If you're a creator, you might have heard that NFTs are selling for tens of thousands of dollars. In this post, I'll explain what NFTs are and how you can create one to let your fans own your content and make money.
*I don't really know what I'm talking about, but…*
I've been thinking about how NFTs built into TikTok could be really cool and valuable. For how much influence they have and the size of their following, TikTok creators could really be valued more. Along with that, the dream of anyone being able to bet on and profit with a creator's success could be real.
I could envision a random billionaire or rapper paying a very large amount for the Charli token just as a flex. Cryptocurrencies like Dogecoin are just brand and hype cycles anyways so similar speculation makes way more sense with creators tied to tokens. Smaller creators could even use token royalties to invest in their account (video production quality, brand, etc.) making token purchasing both a bet and in some ways an investment. The backing of TikTok gives legitimacy and value with real scarcity. One token per creator likely makes sense with simplicity for users and for press coverage, though more still allows for scarcity and has other benefits. For an app that rewards catching onto trends, the ability for anyone to bet money on talent or just own the collectible of their favorite creator makes sense for everyone involved.
(Simply:) Why Buy a Creator Token?
- Flex
- Investment
- Supporting Creator
- Fun
This also works for sounds and individual videos, each having category having its own interesting nuances. Maybe even better for sounds than creators. The comparison to trading cards and art works well for thinking through the incentive structure. Creators and the platform want to drive coin prices up for royalties while users want scarce collectibles for the reasons outlined above. Similar to the argument for all NFTs but with specific benefits for TikTok. You made some of these points more generally, I just think NFTs really take off with some kind of institutional backing and a broadly targeted appeal.
I could be wrong but optional TikTok NFTs seem like they would solve a some of problems in the creator economy and generate a large amount of revenue. It just seems like some % of people would click buy if offered the token for their favorite niche creator. It’s also fun thinking about how the UI would be integrated with a market. And more broadly is the next path for social networks integrating NFTs...
Hi Peter, I really enjoyed your breakdown of NFTs. I was hoping you could share some more insight on the value of "owning" a piece of digital art / content. You mentioned in your poll, most are buying to make money and/or support the creator but what does it really mean to own a limited edition of a digital art piece or song? Can I stop others from copying or redistributing?
This desire for speculation may be due to the nature of NFTs early adopters. I'm not sure that the following adopters will have the same motivation (cf. crypto-currencies). We might get back to you Super Fan Flywheel drivers ;-) We are currently building a platform for creators that resonates a lot with this concept. We didn't jump into NFTs essentially because as you said in your post the cost of mining is too high if you want to sell digital goods under $100 (what is usually the case when we talk about content like blog posts or podcasts...). This is what we are developing and I am curious about your feedback and how and if we can apply NFTs to this approach. We want to allow creators (think writers, podcasters...) to release a limited number of copies of their content only accessible to their super fans first. Each copy of this content has a certain price (think very low). Super fans can buy a certain number of copies of this content (min. 10 - max. 100) and share their copies with their network (not sell and speculate). Ex: I have 10 copies available of the latest Peter Yang's podcast, DM me if you want a copy. The idea of this model is to merge monetization and distribution. It allows creators to activate their member’s community each time they release new content, generate immediate revenue and distribute their content through their members’ personal network. For super fans, it gives them to access to exclusive content before anyone else, support their favorite creators and reward their network with exclusive content.
Would your hypothetical artist (Taylor) lose the rights to her song if she sold it as an NFT, or would she continue to own the rights like normal for other regular releases like spotify, etc? If it's the latter, is the song that she is "selling" as an NFT more like an authorized collectible signature of the song? Thanks!
Outstanding Journalism here. Absolutely the best and most simple explanation I've found thus far. I have become an instant follower and subscriber. IM actually putting together a marketplace where anyone can digitize their content and the costs to them will be far less than 15%. I would actually like to provide links for my visitors, to your content. Is Twitter the only way to connect with you?
This is really good, thank you. One thing that's been bugging me is the environmental cost of producing NFTs, and i understand there's no clear answer to this just yet. But i was wondering how you see it / come to terms with it?
NFTs, or non-fungible tokens, have been gaining a lot of traction in recent months as a new way to create and store value. Blocktechbrew is excited to offer our very own guide on how to create your own NFTs!
The process is actually quite simple and only requires a few steps. First, you'll need to find a reputable NFT creation platform like Ethereum or Waves. Once you've chosen your platform, you'll need to create an account and deposit some funds.
Once you have your account set up, you can begin creating your NFTs! For each NFT you create, you'll need to specify a few things like the name, price, and image. You can also add additional metadata to each NFT if you want.
Once you're happy with your NFTs, you can publish them on the blockchain for others to see and purchase. Congratulations, you're now a part of the exciting world of NFTs!
