From the site:
Figment is a community where you can share your writing, connect with other readers, and discover new stories and authors. Whatever you’re into, from sonnets to mysteries, from sci-fi stories to cell phone novels, you can find it all here.
Figment is an online community for creative expression by teens and young adults. Through the site’s online and mobile platforms, Figment members can read amateur and professional content and write their own stories to share with peers. Figment will soon offer the opportunity for users to produce and share a range of artistic content, including photography, art and film. Figment’s goal is to create a lasting, loyal community and inspire creative exploration and experimentation.
The site was co-founded by Dana Goodyear, a staff writer at The New Yorker, and Jacob Lewis, the former Managing Editor at The New Yorker and Condé Nast Portfolio