In Friday 5s: It’s time to tackle some NFT and social token stuff. Do you know your SLV? Why doesn’t anything get done when everyone seems so busy? And a bunch of other things to know, read, and hear.
5 things to do
In a Web3 world, content entrepreneurs should understand the power and pitfalls of NFTs and social tokens (aka creator coins). Here are five things to get started in obtaining that knowledge.
1. Know the difference between NFTs and social tokens: NFT stands for non-fungible token. Non-fungible means it is one of a kind. They represent the digital rights to an asset, which can be bought, sold, and verified publicly. Fungible tokens are better known as social tokens or creator coins. Each coin has the same value, just like a dollar is a dollar, a yen is a yen, and a bitcoin is a bitcoin.
2. Establish a solid foundation: Whether you plan to sell NFTs or use social tokens in your content business, the first step is the same: Build a solid business base. The power of either token model usually relies on the issuer having a strong audience interested in participating in the business.
3. See the power of NFTs beyond digital collectibles: Some content creators mistakenly think NFTs are limited to digital art collectibles and, therefore, irrelevant to their business. But you create digital content assets that can be converted into NFTs. A podcaster could sell NFTs that allow access to exclusive shows. For an author, it could be a book. A YouTuber could sell a membership package as an NFT. Heck, a blog writer could sell an NFT for each article they write.
4. Use social tokens to retain and grow communities: Creators who issue coins create their own currency system. Their audiences can use traditional money to buy the coins or acquire them through a reward system. For example, The Tilt gives $5 in $TILT coin for every referred subscriber. Creators also can accept social tokens as payment for products and services, or give token holders discounts. You also can set up tier-level memberships based on the total coins (or coin value) held by the community member.
5. Manage expectations: Market volatility makes a business model solely reliant on revenue from NFTs or social tokens difficult and impossible for most. Yet, you still should continue learning and pay attention to the opportunities. Just make sure to tread lightly.
- NFTs 101: A Useful Beginner’s Guide for Content Creators
- Should Creators Consider NFTs and Creator Coins?
- How To Make a Creator Coin Work
- Never-Ending Tickets Hold Big Potential [Example]
And don’t miss next Tuesday’s newsletter for a big announcement that includes NFTs.
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5 things at the tilt
- Are you building content assets or building audiences for big social networks? [Content Inc. podcast]
- A very special behind the scenes of This Old Marketing featuring Jay Acunzo. [This Old Marketing podcast]
- Struggling with technology decisions? Check out what The Tilt uses in their Tech Stack.
- Have an extra 30 minutes to improve your content business? Be sure to check out our mini-courses!
- ICYMI: How To Move From a Hobby Creator to a Content Entrepreneur
5 things to know
5 things to read, watch, or hear
- Wonder why nothing gets done when everybody is so busy? McKinsey has an interesting take on collaboration. Too busy to read? Just go straight to their easy-to-read chart.
- Raeesa Dhorat, head of the female voices development program at Special Effects Media, shares an interesting take on why the creator economy needs more women.
- Many LinkedIn Learning courses are free through the end of September. They tackle finances, marketing, sales, and more.
- Mate Society founders talk about authentic online connections, making money in the creator economy, and choosing the right brand deals in this 40-minute podcast. (Too busy to listen? Get the gist from the show notes.)
- Can you guess the 25 people powering the creator economy?
the tilt team
Your team for this issue: Joe Pulizzi, Pam Pulizzi, Ann Gynn, Laura Kozak, Marc Maxhimer, and Dave Anthony.