In the latest EMC livestream, we sat down with Reid from Paragraph to explore one of the most urgent questions facing onchain creators today:

Can writers actually make a living using coins, NFTs, or any of this new onchain stuff—or is it all just vibes and speculation?

We broke it down across three core ideas.

1. Coins vs NFTs: What Are We Really Collecting?

There’s no shortage of new tools for monetizing content onchain. But one debate continues to spark fire: should creators lean into coins or NFTs?

Platforms like Zora are betting big on coins—launching a new model where every post can have its own token. That experiment turns content into a liquid asset, with buyers speculating on what might gain cultural (or financial) traction.

But that approach isn’t resonating with everyone. As Diana (Treegirl) put it:

“It makes the content feel more financialized. That’s always felt a little icky to me.”

She’s not alone. The conversation compared this “coin-per-post” approach with older models like open edition NFTs, gated content, and crowdfunds. Tools like Mirror allowed creators to rally funding around a project or season (Rehash raised 30 ETH using a Mirror crowdfund). The format felt collaborative—not extractive.

NFTs feel like a thank-you note. Coins can feel like a stock ticker attached to your creative output (waiting to inevitably hit zero).

2. Why People Collect: Patronage, Identity, or Speculation?

Reid offered a clear breakdown of the five core motivations he sees for why someone would support a writer through onchain tools:

1. Patronage – I believe in this person’s work.

2. Shared Identity – I align with their values or voice.

3. Community – I want to be part of the conversation.

4. Speculation – I think this content or creator will increase in value.

5. Utility – I want gated access to features, posts, or discussions.

It sounds good in theory. But in practice, once speculation enters the picture, the other motivations tend to get crowded out. As Humpty noted:

“As soon as there’s any assumption the token will go up, it’s no longer about you. It’s about the market.”

That’s what happened on platforms like FriendTech, where support quickly morphed into short-term profit plays. Even loyal collectors start watching floor prices instead of reading new posts.

The more ephemeral the incentive, the harder it is to build long-term value. Coins might onboard speculators—but they often chase away community.

3. The Real Problem: Making Writing Sustainable

Gramajo suggested new models that are emerging—Revnets, which offer built-in exit liquidity, and Sanctum creator coins, which let supporters passively earn yield. But one question remains:
Will any of these actually help writers earn a living?

Reid didn’t hold back when talking about the current state of creator income:

“We’ve failed to help great writers like YB make reliable income. That sucks.”

He admitted that tools like token gating and open editions haven’t been enough to support full-time writers. In fact, most creators on Paragraph who tried token gating made less than $100/year.

That’s why Paragraph is rethinking its approach. While they're exploring coin-based tools, Reid emphasized that speculation can’t be the core of any sustainable model. Instead, he’s interested in mechanics that reward long-term support:

• Crowdfunds for season-based funding (like Mirror pioneered)

• Tipping based on engagement (like Farcaster’s weekly tips)

• Staking-based rewards (inspired by Solana projects like Sanctum)

• Ownership without friction, through subscription-aligned models (like HyperSub and Pods, which give creators control over their smart contracts and interoperable rewards)

“Our North Star is creating a bigger economy around creative work—especially for writers who don’t want to post weekly, but still have valuable things to say.”

Final Thought

We’re still early in figuring out what a thriving onchain writing economy looks like. But one thing is clear: platforms need to move beyond speculation and design tools that respect creators’ time, output, and communities.

Reid left us with one more reminder:

“The early supporters matter more than the dollars they give. But right now, there’s no good way to make that support feel durable.”

Maybe the next big breakthrough won’t be in launching more tokens—but in better reflecting the intent behind them.