I think an idea like this could work, but only if the blogger has some serious reputation. It would take a lot of trust for someone to put their money into something like that when they could spend the same amount advertising on a well-established blog.
An idea like this would not only have to be planned very carefully, but also presented to the sponsors the right way that actually convinces them this is a good idea.
If anyone asked me to put my money into a blog like that, the first thing that would come to mind is "this is super risky".


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