As a creator, you probably have many ideas revolving around the generation of reliable income streams. Unfortunately, most of those will fall flat on their face or they’ll give you inconsistent monetization in the long run. After all, passive income doesn’t really exist and you always have to put some effort in creating solid revenue streams. Or do you?

Non-fungible tokens (NFTs) are still quite innovative but many creators, artists, influencers, athletes, streamers and even online personalities are turning to them. According to some reports, NFTs will revolutionize the way in which creators are getting paid, potentially changing the rules of the game and providing sustainable new ways to earn royalties or do fundraising.

So, what’s the secret and what are the ways to earn through the use of NFTs? Let’s shed some light on the opportunities.

People Are Already Cashing in (Majorly!)

You may feel that the prospects of using NFTs are theoretical and somewhat far-fetched but this isn’t the case. In fact, many creators are already counting on non-fungible tokens to make big bucks.

Gif Image sold on OpenSea

But let’s go back a little bit and discuss the nature of NFTs first.

The non-fungible token is a digital asset based on blockchain verification (much like cryptocurrencies). It represents real-world creations like music, art, games, multimedia, memorabilia, etc. In a sense, it acts as a digital copyright that can also feature usage rights and an agreement between creator and buyer. Hence, the NFT can ensure the payment of rolling royalties or another method that the creator can count on to get compensated for their work.

So now, we can look at a few real-life examples of how creators are using NFTs to put together a new stream of income.

Digital artist Sarah Zucker was one of the early adopters who started selling NFTs back in 2019. As of 2021, she has generated more than 274,000 dollars in NFT sales. Her earliest work would sell for as little as 50 dollars but as she generated traction online through a solid following, a number of collectors began taking notice of her work.

Logan Paul, a well-known and quite controversial influencer, has sold NFTs worth five million dollars. In fact, due to his immense and loyal fan base, Paul made one million dollars in about 30 minutes after releasing his NFTs.

Today, even big celebrities have joined into the craze. NFL player Rob Gronkowski, Lindsay Lohan and Grimes have all made serious amounts (sometimes even millions) by selling digital rights. The scope of possibilities and applications is limitless. Twitter CEO Jack Dorsey sold the rights to his very first tweet for millions of dollars. These examples give you a glimpse of all the possibilities that NFTs bring to the table.

The Gary Vee NFT Business Model

If you’re serious about income generation through NFTs, you’ll also need to familiarize yourself with the experience of Gary Vee.

Gary Vaynerchuk, better known as Gary Vee online, is an entrepreneur and an early blockchain adopter. Hence, it’s no surprise that he’s announced the launch of his own NFT collection called VeeFriends.

The collection consists of 10,255 character tokens available for purchase via ethereum.

Vee’s tokens will come with a smart contract that defines the terms of the transaction, giving both buyer and seller some specific rights and obligations. Buyers will benefit from a number of perks, including a chance to participate in future events planned by Vee (like the annual VeeCon). Vee, however, believes this is just the beginning.

According to him, NFTs could eventually start being utilized as a kind of digital subscription for goods and services. Hence, copyrights and rolling royalties are just one facet of NFT applicability.

In Vee’s own words, we’re still in the “prehistoric” stages of NFTs. This means great opportunities exist for early adopters, regardless of the widespread and pretty natural skepticism. NFTs derive their value from utility, access and social currency. No other token comes with such characteristics, which means that most creators can start conceptualizing an NFT strategy right now to reap the benefits of such endeavors in the future.

What Does This All Mean to You as a Creator?

Every single creator should be compensated for their work. Internet has provided amazing opportunities to connect with the right audience and deliver an attractive message. At the same time, internet has also contributed to the proliferation of copyright violations and cheap chances for people to access content without crediting or compensating the author.

NFTs are the tools that can revolutionize the rules of the game. This is why they’re definitely not a fad and they’re here to stay.

People will continue buying NFTs because these provide an actual opportunity to “connect” with a favorite influencer, athlete or a celebrity. In a sense, this is a social currency and just like memorabilia and merchandise, it has the power to become huge.

Gary Vee and many other early adopters believe that NFTs aren’t a fad. They are the beginning of a huge cultural shift that will change how we pay for and how we consume content, digital art and favorite creations.

If you’re a creator, starting to educate yourself about the power of NFTs this very moment makes a lot of sense. Obviously, adopting the trend before everyone else embraces it will give you solid market positions and a stream of income while the rest of the world is trying to catch up.

You already have numerous examples to draw inspiration and learn from. NFTs are highly customizable and chances are that you’ll get to put together highly personalized tokens to address your audience’s needs. And that’s the beauty of the trend. The way you monetize and sell your content/art/creations is entirely up to you.

Need Some Help Getting Started?

All of this probably sounds exciting but also quite overwhelming.

It’s nothing but natural to feel somewhat wary of brand new concepts like NFTs. After all, many digital innovations have proven to be fairly short-lived.

NFTs, however, are here to stay in one form or another. Making the most of them is simply a matter of personalization, knowledge of your audience and utilization of the right smart contract to ensure consistent income generation.

If you need some assistance to gain a better understanding, you can get in touch with me. As an NFT consultant, I’ve worked with artists, athletes, influencers and other creators on their royalties and monetization strategies. Just let me know what your goal is and I’ll help you fine-tune the NFT approach for optimal results.

Written by : Andrea Varriale

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