According to Wikipedia, a Blog carnival is
A blog article that contains links to other articles covering a specific topic. Most blog carnivals are hosted by a rotating list of frequent contributors to the carnival, and serve to both generate new posts by contributors and highlight new bloggers posting matter in that subject area.The advantage to using blog carnivals is that they take part in SEO (search engine optimization). So, every blog carnival that you participate in gives you a direct link to one of your posts. This way you obtain another backlink to help boost your blog in the SERPs and also to get a few direct visitors from the link itself.
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