BI 382: How NFTs Are Rocking the Creator Economy (Ft Joe Pulizzi‪)‬ The Scale Your Agency Podcast | Bright Ideas
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[4:38] — Joe's Journey in Content Marketing Joe has been in the content marketing industry for over 20 years.
They popularized the term "content marketing" and held the largest content marketing event in Cleveland, Ohio, with 4,000 attendees.
After leaving the business in 2016 with his wife, he wrote books on content marketing and a novel called The Will to Die.
He has started a new business called The Tilt, which focuses on helping small content creators learn to build a business using a "content first" mentality.
He dabbled with business models, such as Web 3 and NFTs, that didn't exist before.
[6:32] — What is an NFT? (Non Fungible Token) After getting into crypto and discovering NFTs in 2020, Joe realized that content creators could build their own mini economy. He then launched Tilt Coin.
A fungible token is primarily for trading dollars; conversely, non-fungible tokens (NFTs) are unique, and have an underlying contract.
Listen to the full episode to find out how one of a kind NFTs allow creators to set the rules for what happens when the tokens are bought and sold online and give their audience access to unique experiences!
[12:54] — Leveraging the Scarcity Element of NFTs Joe mentions that he learned a lot from the Gary Vee model.
Gary Vaynerchuk was a huge content creator but was still subject to the whims of more centralized platforms, so he created 10,255 individual NFTs called VeeFriends.
NFTs consisted of his art, and each digital artwork had different access points and perks, such as exclusive mail and different levels of admission for his VeeCon.
You don't need a large audience. The NFT market is limited; you can provide premium access to your audience regardless of size while also controlling your own business model.
Fans also get the chance to own something from the creator and resell it.
[17:05] — The Benefits of NFTs for Creators and Fans If an event becomes successful, the pricing for NFTs could go up. The creator will benefit, being the IP owner.
With The Tilt, they created Tilt Coin and set membership levels by the number of Tilt Coins someone had.
Among the perks that come with the Tilt Coins are VIP access to ask Joe questions and monthly content drops.
Launching at 36 cents in March 2021, Tilt Coins are currently priced at $53, which shows that the people who invested are satisfied with it.
[18:42] — How to Create an FT or NFT For social tokens, it helps to find an organization that can show you how to do it, or you can look for a contractor or technologist to do it for you.
The Tilt worked with rally.io to set up the whole thing on the blockchain as a side chain of their own Genesis coin.
Other organizations you could check out are Roll and Coinvise.
Outsourcing the creation of NFTs by finding foundations to help you set up underlying contracts and deciding on the royalties would be helpful.
[22:05] — The Downsides of NFTs In 2017, initial coin offering (ICO) boomed, and many shell companies would pump up their prices and leave everyone hanging.
While it's possible to dump Tilt Coins, it would ruin his reputation. It's not about getting rich quickly but building an economy.
Two people recently created Squid Coin based on Netflix's Squid Game, which went up around 5,000%, and the creators made millions before disappearing.
Do your homework before investing in any social tokens.
[26:42] — Resources for Studying NFTs The Bankless Podcast had an episode with Chris Dixon where he discusses NFTs and paints a picture about why he thinks the future will be tokenized and decentralized.
Tim Ferriss' podcast had a more than 2-hour talk with Chris Dixon about NFTs.
Another one would be Tom Bilyeu's Impact Theory episode about the gold standard, the usage of dollars, and the transition to Bitcoin.