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The list of ways creators can monetise their content is continuing to grow.
Unless you’ve been living under a rock, you’ve probably noticed the rising popularity for NFTs (non-fungible tokens) as a way to buy and sell digital content. People are paying thousands, even millions, to own exclusive pieces of digital art, which are in the form of a unique digital token living on a blockchain (more on that later).
So what exactly is an NFT?
An NFT is a digital asset that can be bought and owned. These unique digital assets can include images, animations, GIFs, videos, sports highlights and even video games. When someone buys an NFT, they own that piece of original digital content. They are considered modern-day collectibles or digital collectibles.
Richard Yao, Manager of Strategy and Content at IPG Media Lab describes NFTs, “like the serial numbers that a luxury brand would issue for each of their products to verify their authenticity.”
What’s unique about NFTs is that they are securely stored on a blockchain. A blockchain is essentially a database that safely stores electronic information. NFTs live on blockchains to ensure the asset is one of a kind. It cannot be faked.
Who’s already jumped on the NFT bandwagon?
Brands like McDonalds, American Eagle and Toys R Us have all recently debuted their first NFTs. With McDonalds giving away 10 pieces of digital McRib memorabilia, American Eagle launching 120 NFTs as a collection of 12 unique designs and Toys R Us auctioning off a series of exclusive limited-edition digital collectibles featuring their star mascot, Geoffrey the Giraffe.
Content creators are also among those joining the world of NFTs. TikTok sensation, Nathan Apodaca (@420doggface208) is auctioning off his viral Fleetwood Mac skateboarding video as an NFT, with bidding starting at $500k. And in recent months Vamp creators @nick_asphodel and @benmack_ have bought and sold some of their own content as NFTs. Ben views them as “the future of many things for content creators.” And Nick says, “NFTs are the future art galleries and art auctions.”
Singer Grimes is one of the many celebs to jump on the NFT rush, selling around $6 million worth of her digital collection, “War Nymph”. TikTok even announced it will be releasing a selection of six “culturally significant” TikToks that will be sold as NFTs. Rapper Lil Nas X was the first artist to drop an official TikTok NFT, featuring this viral fan-made video. The platform has named these digital collectables, ‘TikTok Top Moments’.
Why are NFTs becoming so popular?
It’s clear that NFTs are a hot topic on the internet right now. As people are realising how big of an earning potential they pose, their popularity has boomed. The amount of people searching for NFTs on Google increased by 100x in the last 12 months and during the third quarter of 2021, total NFT sales hit a high of USD$10.67 billion. A 704% jump from the previous quarter!
Believe it not, around 27% of Millennials say they’re investing in NFTs. That’s according to Adweek and Harry’s Poll survey. Which also found 36% would want to buy a song, 35% said artwork and 17% said they wanted to buy NFTs of a Tweet. Yes, people are selling Tweets. Including the platform’s co-founder, Jack Dorsey who sold his first ever tweet as an NFT for more than $2.9 million.
NFTs are attracting celebs, creators and brands because they can earn money by selling them. But buyers also have the possibility to make money, later down the track. Marketplaces have popped up that offer buyers the ability to resell NFTs at a profit. Similar to selling a collectible on, but in this case, you’re re-selling digital assets.
The NFT opportunities for creators
There’s a huge demand from fans to purchase creator-generated NFTs. This brings an exciting new way for creators to monetize their content. And unlike brand collaborations, the content you sell doesn’t necessarily need to be ‘new’. The creators of viral YouTube “Charlie Bit My Finger” recently sold the video as an NFT for over £760k, and it was originally created back in 2007.
The world of selling NFTs also lets you connect with your audience in new ways, building stronger relationships with them. As Gary Vaynerchuk tweeted, “NFT’s will be the gateway to access those you admire.” Vamp creator @benmack_ also explained that, “Apart from the opportunity to sell my work and have my work be seen, the NFT world lives on Twitter and it’s directly exposed me to other artists and collectors which I would never have engaged with otherwise. It’s really refreshing.” Similarly, Vamp creator, @nick_asphodel says the connections he’s made have been a major benefit he’s experienced from selling NFTs. “I’ve gotten to know a lot of great artists, collectors and even regular people who are just interested in NFTs.”
Four tips to get started
#1 Do your research
You’ve already completed half of this step by reading this know-all guide! However, you’ll need to do a little more research to actually start selling NFTs. “It’s a confusing environment to learn. But once you understand it, it’s incredible.” Says @benmack_. “Learning the basics of how to set up a wallet and how to mint your work is essential. I suggest watching YouTube tutorials on how to get started. It’s also very easy to jump on Twitter, find experts to follow, such as Coin Bureau or Ellio Trades, and be part of the conversation and community.” Join now and follow Ben on Twitter here. “I recommend reading articles about NFTs, blockchain, smart contracts and altcoins.” Says @nick_asphodel. “And definitely jump on Twitter, where the NFT community is thriving.” Follow Nick on Twitter here.
#2 Pull a curated collection together
Once you have enough information under your belt, you can start to put your collection together. Start by turning your existing content into NFTs. Including, but not limited to, your top-performing YouTube videos, TikToks and popular images or cinemagraphs. You also have the option to collaborate with other creators and add your content to a collection featuring work from other artists.
#3 Choose your marketplace
You then need to select which marketplace you’ll sell your NFTs on. @benmack_ uses OpenSea, the world’s first and largest NFT marketplace. Whereas @nick_asphodel uses Foundation, an invite-only NFT marketplace.
#4 Spread the word
Finally, it’s time to promote your NFTs and start selling them. Twitter is a great place to start as it’s the home of NFT conversions. This is where many artists, including Ben and Nick, promote their NFTs for sale. You should then of course be using your social presence on Instagram, TikTok and YouTube. You already have loyal followers on these platforms who would likely be interested in owning a part of your work, they just need to become aware of what you’re selling.
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