple way to subscribe directly from your crypto wallet
Today, I’m thrilled to announce the mainnet launch of the Fundabit crowdfunding platform. Its mission is to support creators through recurring cryptocurrency payments.
Troubles for Creators and Subscribers
Platforms like Patreon have pioneered a more sustainable form of crowdfunding through smaller but recurring pledges. These subscriptions help creators generate a reliable income and focus on their creations, which is increasingly popular for artists and content creators as well as software and game developers.
However, creators are still subject to illegitimate refunds, chargebacks, payment issues and platform censorship. Today, there is no viable solution for recurring cryptocurrency payments. Subscribers either have to send their funds to a 3rd party wallet, pay for months upfront or pay manually every month.
Cryptocurrencies have made payments frictionless and borderless, but payment processors still dominate one form of crowdfunding: subscriptions. Fundabit is a Patreon-like platform with the distinction that the creator and subscriber are in full control. With just a few clicks, anyone can set up a project page for their membership business, crowdfunding campaign, or content service. Subscribers can do automated, recurring payments with their own cryptocurrency wallet without having to lock up funds or share their private key.
Fundabit takes full advantage of decentralization. The payments are peer-to-peer between the subscribers and the creators. This means that the creators own their subscriber list and can’t have their audience or income taken away from them.
Fundabit utilizes smart contracts and meta transactions to allow subscribers to be in full control of their recurring payments. Once they confirm the subscription, the funds are automatically deducted from their personal wallet every month. All without giving away their private key or paying more than necessary. The wallet only needs enough credit for the first transaction, and the subscription simply stops if there is not enough for the next one. It works just like a bank account.
How it works
With Fundabit, it’s easier than ever to start accepting recurring cryptocurrency payments — setup takes just a few minutes. All you need is a web3 browser like Chrome+MetaMask or Coinbase Wallet for mobile. Creators and subscribers sign up with their personal wallet (no email required).
Anyone can start a project. Creators just need to set the project goals, project description, subscription prices, and accepted coins (any ERC20 token, incl. wrapped Bitcoin, Ether or DAI stablecoin). By submitting the project, the creators actually deploy an audited smart contract that executes the scheduled payments and is directly linked to the their personal wallet. No programming skills are needed whatsoever. But to submit the project, you do need about ct50 in ETH to pay for the gas fee.
Anyone can subscribe to the project. Subscribers just confirm two transactions to start the monthly payment, in order to support the creator, get member-only rewards, or get access to exclusive content like live chats or polls. Dapps can even integrate their app-tokens as a monthly reward to their patrons.
Fundabit will continue to create value for creators by taking full advantage of the blockchain’s capabilities. Today, almost all creations are virtual, digital, or digitally traded. Platforms like Snark.art, OpenSea.io or SuperRare.co show that creators of all sorts are joining the tokenization trend.
These platforms make it easy to verify an asset’s authenticity and leave no copyright questions unanswered. It’s clear who the author was, who the current owner is and what usage rights she/he has.
We want to make it easy for anyone to create their custom crypto token, be it for a software license, Photoshop design, painting, music, virtual collectible, or in-game asset. We also want to explore new terrain only possible with cryptocurrencies such as micro-subscriptions at a cents/ second level.
A new era for crypto crowdfunding has begun. Let’s make crypto sustainable again. Join the revolution and start your project today by visiting https://fundabit.co.