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HOT TOPIC So wtf are NFTs all about? Buying JPGs? Why can't you just right-click save? Is this a giant ponzi? Far from it...

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Antifragile

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I was lucky enough to mint 2/7500! Metakey: Edition 4. The key sold out in 15 minutes.

I love the art of the key and the utility of the NFT are great!
Cool! How did you do it?
 

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Ocean Man

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Cool! How did you do it?
Well, the drop was on Rarible.com, I joined their Discord, and 10-15 minutes before it went live, they dropped the link with a non-functional buy button. I continued to spam the buy button and happened to be able to purchase it!
 

mjbarlow

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Presumably most of us are only interested in the speculation part of the space, NFT's are great and all that, but how do I make money off this?

Anyone getting into the NFTs as speculation now is late to the party. We are early in web3 space, but late for this specific trend.

Look at what the smart money and early speculators did. Those ether rocks, were minted in 2017, 80 of them didn't sell straight away and remained unsold for years. 2017 and the years before the craze was the time to identify this opportunity. That represented true asymetric risk profile, downside lose $300, upside unknown.

Now the space is saturated, everyone and their mother is releasing an NFT collection. Hey come buy my slightly-bored half orangutan half shiba-inu space zombies, extremely rare, only 100 minted. Sure to be worth millions, not.

I say don't invest in any of this shit, but take the lesson from it. Get on discord, get on github, get on twitter and look for opportunities that represent asymetric risk. Look for what could be the next craze and make a modest investment.

Identify something that has a good risk profile before it pops and well before it's on the main stream news. There are thousands of discord servers and projects, all with their own communities and developers, a few of those will make something special. Some of them will be a part of the next craze, and represent massive upside for little outlay. On a side note, I'd like to thank @AceVentures for his posts, and inspiring me to take a look down the crypto rabbit hole with an open mind.

In a year almost every NFT created in the current craze will be worthless (although there will be a very few big winners), just look at the fate of other crypto crazes, the churn rate for projects is insane. Top 20 projects one year are abandoned and drop to zero by the following year. This happens, and it happens alot.

Having said that, I am bullish on the meta-verse, dapps and NFTs. Cutting out the aggregator and moving to decentralised platforms moves value directly from the platform to the individual. This is a no-brainer, the tools aren't there yet, but they will come. It's an exciting time to be in this space for sure and NFTS will be a big part of that.
 

AceVentures

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I say don't invest in any of this shit, but take the lesson from it. Get on discord, get on github, get on twitter and look for opportunities that represent asymetric risk. Look for what could be the next craze and make a modest investment.

Biggest alfalfa out there is on discord/github, you nailed it.

Having said that, I am bullish on the meta-verse, dapps and NFTs. Cutting out the aggregator and moving to decentralised platforms moves value directly from the platform to the individual. This is a no-brainer, the tools aren't there yet, but they will come. It's an exciting time to be in this space for sure and NFTS will be a big part of that.

This!

1633010660581.png

OpenSea is consistently one of the highest gas consumers on the ETH network today. What this says shows in practice is that there is a real demand for NFT consumption, and the success of some NFTs at bringing together massive communities of people suggests the success and proof of the concept.

My bet remains the same - invest in the infrastructure layer on which these types of TX will be settled if you want to capture upside.

Problem is every asset class seems to be inflated beyond reason. Understanding the infrastructure layer is KEY if we want to make intelligent investments in this space.
 

dauntless

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I understand how the NFT royalties work. However, I need to understand the following:

If you sell a limited edition e-book (let's say there are only 5 units, ever) that is so good that the next person who buys it pays about 10,000 for it, how exactly will the author benefit from royalties if the next interested buyer cannot afford it if the current owner puts a $1,000,000 price tag to it?
This is just part of my guess why some collections in the current market are at 1,000-10,000 units. I mean, that sounds more feasible if the author wants to make some profit, right?
 

AceVentures

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I understand how the NFT royalties work. However, I need to understand the following:

If you sell a limited edition e-book (let's say there are only 5 units, ever) that is so good that the next person who buys it pays about 10,000 for it, how exactly will the author benefit from royalties if the next interested buyer cannot afford it if the current owner puts a $1,000,000 price tag to it?
This is just part of my guess why some collections in the current market are at 1,000-10,000 units. I mean, that sounds more feasible if the author wants to make some profit, right?

Price will be shaped by market supply/demand.

If the seller lists for $1M, but nobody want's to buy at $1M, then nobody transacts. If seller really wishes to liquidate the holding for something, then he will tackle the supply side of the equation.

If people value your content so much, they deem it to be worth no less than $1M and refuse any offers for lower - rejoice, you have found a true believer. You can now compensate this believer by airdropping the current holders of this limited-edition supply with exclusive content. This is how you can potentially tackle the demand side of the equation, by driving up the value of ownership in that edition to get new entrants to take a bite in the secondary marketplaces.

You are also free to create a brand new edition - and not airdrop to the bag holder, but allow a fresh round of mints.

If your 15 mints get locked and nobody transacts - you are still free to create more content and find new buyers.

If you are hoping to make 1 product, build royalties in it, and somehow the marketplace is dying for this product and you make lifetime recurring revenue - you have not thought through enough. This is a vehicle for building a brand, a product, a community. The properties of NFTs alone don't net you a business that rolls in royalties.
 

dauntless

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Oct 26, 2019
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Price will be shaped by market supply/demand.

