Imagine you’re a fisherman. You spend hours in the open sea, and you finally catch a big fish. All the work was worth it, and you’re expecting a big payday. A local grocery store buys it. Then it ends. Tomorrow you have to do the same thing and hope for the next lucky catch.
But what if you could make more money in the long-term from that same fish? Think royalties but funded by your audience.
For example, the fisherman gets a cut when the grocery store sells it at retail price. They get paid when the customer cooks it. You get paid when the customer offers the neighbor a plate over the fence. When the customer shares the recipe, you get rewarded.
As digital writers produce assets, they can build a living content empire. It goes beyond getting paid for writing a piece or making money off affiliate links. It’s productizing your work and inviting your biggest fans to invest in you.
Today, we can start experimenting and preparing our content for valuable online assets.
But First…Build Your Audience
NFTs do not give you exposure. As a digital writer, you need to build and foster your audience. You create an audience and fanbase through consistent writing, social media, and networking. You add value to them and they invest in you.
Your fans will want to support you, and many would like to “own” a piece of their favorite works by you. Your NFTs will become more valuable and discoverable as you grow your following. Focus on building exposure for your brand for a successful NFT strategy.
Mint NFTs for Your Top Articles
Every digital writer knows how important it is to produce content every day. The more we write, the more discoverable we become. In addition, it increases our chances that one piece of content will resonate with a larger audience.
Occasionally, I identify a top piece of content. I might get tons of readers on Medium, my website, or through social media. These “viral” pieces of content help build a fan base. They loved the content; it added value to them and has helped them.
These are golden opportunities to offer NFTs. You can sell an image of your article or a GIF or scrolling video of the piece. One person (or a limited few) could own the digital representation of your work. You can offer benefits like meeting with you via video to discuss the subject. Use your top content to make collectible assets for your fans.
Another way to make your NFTs more valuable and unique is by signing them. Not only do they get to own a piece of your work, but they can enjoy your signature as a fan.
Create an NFT-only eBook
Digital writers can take advantage of the excitement when they exclusively release an ebook as an NFT. It creates buzz, an innovative reading experience, and an exclusive community benefit.
Former LinkedIn employee and marketer Ish Verduzco released his book as an NFT. When readers buy it, they get access to benefits from the author. Then, after reading it, they can sell the book and recoup a part of the cost. It’s a win-win for both the reader and the author.
Imagine selling an eBook with limited copies. They can cost more, and when someone sells them, another can buy them. If it makes sense, you can sell single chapters. They can serve as collectible, valuable assets for readers. These NFTs need many available versions but are limited enough to generate exclusivity. As it gains popularity, the selling price could increase through re-sales.
Sell NFTs of Your Book Covers or Original Images
If you are a writer, you’re likely dealing with your books or articles images. You could turn the images you own into collectible assets. For example, imagine buying an NFT of the cover of The Great Gatsby when it was first published. You could support the author and invest in an asset that you believe will grow in value.
Selling an NFT of your original images will help you break into the art community. It’s the most exciting space in the NFT market right now. This crossover appeal can increase your discoverability. You create a new asset out of something you already had.
We might not mint every piece we create, like low-performing articles, but we can create value from it. For example, you likely have strong one-liners within the content. These micro-pieces of content could be NFTs.
Think in tweets. A viral tweet could be a screenshot. Creators have already made thousands. You could mint great sentences in your works, popular tweets, and more. Minting micro-content will increase your NFT library and help you grow your brand.
As NFTS, crypto, the Metaverse, and innovations emerge, writers can prepare and experiment. Then, as you build your assets, you can create a digital empire in the future.
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During the past few years cryptocurrency has been on the minds of more than just the average day trader. Crypto has been a hot topic for governments, large investment firms, and even credit card network giants. Payment networks like Mastercard and Visa are interested in the crypto market for many reasons, but one stands out in particular: they are fearful of being made obsolete. (more…)
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How NFTs Are Revolutionizing the World of Gaming
Gaming might be the world’s favorite past time, but what if it became more profitable than working?
Time is money as they say, especially while enjoying your favorite online games. The time it takes to reach the highest level and acquire a top set of items in any MMORPG (World of Warcraft for example) carries value simply because there are people who would rather pay to skip months of grinding levels, gold, and gear. The value of digital items across popular online games further sparked an entire industry where workers are hired to play games all day with the specific goal of earning as much in-game currency as possible, so they can ultimately sell it in exchange for their own local currency. In fact, regions within multiple third-world countries have become entirely dependent on the billion-dollar business of what has become known as “gold farming”.
The challenge however is that these games all explicitly prohibit any “real life” monetary transactions in regards to your account, your characters, and your items. Discussing or soliciting the sale of your virtual property is immediate grounds for a permanent ban, in which case your account, characters, and items would be irreversibly inaccessible.
Because of these restrictions, selling your character or rare item generally requires you to have a private buyer lined up – otherwise your best option would typically be to find a 3rd party marketplace that connects buyers and sellers. This carries significant risks however, as scammers on both sides are prevalent. Most commonly, account sellers would contact the game’s support team to prove their identity as the original owner, thus resetting the account’s login credentials and returning the entirety of what was sold straight back to them.
What if you could secure, trade, and immortalize your character and all of their items on the blockchain? This is exactly what NFT powered games are now offering with immense success – under this structure, monetizing your character is not only allowed, it is showcased as the primary attraction.
In June of this year alone, NFT-based game Axie Infinity saw players make over $42 million in sales, going on to be the #1 most valuable NFT collection.
We are genuinely on the very cusp of this trend as there are not many NFT-based games in existence, with hardly any AAA developers publicly indicating interest let alone announcing such projects (although we will inevitably see this soon). Given the decentralized mindset of the cryptocurrency community, the NFT space is truly poised for creative and unique indie developers to thrive.
Among the most exciting of these independent gaming ventures is DashLeague.io, a Runescape-meets-Minecraft style MMORPG utilizing NFT tokenomics in completely new ways: players who conquer a town will then earn passive income on the town’s shops from all in-game item sales made by other players. In high-stakes PVP scenarios items can be taken from other players, transferring their NFT to your own wallet in real time.
Teaming up in “leagues” with other players allows you to split token rewards from defeating dungeons as well as pool conquered maps. DashLeague is intentionally structured for players to literally earn money while they sleep, which is hard to argue with considering the sole purpose of these games: to have fun while making money. What may prove to be their most brilliant move of all is their decision to theme the game around the same retro, pixelated style that resonates so strongly with the crypto community as shown through the wild success of NFT projects like cryptopunks and meebits.
As the NFT realm continues to grow in both awareness and application, one thing is for sure – the gaming industry has always been incredibly lucrative (out-earning both the movie and music industries combined), and with the adoption of these hyper-monetized NFT structures, will absolutely be stimulating real-life economies and jobs in a dramatic fashion.
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