How NFTs Can Help Influencers Monetize Their Content
13 Agosto 2021 - 11:27AM
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Traditionally, most people define NFTs as digital art, but there
are many more potential applications. Let us take a look into
what’s coming up next. What is an NFT? Non-Fungible Tokens (NFTs)
derive their name from one of the properties that can make up a
crypto asset. Cryptocurrencies, such as Bitcoin, Ethereum, or
ERC-20 tokens are fungible, which means that all units in the
supply are interchangeable with one another and retain their value
if they are divided. In essence, when you hold 1 ETH in your
wallet, you generally do not care which one out of the over 117
million ETH currently in existence it is. NFTs on the other hand
have special properties that make each token unique. In essence, an
NFT gives you cryptographic proof that you are the sole owner of
whatever virtual asset the NFT is associated with. These assets can
for example be digital images, videos, music, but even more
abstract things like intellectual property, digital usage licenses,
or insurance policies. Depending on the type of NFT, you can freely
list the token on an online marketplace, or transfer the token to
somebody else’s wallet. Influencers can turn their content into
NFTs One of the use cases for NFTs is the monetization of content.
For example, influencers can convert their Tweets, YouTube videos,
TikTok clips, or Instagram posts into NFTs and sell them. This can
take many forms, such as adding digital memorabilia as a perk in
exchange for donations or Patreon subscriptions. But with
sufficient outreach, your content can be worth a lot more to your
avid fans. As one of the first examples, Twitter CEO Jack Dorsey
turned his first-ever tweet into an NFT, which sold for almost 3
million USD. But the possibilities reach far beyond these one-off
listings. For example, content creators could create limited copies
of an NFT from the most iconic moments of their online career, or
even mass-produce NFTs in bulk that sells at a lower price and
target their average fans. Another option is to include
intellectual property rights to their content in the NFT. Finally,
they can produce exclusive digital art accompanying their regular
content. This both creates an additional source of income and can
increase the content creator’s outreach in the digital art
community. The problem is that there is no streamlined solution yet
to create NFTs on a mainstream level. The NFT marketplaces that
currently exist require users to have at least some knowledge of
cryptocurrencies and blockchain technology. In order to create
NFTs, you need a crypto wallet with at least some amount of
cryptocurrency on it to pay for the transaction fees. The same
applies to buying and selling NFTs. This means that the circle of
NFT creators and buyers is still limited to crypto insiders. The
Marketplace The E-Commerce platform Uquid aims to combine the best
elements from the world of Decentralized Finance (DeFi) and NFTs.
At the heart of Uquid, there is an online marketplace that offers
thousands of items, ranging from video games and software, over
mobile credit and gift cards, to credit for utility companies such
as electricity, internet, and insurance providers. In addition to
traditional payment options, the marketplace accepts various
cryptocurrencies and crypto projects can even apply to have their
own token added to the list. This combination of DeFi and
E-Commerce allows buyers and sellers to cut out middlemen like
payment services, which makes the exchange of goods and services
more efficient and leads to savings for customers. Most recently,
Uquid has launched its own NFT marketplace, which is specifically
tailored to the needs of influencers and content creators. In
September 2021, Uquid plans to grow the number of NFTs on offer
from 40,000 to over 1 million tokens. With the marketplace, users
can directly convert content from their social media channels into
NFTs. At the moment, Uquid is the only NFT marketplace that to
fully supports YouTubers, TikTokers, livestreamers, and other
social media influencers. Uquid hopes to create a simpler and more
efficient process to create and sell NFTs that do not require a
crypto wallet. Instead, Uquid uses the same checkout system as on
their regular marketplace for payments. Also in September, Uquid
will release a buy-now-pay-later feature to their checkout system.
Buyers can then have the NFTs sent to their Binance Smart Chain
wallet, which is a more cost-efficient solution than Ethereum.
Image by Steve Buissinne from Pixabay
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