NFTs aren't just about art.

@john_c_palmer raised more than $28,000 for writing an essay about hyperpop.

@khole_emily crowdfunded $50,000 within 24 hours for her novel.

@jessewldn's patronage+ model is changing the static web2 content monetization model, one step at a time 🧵
1/ The original attention economy is evolving into an ownership economy.

Content creators were powerless with web2. Ownership lied within the hands of hyperscalers and giants.

But with the advent of blockchain and NFTs, the scales of power are tilting in favour of creators.
2/ Content creators are finding new ways of monetizing their work without the constraints of the web2 patronage model.

Mirror.xyz is one example of this. As an innovative approach to decentralized publishing, content creators can mint their digital asset and earn.
3/ But why does that matter when platforms like patreon.com and substack.com exist?

Can't you just disregard the lousy payments from web2 content platforms for these patronage platforms?
4/ Yes, of course. But there's several problems with the web2 patronage model.

Before I get into what these problems are, let's first begin by explaining the difference between the old, web2 patronage model, and the new and improved web3 patronage+ model.
5/ Patronage model

The OG model works like this:
1) Content creator (CC) puts out content on a web2 platform like YouTube
2) CC pitches patreon.com profile for those who want to financially support their favourite CC
3) Supporter pays CC through a subscription model
6/ Patronage+ model

Now for the new and improved model, it works like this:
1) CC creates an NFT associated with their digital content
2) Supporter purchases NFT
3) Supporter can sell NFT if they think the content will become more valuable in the future
7/ Now that we further understand the differences between the models, we can dive a bit deeper into the disadvantages of patronage and advantages of patronage+.
8/ The problem with the web2 patronage model is two-fold:
- As a supporter, you can only “rent” access to the digital asset
- The market doesn’t decide the monetary value of the digital asset--the content creator does.
9/ Patronage+ is changing the creator economy.

It isn't about creators selling anymore, it's about buyers monetizing the CC's attention.
10/ Supporters can claim IP assets and truly own a piece of digital content from their favourite CC.

Supporters can profit of the digital asset, thus bringing further value to the fan.

Supporters can make collaborative decisions about the CC's output through DAOs.
11/ Here are a couple of examples of applications for the patronage+ model:
- NFT pass for a newsletter
- NFT for a long-form article
- NFT for your song
- NFT for your course

All of these examples can be monetized through minting and royalty payments.
12/ There's new opportunities for content creators, you just have to look.

If you enjoyed this short thread, follow me @wholelottajuju

Also, checkout my Medium profile for longer form articles 👇

wholelottajuju.medium.com

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More from @wholelottajuju

Mar 3
As @garyvee once famously said, “98-99% of NFT projects will end up being bad investments.”

So how can you outshine the competition and separate yourself from the web3 crowd?

Here’s a guide to empower founders with the right tools and principles to build the future of web3 🧵
1/ 70% of startups fail within 10 years. Growing a startup is a long-term mission to reach your vision. A vision of a brighter future for everyone, not just yourself.

Innovators don’t realize this. With the rise of NFTs and it’s unregulated nature, anyone can be a web3 founder.
2/ The thing is, people forget that building a startup is time intensive and mentally consuming.

So if you genuinely want to build in the space, remember: You’re in it for the long haul and it definitely won’t be easy.

Let’s get started 👇
Read 29 tweets
Mar 1
Enough grinding for WL--it’s unhealthy both for the creator and the buyer.

@zipcy8888 filled up their WL by promoting UGC. It's now up by 468%.

@pixels_online gamified WLs--the floor's increased by 2045% upon mint.

Here are 5 ways you can build a healthy WL🧵

#NFTs #NFT Image
1/ Whitelist: A method for securing initial funding and building the initial community for projects. On paper, it’s a perfect solution for NFT creators, the project as a whole, and early adopters.
2/ NFT creators get to secure liquidity for their hard work.

The project receives funding for future development while creating a community that will help scale the project.

Early adopters get in at the cheapest price point for their investment.
Read 35 tweets
Feb 24
Community is more important than art and utility.

Mfers floor rose by 4683% without a roadmap and laughable art.

@alienfrens broke Twitter with a floor increase of 7350%--based entirely on good vibes.

Here are some reasons why community outweighs the rest 🧵

#NFTs
1/ Blue chips projects are the leaders of the NFT world for one good reason: They’re the perfect marriage between community, utility, and art.
2/ Take BAYC for example. It’s a disruptive PFP art that created a lasting trend, an exclusive community, and utility via the Mutant Arcade, charitable acts, and club benefits.
Read 23 tweets
Feb 23
@TurtleTownNFT--the next PFP project to join the ranks of Alien Frens & CryptoMories.

A closed, tight-knit community curated by the founder for months.

A cute, PFP art done right, with over 300+ badass hand-drawn traits.

A gamified whitelist process.

More below 🧵
1/ Recently there’s been a surge of poorly executed launches.

Founders dive into NFT projects with the hopes of raising millions in funding through greedy mint prices, putting the community in hindsight.
2/ Most of the funds are often kept within the hands of unethical founders.

It's okay to pay yourself out as a founder for your hard work. What isn't alright is not reinvesting the community's liquidity back into the project
Read 24 tweets

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