Wattpad Launches New Self-Publishing Crowdfunding, First Revenue Model For The Social Network

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Wattpad, the Toronto-based social network based on writing and reading, has just announced a new crowdfunding platform called “Fan Funding” which offers authors on its network the chance to leverage their huge followings for raising capital towards creative works. It’s like a Wattpad-housed Kickstarter for creative projects, but there’s good reason Wattpad users would use it over the more established alternatives.

“For us, we are one of the first if not the first creative social networks that’s utilizing crowdfunding as one of our business models,” Wattpad founder and CEO Allen Lau said in an interview. “The reason that we’re different than Kickstarter is that if you want to start a project on Kickstarter, you basically ask your relatives, neighbors and friends to fund you, and then expect strangers to chip in. In our case, because we’re a social network ourselves, the writes that are participating in Fan Funding most likely…

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