NFTs, or non-fungible tokens, have been gaining a lot of traction in recent months as a new way to create and store value. Blocktechbrew is excited to offer our very own guide on how to create your own NFTs!
The process is actually quite simple and only requires a few steps. First, you'll need to find a reputable NFT creation platform like Ethereum or Waves. Once you've chosen your platform, you'll need to create an account and deposit some funds.
Once you have your account set up, you can begin creating your NFTs! For each NFT you create, you'll need to specify a few things like the name, price, and image. You can also add additional metadata to each NFT if you want.
Once you're happy with your NFTs, you can publish them on the blockchain for others to see and purchase. Congratulations, you're now a part of the exciting world of NFTs!
One of the most important things to understand about NFTs is that they are not physical objects. They are digital assets that exist on the blockchain. This means that you cannot touch or hold them in your hand. However, this also makes NFTs very secure and tamper-proof.
Learn everything related to (Non Fungible Token) NFTs, Top NFT Projects, and how does it work. Read all the latest news, articles about NFTs. Click now!
Great Blog! Thanks for sharing this awesome knowledge with us.Learn everything related to (Non-Fungible Token) NFTs, Top NFT Projects, and how does it work. Read all the latest news, articles about NFTs. Click now to know more - https://whatarenfts.com/
Your blog well explains about the NFT Marketplace Development and its uses over the industries. Here I would like share the best NFT marketplace development company for your business requirements.
I was also a victim of crypto scam. Fortunately, I was able to get my stolen funds recovered after being referred to a reliable agency. You can reach out to them at easybinarysolutions via g.mail
Digital Collectibles (NFT) market size was estimated at $20.8 billion in 2020 and is expected to grow at a CAGR of 11.9% during the forecast period of 2021 to 2031.
Boom in NFT market with market cap growing by 1,785 % in 2021
Major NFT Tokens witnessed a 1785% of market Cap growth in three months from Janurary to March in 2021. The digital collectible market is on the boom. The first half of 2021 witnessed $2.5 billion dollars of sales. It is not only impressive but remarkable considering the economic slowdown in the post-pandemic era.
*I don't really know what I'm talking about, but…*
I've been thinking about how NFTs built into TikTok could be really cool and valuable. For how much influence they have and the size of their following, TikTok creators could really be valued more. Along with that, the dream of anyone being able to bet on and profit with a creator's success could be real.
I could envision a random billionaire or rapper paying a very large amount for the Charli token just as a flex. Cryptocurrencies like Dogecoin are just brand and hype cycles anyways so similar speculation makes way more sense with creators tied to tokens. Smaller creators could even use token royalties to invest in their account (video production quality, brand, etc.) making token purchasing both a bet and in some ways an investment. The backing of TikTok gives legitimacy and value with real scarcity. One token per creator likely makes sense with simplicity for users and for press coverage, though more still allows for scarcity and has other benefits. For an app that rewards catching onto trends, the ability for anyone to bet money on talent or just own the collectible of their favorite creator makes sense for everyone involved.
(Simply:) Why Buy a Creator Token?
- Flex
- Investment
- Supporting Creator
- Fun
This also works for sounds and individual videos, each having category having its own interesting nuances. Maybe even better for sounds than creators. The comparison to trading cards and art works well for thinking through the incentive structure. Creators and the platform want to drive coin prices up for royalties while users want scarce collectibles for the reasons outlined above. Similar to the argument for all NFTs but with specific benefits for TikTok. You made some of these points more generally, I just think NFTs really take off with some kind of institutional backing and a broadly targeted appeal.
I could be wrong but optional TikTok NFTs seem like they would solve a some of problems in the creator economy and generate a large amount of revenue. It just seems like some % of people would click buy if offered the token for their favorite niche creator. It’s also fun thinking about how the UI would be integrated with a market. And more broadly is the next path for social networks integrating NFTs...
Hi Peter, I really enjoyed your breakdown of NFTs. I was hoping you could share some more insight on the value of "owning" a piece of digital art / content. You mentioned in your poll, most are buying to make money and/or support the creator but what does it really mean to own a limited edition of a digital art piece or song? Can I stop others from copying or redistributing?
So these marketplaces charge you up to 15% comission for selling. Isn't that outrageous?
Goes really against you last sentence;
The bottom line is: In the creator economy, most of the value should go to the creator and the fans, not the platforms.