If the seller lists for $1M, but nobody want's to buy at $1M, then nobody transacts. If seller really wishes to liquidate the holding for something, then he will tackle the supply side of the equation.

If people value your content so much, they deem it to be worth no less than $1M and refuse any offers for lower - rejoice, you have found a true believer. You can now compensate this believer by airdropping the current holders of this limited-edition supply with exclusive content. This is how you can potentially tackle the demand side of the equation, by driving up the value of ownership in that edition to get new entrants to take a bite in the secondary marketplaces.

You are also free to create a brand new edition - and not airdrop to the bag holder, but allow a fresh round of mints.

If your 15 mints get locked and nobody transacts - you are still free to create more content and find new buyers.

If you are hoping to make 1 product, build royalties in it, and somehow the marketplace is dying for this product and you make lifetime recurring revenue - you have not thought through enough. This is a vehicle for building a brand, a product, a community. The properties of NFTs alone don't net you a business that rolls in royalties.
That makes sense, although I am not thinking about releasing an e-book, I was just wondering about the exclusivity of NFTs and how creators can benefit from making limited edition series. Still, if the author wants to keep releasing new editions because the previous edition owners are hogging them, I fear the sense of owning something special might wane and feel irrelevant to the past buyers.

One good point you mention is creating a community around a brand, I wonder how can one create a community when he/she has zero reputation? right now I'm seeing that the digital art community is pretty big on the NFTs space due to having online portfolios and an early following (DeviantART, Instagram, ArtStation, etc...) but how about non-artistic approaches? I believe these approaches might have to be done with some marketing on the side and starting slow with Discord and similar platforms. I believe it's important to explore the non-artistic fronts further to educate and develop roadmaps for common entrepreneurs to take full advantage of the NFT space and communities.
So far last night, I checked that the artistic community is extremely saturated now, and only if you're a well known artist you can sell digital assets in matters of hours, if not, minutes. Other than that, I question if it's too late for someone with no reputation to try to drive an artistic community around their newly created brand.
 

AceVentures

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So far last night, I checked that the artistic community is extremely saturated now, and only if you're a well known artist you can sell digital assets in matters of hours, if not, minutes. Other than that, I question if it's too late for someone with no reputation to try to drive an artistic community around their newly created brand.

Put things into perspective first. There are only crumbs worth of numbers of people using and interacting with each other on web3 today. If you think this market is saturated - then you must exercise more creative thinking.

One good point you mention is creating a community around a brand, I wonder how can one create a community when he/she has zero reputation?

The same way you do with every other endeavor - deliver value to people. Share your vision, and see who else resonates with your vision. Don't have a community? Build one - one person at a time. Help one person, share your vision, show them what you know, help them how you can, and now with 2 people, work together to help more people, and the bond-fire grows.
 

zhangmin_007

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The same way you make money with anything in life - deliver value to people.

The main advantages in THIS economy vs traditional marketplaces is you have pure ownership of your data, your interactions are uncensorable and transparent, and you have a direct line of communication between merchant-customer.

If you were previously not delivering any value - wrapping a shit idea into an NFT will still result in shit earnings potential. But if you deliver real value - the benefactors of this value can participate in the success of the project. If it's an art project for example - there's secondary marketplaces for your buyers to resell and effectively become promoters of the project.

Fictional Example: @MJ DeMarco creates his newest book called "How to break free from tyranny" and creates limited editions of this book in the form of an NFT. FLF fanboys purchase this new NFT and receive the value contained within the information that is shared.

If anybody else wishes to know what's written in this book - their only route is to obtain this NFT version of the book on the secondary marketplace. The more people want to read the book - the more the current holders of this book can earn by reselling on the secondary marketplace. Oh and MJ collects a royalty off of any further transaction.

Say I read this book and got immense value - I can brag about all I've learned and how much this book has changed my life. This promotion is not only good for MJ, but it is especially good for me - because if someone now wants access they have to get this special access from me personally - and I'm now in a position to command whatever I want in order to transfer my rights to this knowledge to someone else.

In this process - MJ benefits from an army of shillers/promoters of his content, without himself having to shove his book down people's throats.

Now say MJ decides to host a new summit - but only people that hold the current NFT are eligible to attend this conference. This further drives the value of the NFT. And any additional input into MJ's brand can have loyalty to the original NFT holders as a baseline. You can see that the "brand" becomes win and let win. Not only does MJ win - but anybody that believed in MJ's brand also wins.
there is a question:how can we pick up the goods from so many NFTs?you can't read the book before you buy it.if it waste too much time to find the valueable products,NFT will lose it's benefit compared to the traditional mode.
 

Ywan

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Dec 3, 2018
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First of all, thank you for that incredible and eye-opening thread. @AceVentures

I didn’t know anything about NFTs before, but after reading this thread and the blog articles you suggested about NFTs, the Metaverse … I am a believer and think, that this will completely revolutionize the internet.

The question now is: what to do with this knowledge?
I am of course going to invest into NFTs and most of all the underlying technology, like for example LUKSO.
But are there other ways to participate in and benefit from that field? If so, what would that be? Should I start learning crypto programming from scratch? (Not, that I know anything about normal programming.) Or is there a way to benefit while using already existing skills? I work in marketing and public relations, for example. Would there also be a way to use these skills in that field? If so, how would you do that?
 

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