If you are a regular reader, you already know my fascination with Bitcoin and the blockchain.
Well, I found something just as fascinating. They are called an NFTs, or non-fungible tokens, and I believe these will be incredibly important for content creators in the very near future.
According to Coindesk, “Non-fungible tokens (NFT) are digital assets that represent a wide range of unique tangible and intangible items, from collectible sports cards to virtual real estate and even digital sneakers.”
Most cryptocurrencies, like Bitcoin, are fungible…meaning they can be directly exchanged for one another. My one bitcoin and your one bitcoin can be exchanged at the same exact value.
NFTs are different. An NFT cannot be exchanged with one another. No two NFTs are identical.
The easiest way for me to get my arms around it is by thinking of it like a baseball card. The Topps trading card company created (still creates I guess) limited edition cards that were marked one of five or number 11 of 50. That told you they were limited, but could you really prove it? Not really. You had to trust Topps.
Now Topps are making cards as NFTs on the Ethereum blockchain. They have gone big with their GarbagePailKids rerelease. Each card has a specific identifier…meaning every card is different in some way. Topps Digital also just launched a Bernie Sanders Mittens GarbagePailKid that is already selling for a thousand dollars on secondary markets.
What does any of this have to do with creators?
We are already seeing it. Artists are putting up their digital one-of-a-kind artwork on sites like SuperRare and MakersPlace. A Banksy-style artist just sold a piece of art for 900,000. And, it’s a one of one piece that can always be tracked and never be faked or improperly duplicated. This means that, in most cases, the artist gets paid something every time the piece of art is sold or resold. Can you imagine what Picasso would think, getting paid multiple times off the same piece of art?
This is starting to go mainstream. The NBA, through their NBA Top Shot program, have already sold over $35 million worth, where you can buy a clip of Lebron’s dunk or Steph Curry’s three-pointer.
We are just getting started in this. Creators can monetize their words, video, audio, network…all sorts of content creations through NFTs.
Think of the applications for music. Billy Joel could sell a one-of-a-kind early recording of “Piano Man” that would sell for millions. Or Lizzo can release 2500 copies of a studio song to loyal fans.
This is early days. We are probably many years away from mainstream on this…but think of this like Bitcoin in 2013. Wouldn’t you have loved to get your hands-on Bitcoin for a few bucks?
My recommendation if you’re a content creator? Go down the rabbit hole. Start to look for possible applications. Test some things out.
This thing is going to be big.
PS: Want to really get into something that will blow your mind? Try the idea of the tokenization of most assets (shout out to Travis Wright for the download).
Why I Love Facebook
I’m sure you heard the news that, after the passage of a media bargaining law, Facebook banned all news on their app in Australia (listen to this episode of This Old Marketing for our take, called, Facebook Invades Australia).
And this is why I love Facebook. Every couple weeks they give all us content creators a reminder of why you don’t build your content house on rented land. Social media platforms are fine to help you build your audience, but they are NOT yours and you don’t control ANYTHING.
Email, email, email.
I Made the New York Times Last Week
It’s funny how things happen sometimes.
I had the opportunity to participate in a study regarding making large contributions to non-profits and foundations. During the study, I found out that a lot of donors feel the same way I do…they just want to know that what they give is making an impact and is used for how it was intended.
From that study, I received a call from the New York Times for an interview. During the interview, I talked at length about the Orange Effect Foundation. I talked about our mission to help those families who can’t afford speech therapy. I talked about how insurance, often times, doesn’t cover the expenses associated with speech therapy (a tragedy). I also discussed how my wife and I couldn’t find another organization to help these kids…so we created one ourselves…and…ta da…Orange Effect was born.
Once the article was published it was amazing how many people contacted us and wanted more information about what we do at Orange Effect Foundation.
But more than anything, thank YOU for making OEF possible. Thank YOU for making sure over 200 kids can get the therapy so they can be whatever they want to be in this crazy world.