This desire for speculation may be due to the nature of NFTs early adopters. I'm not sure that the following adopters will have the same motivation (cf. crypto-currencies). We might get back to you Super Fan Flywheel drivers ;-) We are currently building a platform for creators that resonates a lot with this concept. We didn't jump into NFTs essentially because as you said in your post the cost of mining is too high if you want to sell digital goods under $100 (what is usually the case when we talk about content like blog posts or podcasts...). This is what we are developing and I am curious about your feedback and how and if we can apply NFTs to this approach. We want to allow creators (think writers, podcasters...) to release a limited number of copies of their content only accessible to their super fans first. Each copy of this content has a certain price (think very low). Super fans can buy a certain number of copies of this content (min. 10 - max. 100) and share their copies with their network (not sell and speculate). Ex: I have 10 copies available of the latest Peter Yang's podcast, DM me if you want a copy. The idea of this model is to merge monetization and distribution. It allows creators to activate their member’s community each time they release new content, generate immediate revenue and distribute their content through their members’ personal network. For super fans, it gives them to access to exclusive content before anyone else, support their favorite creators and reward their network with exclusive content.
Would your hypothetical artist (Taylor) lose the rights to her song if she sold it as an NFT, or would she continue to own the rights like normal for other regular releases like spotify, etc? If it's the latter, is the song that she is "selling" as an NFT more like an authorized collectible signature of the song? Thanks!
Outstanding Journalism here. Absolutely the best and most simple explanation I've found thus far. I have become an instant follower and subscriber. IM actually putting together a marketplace where anyone can digitize their content and the costs to them will be far less than 15%. I would actually like to provide links for my visitors, to your content. Is Twitter the only way to connect with you?
This is really good, thank you. One thing that's been bugging me is the environmental cost of producing NFTs, and i understand there's no clear answer to this just yet. But i was wondering how you see it / come to terms with it?
NFTs, or non-fungible tokens, have been gaining a lot of traction in recent months as a new way to create and store value. Blocktechbrew is excited to offer our very own guide on how to create your own NFTs!
The process is actually quite simple and only requires a few steps. First, you'll need to find a reputable NFT creation platform like Ethereum or Waves. Once you've chosen your platform, you'll need to create an account and deposit some funds.
Once you have your account set up, you can begin creating your NFTs! For each NFT you create, you'll need to specify a few things like the name, price, and image. You can also add additional metadata to each NFT if you want.
Once you're happy with your NFTs, you can publish them on the blockchain for others to see and purchase. Congratulations, you're now a part of the exciting world of NFTs!
https://blocktechbrew.com/
NFTs, or non-fungible tokens, have been gaining a lot of traction in recent months as a new way to create and store value. Blocktechbrew is excited to offer our very own guide on how to create your own NFTs!
The process is actually quite simple and only requires a few steps. First, you'll need to find a reputable NFT creation platform like Ethereum or Waves. Once you've chosen your platform, you'll need to create an account and deposit some funds.
Once you have your account set up, you can begin creating your NFTs! For each NFT you create, you'll need to specify a few things like the name, price, and image. You can also add additional metadata to each NFT if you want.
Once you're happy with your NFTs, you can publish them on the blockchain for others to see and purchase. Congratulations, you're now a part of the exciting world of NFTs!
https://blocktechbrew.com/
One of the most important things to understand about NFTs is that they are not physical objects. They are digital assets that exist on the blockchain. This means that you cannot touch or hold them in your hand. However, this also makes NFTs very secure and tamper-proof.
https://gamefantasyworld.blogspot.com/2022/05/nft-tips-for-beginners-must-read-guide.html
Learn everything related to (Non Fungible Token) NFTs, Top NFT Projects, and how does it work. Read all the latest news, articles about NFTs. Click now!
https://whatarenfts.com/
Great Blog! Thanks for sharing this awesome knowledge with us.Learn everything related to (Non-Fungible Token) NFTs, Top NFT Projects, and how does it work. Read all the latest news, articles about NFTs. Click now to know more - https://whatarenfts.com/
Hi, Good day wishes,
Your blog well explains about the NFT Marketplace Development and its uses over the industries. Here I would like share the best NFT marketplace development company for your business requirements.
Have a Look >> https://www.securitytokenizer.io/nft-marketplace-development
I was also a victim of crypto scam. Fortunately, I was able to get my stolen funds recovered after being referred to a reliable agency. You can reach out to them at easybinarysolutions via g.mail
- Has anyone seen "out-of-the-forest" yet? by: jlw/herbalist32
Digital Collectibles (NFT) market size was estimated at $20.8 billion in 2020 and is expected to grow at a CAGR of 11.9% during the forecast period of 2021 to 2031.
Boom in NFT market with market cap growing by 1,785 % in 2021
Major NFT Tokens witnessed a 1785% of market Cap growth in three months from Janurary to March in 2021. The digital collectible market is on the boom. The first half of 2021 witnessed $2.5 billion dollars of sales. It is not only impressive but remarkable considering the economic slowdown in the post-pandemic era.
Source Research: https://www.marketdecipher.com/report/digital-collectibles-market