Can NFTs Be A New Monetisation Model For Creators?
Also: Dispo’s $200 million valuation, MrBeast sells 1 million burgers, Spotify’s latest announcements, and more
Last week’s interview: We spoke to Sam Lessin, General Partner at Slow Ventures, and writer at The Information covering creators, platforms, and startups writ large. Check it out on as a podcast or on YouTube!
And now, onto the news…
Top Stories in the Passion Economy, 02/24/21Can NFTs Be A New Monetisation Model for Creators?
- NFTs have been all over the news lately! Here’s a small sampling of some of the highlights:
- NBA Top Shot, a blockchain powered marketplace for collectible highlight videos generated $53.9 million in sales.
- Popular creator Logan Paul raised $3.5 million in one day through NFT sales.
- Art auction house Christie’s is accepting NFTs for an upcoming auction.
- A limited edition version of iconic GIF ‘Nyan Cat’ was auctioned using NFTs and sold for $482 thousand dollars.
- Justin Kan, co-founder of Twitch, announced that he will be minting his YouTube content as NFTs.
- Overwhelmed? We strongly recommend reading this primer written by Jesse Walden.
What this means:
- I'm excited about this from a passion economy perspective because it represents a really interesting way for artists to monetize, and for their fans to profit from supporting them.
- Agree! NFTs have created a mechanism to buy equity in creative content. If you're an early fan of a creator and you love their content, you may want to support them by buying into a piece of it, which could potentially appreciate in value.
- Historically, people have collected art for different reasons: for aesthetic reasons of course, but also as a financial investment.
- NFTs offer a way to invest in digital content as an alternative asset class. They also have a lot of advantages compared to physical art: first, liquidity—no need to ship things across the country and store them in temperature controlled environments. And second, artists have the ability to capture a percentage of secondary sales.
- I agree, but it's important to separate the temporary hype from the longer term effects.
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