I've Read Rat-Race Escape!
Read Millionaire Fastlane
I've Read UNSCRIPTED
- Mar 15, 2018
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.
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.
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?
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.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.
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.
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?
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.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.
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