it's a struggle to monetize your creativity, but what if NFTs can help you profit and feel good about it

As a creator myself, I understand the struggles of monetising one's creativity. Passionate creators and artists pour their hearts and souls into their work yet often miss opportunities to profit from it.?

This is where NFTs come in — they provide a new and innovative way for artists and creatives to monetise their art, music, and photos without needing to understand coding or navigate traditional routes.

I remember the early days of my artistic career, but woe … it was a struggle.?

That's why I like NFTs. Not only are they a new revenue stream, but they also:

• ?? open doors to a wider audience and attract superfans;?
• ?? make us part of the growing creator economy;?
• ?? allow us to benefit from the latest tech advancements without knowing any code lines.

In this newsletter, let me share the following:

My story and how I entered into NFTs with no-code

When we first created Chubbbiverse, we didn't hire any developers. Over a weekend, we manually uploaded the 250 chubby and derpy unicorns directly to OpenSea, a top NFT marketplace.?

A big lesson here: Don't overthink

Give NFTs a go and enter the space. Experiments like this will help you become more confident when navigating the space. Yes, NFTs are a new form of technology, but consider them tools to help you expand your creativity.

When entering new markets, opportunities are around the corner

NFTs have their own culture and in-jokes. We were successful because we added hype to our project: Our strategy was to be cute and meme-able. I leverage my skills to grasp the culture, key players, and trends of NFTs.

How an artist used NFTs to change his life

NFTs are part of the new wave of the creator economy; they're opening doors for digital artists and creators.?

Last week, I watched an emerging artist use Manifold, another no-code tool, through uploading an artwork, creating an open edition, and tweeting about it . He minted out over 7,200 times and generated USD 160,000. All within three days. Amazing, right??

"Mint" traditionally refers to stamp metal coins issued by the government. As a Web3 term, it describes an action where a user executes the transaction, or "first sale," into the blockchain and turns the asset into a non-fungible token.?

With the money raised, he can now focus on building his career. By witnessing these stories, I am more bullish on the potential of NFTs for creators.?

There will be hundreds and thousands of stories like this. Even Instagram has open paths for creators to monetise and use their tools to make NFTs on their platforms.?

NFT royalties: A gold mine for creatives?

Initial mint sales are great, but have you heard of the royalties? The real opportunity is through reselling NFTs. As a creator, there's a gold mine that awaits via NFTs. NFT royalties are automatic payments made to the creators for each secondary sale.

Let's use the Pudgy Penguins collection as an example.?

[Edited on 15 Jan 2023]

• They set their royalties at 5%.?
• Their total secondary sales (or total volume) is 68,969ETH
• They earned 3448.45ETH (that's $US5,276,163 as of 14 Jan 2023).

How does this work? When a secondary sale occurs, you can earn between 5% and 10% of the sale price as a royalty fee. You must include the terms of a smart contract during minting. This may sound technically confusing, but remember that you can set this condition on OpenSea or tools like Manifold.?

Other reasons why I am bullish on the future of NFTs

Other signals that make me excited about NFT are:?

• Brands are expanding into NFTs to double down on royalties, IP (intellectual property), and tickets into the metaverse.?
• Brands like Disney, Starbucks, and Tiffany & Co
• Platforms are joining NFTs like Reddit and Instagram.?
• Global brands are acquiring NFT companies, Nike with RTFKT. We will see more plays like this in the coming 12 months.?

Take note of the risks

Still, there are risks involved in being part of this new technology.?

• Volatility: Being part of the crypto industry, NFT is considered highly speculative and volatile.?
• Security: As with any digital asset, NFTs are vulnerable to scams, hacks, and cyber attacks.?
• Legalities and regulations: There must be more standards regarding NFTs. Eventually, each country will define and put in place regulations for NFTs. Is it a security issue or a tax liability? All these answers can be checked in your country; talk to a lawyer about it.?
• Scalability: We're limited by the existing blockchain layers, like Ethereum. For mainstream adoption to happen, better infrastructure must be put into place.?

?? String Nguyen

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