The new WordPress plugin extends the crypto functionality on the platform
The plugin is called EthereumAds and it essentially facilitates the auctioning of advertising space for Ethereum. This allows the users of the system to generate advertising revenue in the form of Ethereum. At the same time, advertisers and merchants can process payments for advertising space using Ethereum tokens.
EthereumAds is one of the many crypto extensions available to users on the platform. The extension is compatible with WordPress blogs and independently hosted websites.
How it works
The new plugin works similarly to other auction-based ad platforms, with the only difference in the payment section. EthereumAds automatically reserves advertising space for the highest bidder for 14 days. However, only payments via Ethereum are processed.
Since its inception, 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 crypto was not yet widely used.
However, WordPress ended its relationship with Bitcoin in 2016, four years after the feature was introduced. The platform cited an increase in Bitcoin fees as the reason for terminating the option.
Hundreds of cryptocurrency extensions have sprung up and incorporated into WordPress between then and now. The most common are donation buttons, price tickers, and payment buttons. There are currently 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 advertising in the WordPress platform. However, it has not had a smooth flow since its inception. The service has been slammed for demonization reports more than once in the past.
AdSense uses traditional banking methods to process payments. These methods can be blocked by other third parties like YouTube as reported by Business Insider.
Ethereum Ads will try to eliminate such problems with the help of the decentralized crypto-based payment system. This approach means that transactions are not blocked or disrupted by third parties.
There are several other monetization systems based on crypto that use a similar approach to Coil and Brave. However, it is implausible that crypto plugins will soon replace the existing conventional plugins, since crypto is still in its early stages.