The new WordPress plugin will add to crypto functionality on the platform
The plugin is called EthereumAds and essentially facilitates the auctioning of ad space for Ethereum. It will allow the system’s users to earn ad revenue in the form of Ethereum. At the same time, it will let advertisers and dealers settle ad space payments using Ethereum tokens.
EthereumAds is one of the many crypto extensions available for users on the platform. The extension is compatible with WordPress blogs and independently hosted websites.
How it works
The new plugin works in a similar way to other auction-based ad platforms with the only difference being in the payments section. EthereumAds will automatically reserve ad space to the highest bidder for 14 days. However, it only processes payments through Ethereum.
Since its launch, the WordPress platform has had an intermittent and fragmentary relationship with digital assets. WordPress was one of the first platforms to allow Bitcoin payments when the crypto had not yet gained widespread popularity.
However, WordPress ended its relationship with Bitcoin in 2016, four years after the feature had been introduced. The platform cited an increase in Bitcoin fees as the reason for the termination of the option.
Hundreds of cryptocurrency extensions have emerged and been integrated into WordPress between then and now. The most common ones are donation buttons, price tickers and payment buttons. As of writing, there are more than 300 crypto plugins available on the platform. EthereumAds will be a direct rival to the already established Google AdSense.
Google AdSense is the leading and most popular program for embedding advertisements on the WordPress platform. However, it hasn’t had a smooth run since its introduction. The service has been slammed for demonetisation reports on more than one occasion in the past.
AdSense uses traditional banking methods to process payments. These methods can be blocked by other third parties such as YouTube as was reported by Business Insider.
Ethereum Ads will be looking to eliminate such problems by using the decentralised crypto-based payments system. This approach means transactions won’t be blocked or interfered with by outside parties.
There are several other monetization systems based on crypto that use a similar approach like Coil and Brave. That said, it is implausible that crypto plugins will replace the pre-existing traditional ones shortly as crypto is still in the nascent stage.