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There've been lists before that try to get an email address out of a surfer after a few "free" visits. Once entered, the cookie was updated so it didnt block access anymore.
Not the same, but similar concept.
Also I've seen 1 paysite who sells submit spots where the galleries are listed inside a paysite members area. Again, not directly related, but I think goes to show the content value currently available for free.
Seems like a valid concept idea.. although I'm not sure where the line would be between "free" and "pay" site as far as regulations etc.
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