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Then Patreon came along, and this was the deal they offered: you can do your thing and accept pledges of any amount, even tiny amounts, even amounts of less than $1, and we will charge you 5% for ourselves and approximately 5% for payment processing.

It was the right price point. Micropayments worked at that price point.

Nobody knows how Patreon made that work.

There's two major hypotheses.