When thinking about today’s Random newsletter topic, I was going to write about something entirely different. But then I thought – hey, these are my people. This is the group I need to work these thoughts through with.
So, I’m venting here in the hopes that a) you’ll find it somewhat interesting and b) you’ll provide me some honest feedback.
I’ve been struggling with the issue of creator coins over the last few weeks. You can’t see this (of course) but I have scribbled notes littering my desk about how to build a coin strategy. I’ve been obsessed. We are at the bleeding edge of this and I think, if we get it right, we could build a model for future creators to follow.
A few months ago The Tilt (our new company) was one of the first organizations to launch a creator coin on the Rally.io network (I think we were #73). The coin is called $TILT coin and can be found here.
We launched at .29 cents per coin and as of this exact moment (9:13 AM ET on May 5, 2021) the price sits at $9.78 per $TILT coin.
I’m on a mission to show that a community’s entire economy can run on their creator coin. If you don’t believe me, it’s already happening. Allie Strasza, creator of $ALLIE coin, has already created millions of dollars in value through her community (she plays card games on Twitch). People buy Twitch subscriptions with her coin, tip Allie directly with it and also tip other members of the community (when they do something positive).
And you’ve already seen what Portugal The Man (the rock band) has done with their creator coin, which was featured in Rolling Stone magazine. Fans that purchase their coin are able to purchase exclusive fan experiences with their $PTM coin.
Yes, there are a few solid examples, but is it possible to run a business using just creator coin? Here are questions that come to mind:
– Can you fund all aspects of the business with a creator coin?
– Can you use it in replacement of a bank? (I’m seriously asking this question)
– Is this a good idea or are we just kidding ourselves?
So here’s what I’m thinking. Some of these are good, solid ideas. Some may be crazy. Some are missing.
$TILT Coin Phase 1
Currently, subscribers of The Tilt newsletter receive a referral code at the bottom of every email. For every referral the subscriber receives some $TILT coin. We also give away $TILT coin to people who share our content on social media or as a nice surprise for people who support us.
We’ve been doing this since the beginning and now have 200 owners of $TILT coin.
Currently, besides the coin having some cash value, you can’t do anything with it.
We’re looking at a number of ways people can use $TILT coin, including:
Signed copies of Content Inc. – purchase and receive signed copies of Content Inc. by using $TILT coin.
Merchandise – buying shirts, hats, sweatshirts, and other swag.
Discord group levels – The Tilt’s Discord group is in beta (you can join here). We’ll be adding different levels of access from coin-holders to VIP access depending on your level of $TILT ownership.
The TILT 50 – holders of 50 or more $TILT coin will be able to join our editorial advisory board, which includes helping us shape what stories to cover and learn about key decisions we are making for the company. The group will chat on the Discord server. This group can/will be involved in what direction we take the company.
Sponsorship – Individuals and enterprises will be able to sponsor portions of The Tilt and our podcasts, Content Inc. (motivational podcast) and This Old Marketing (news about content and marketing), by purchasing $TILT coin.
In the fall of 2021, The Tilt will be launching a training program and courses for content entrepreneurs. These courses can be purchased with $TILT coin or be available for people at certain $TILT coin levels.
Here are some other ideas that I think might have some utility:
Launch NFTs (non-fungible tokens) as tickets to events, creating different levels of experience. These can be purchased directly at Rally.io. Gary Vaynerchuck just launched his first NFT this week, which is open to people who hold his creator coin.
Fund a Creator Program – One of our big ideas is to create 1000 exits (or some number), which means help 1,000 content creators develop significant content-first businesses. I’m thinking we could do this with $TILT coin and work it like a support network or a grant. Content creators could apply and those that we accept we’d fund with, say, 1000 $TILT coin. Then that group could use the value already created in $TILT coin for their community as well. I’m not sure if this is a great idea or not, but…
Other Coin Holders
I spent the day yesterday reviewing what other creators are doing with their coin. Some ideas include:
– Membership levels and perks depending upon coin ownership level.
– Creators will retweet or promote a link for coin.
– Private Discord group for coin holders.
– Private chats and consultations.
– Limited merchandise offers for coin holders.
– Consulting engagements.
I don’t quite have it yet, but I’m getting there. It’s a challenge to think outside a centralized process as creator coins are definitely a decentralized idea (currency outside a sovereign entity, like a government). When someone asks, “you have your own currency, how would it work?” is not easily answered.
So what do you think? What am I missing? Good idea? I’d love your feedback.
Oh, and good ideas emailed to me get $5 in $TILT coin. See how I did that. (make sure you get a free account at Rally.io so I can send you some)