How Do NFTs Work for Content Creators and Coaches?
A fad, weird fan art, collectibles, sports memorabilia?
If you're a content creator, or coach, and this is the extent of your understanding of NFT's listen up!
As NFT technology grows, so does your opportunity to break into a new market and add an extreme amount of value to your audience members. I'm going to break down what an NFT is, and how you can leverage NFT technology in a cool unique way that adds to your community.
Let’s start with the Blockchain
Okay, to understand an NFT, you first have to understand what blockchain technology is. A blockchain is a type of technology that is like a public ledger of records. And each record is a block in that chain.
Picture that chain.
Each link or block has code inside of it.
And that code can be used to verify all the transactions that came before that block.
So now, what is an NFT?
An NFT is unique, or limited, some kind of visual representation. This is why you've been hearing about cats or LeBron James's slam dunk or art. So it's a unique visual representation that's on the blockchain. It's a tradable certificate or token.
The main qualities of an NFT are:
unique
visual representation
tradable
And because of the way that blockchain technology works, you can verify that an NFT is legit. But it's not necessarily about the artwork or the visuals. It's the fact that an NFT is this unique asset that you can buy and sell. And crypto has something to do with it too. But when someone sells it, the buyer can verify that it's authentic, that it's unique, that it's legit, because of that blockchain technology.
The best part of an NFT is that you as a creator, as a coach, and as a person with an audience can attach all kinds of terms and conditions to the NFT. And those terms and conditions stay with that NFT forever and ever, no matter how many times it's bought or sold.
Do you want a 50% royalty every time your NFT is sold? You can build that in. Sounds pretty good, right? It's possible because of these things called smart contracts, those terms and conditions that follow the NFT wherever they go. You can also retroactively add value to your NFT if you want to.
If you're a coach, and you're getting ready to launch this brand new in-person live experience, you can say, “By the way, anybody that owns my NFT gets a free one hour one on one session with me at the such and such live event.”
If you're a content creator that shares recipes and food experiences, and you've cultivated your audience based on a love of food, and you're about to launch a restaurant, you can say, “Anyone that owns my NFT doesn't need a reservation,” or “Anybody that owns my NFT gets a free appetizer.” Whatever you want.
Does all of this mean you need to jump on the NFT bandwagon right now?
No, not necessarily. Now you know how they work and now you can start thinking about how to incorporate this new and evolving technology into growing your business.
Head to spear-ip.com/quiz to take my six question quiz that will help you find and fix that legal blind spot that little vulnerable area of your business that thing that you haven't thought of yet. It'll find it and show you how to fix it again.