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A very clever idea! I've seen people live-blogging or tweeting during events, of course, but this takes it to another level. I like the "everybody wins" aspect to it, too; a lot of times there are contests on social media where you can enter to *possibly* win a prize by sharing a post, etc, but this is more tangible.
I can see how Freebie could be used to reach people with interests in specific fields--as a writer, I am imagining how someone could use it to have a creative book launch party. :)