I really wouldn't call a lot of what's online "literature" since that word, to me, refers to a sub-genre of writing that belongs to the heavy-hitters, the canonical writers, Shakespeare, Dante, Milton, Dostoevsky, Kafka, and even Toni Morrison, George Saunders, Thomas Bernhard, Sebald, Borges, DFW, e.g.
Lee KleinThe Web ultimately is a medium used by real offline people, and as such, it'll probably be whatever we are.
Lee KleinThe problem with the term "The New Fiction" is that the fiction will inevitably be old. The same could have been said about the work of any generation of writers.
Lee Klein