NFT Marketplace: Opinion
‘You can make money on memes???’ was my first thought seeing the news of the Disaster Girl meme. How did the Disaster Meme girl earn half a million? What else can be sold on NFT? Can I do that?
Memes, Tweets, Videos, Pictures, Art, GIF has something that stands out from all: VIRALITY. Everyone recognizes them, shares them, and yet its popularity doesn’t have a monetizing value. Its recognition is similar to popular brands, such as Amazon and Google, where they are the richest in the world. Many of these companies sponsor these influencers, as a way to boost their product and services. These influencers and creators already have a platform and following, which means a market to monetize. The problem is it draws focus away from the creation items or the craft of the influencer and creator. Instead of monetizing the value of the item because you can’t monetize on EVERY. SINGLE. VIEW. Most influencers and creators have to rely on multiple streams of income to earn a living, such as merchandising and the creation of their brands because the pay isn’t enough. What if we can convert their virality to be monetizing? What if we use NFTs?
Non-Fungible Token (NFTs) and Albums
Most people have either a very complicated explanation or a short one that doesn’t make sense. Instead of that, I want you to imagine your favorite celebrity is having a pre-sell on their albums: gold, silver, and bronze versions, as certificates. As a fan of this celebrity, you would buy one of the three or all if you have the cash, but what if the supply for one of the three is only 20 pieces, unique pieces? Let’s say you have that one, and it has half a signature of the celebrity. No other certificate has your feature. It would mean you are now the owner of a rare item, and all the other fans will want it too. You can sell it to the highest bidder of fans and earn a profit. The transaction would take place through a ledger of the multiple fans that will prove the new ownership of your certificate is real. What about your favorite celebrity? Shouldn’t they be the ones earning? The fandom will see this need and send 10% for every transaction to the celebrity. This is how NFT works.
The rare album or the NFT is a unique item with the digital signature of the creator. Every time it gets resold, the celebrity will get 10% of profits or royalties. The transaction is on the blockchain, where multiple computers hold the same ledger for the item. It is difficult to hack because it would mean hacking multiple computers at once.
My Thoughts
The current state of the NFT marketplace seems to be closed for other people, as it is either too expensive, too many steps or the fees are just too publish. Most of the NFT are purchased using cryptocurrency, which most people lack the understanding what it is. There should be a marketplace that will guide people into buying, selling, and publishing their work. It should be like an online social media site for NFT buyers and creators to commune together. A community of some sort to help each other grow and to understand what NFTs are. Additionally, posts or items that became viral should all be monetized such as the disaster girl meme, as it has been engaged by millions of people already.
Takeaways
- The virality of an item, whether video or photo, should be monetized through NFT
- NFT and album pre-selling is similar
- Blockchain is multiple computers holding the same ledger, and hacking one would mean hacking the rest.
- NFT marketplace for creators and influencers could open a way for creators and influencers to monetize their work without advertising for other companies
