TIW3 #2:Collect is the new Like
Steen Stones
Helping Businesses Scale Faster with AI & Data | GTM Strategist & Revenue Leader | Marketing & Sales Optimisation
100% of the financial value you create on LinkedIn is taken by LinkedIn.
Is there a way to change this? I think there is
Over the last 10 years or more, we have been conditioned by social media platforms to show our appreciation of our friends, content creators and celebrations by giving a thumbs up.
A win/win/win for all involved! I get to show my appreciation of you, you get the endorphin kick from getting loads of likes on your post and the platform it gets to keep us both on their platform!
Allowing them to show us ads, harvest our data with a stream of cookies and sell that data to third parties...
?? feel like maybe we are being taken advantage of???
But what if there was a way to divide the pie up a bit more equally... To give value to the content creator who is the person who makes us want to stay on the social media platform.
This is the model that Web3 allows.
The Evolution of the Collect
Mint is a web3 podcast where the host Adam Levy interviews guests who are at the intersection of creators and web3 tech. He has guests ranging from singers to media company founders to founders of platforms such as Zora.
Adam has fully embraced this concept of the collected economy. Each season of his podcast (He is on season 7 now) releases an NFT pin that is your way to prove that you are a supporter of his podcast.
For the first few seasons, it was just a show of your commitment to his show.
It also gave you the opportunity to show you were there at the beginning (I joined in S4, didn't collect but did on S5, S6 and S7). As he continued to develop his brand he started to offer extra utility for those who collected the NFTs.
This ranged from his deep-dive articles on web3 music, his curated top 300 NFT music collectors and a vault of content created by some of the top creators in web3.
That is great... but where is the money!?
The opportunity for commercialisation comes in three areas
Data
In web3 you have access to a whole new area of data. In web2 I can see who has bought from me, I can target via ads potential customers and via cookies, I can see anonymised data about what my customer does.
In web3 I can see which wallet has bought from me and I can see what else that wallet has done on-chain through on-chain analytical tools such as Bello.
Using Bello I was able to discover the habits of holders of the Mint S5 NFT pin. Below is an example of some of the data, the previous 60 days of purchases from holders of the Mint S5 NFT pin.
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The important element is that I can see what wallet, not the person, depending on the set up I can investigate and find the owner of a wallet... if they want me to.
Eg. my wallet is connected to an ENS domain called Steenstones.eth, and this is connected to my Twitter. When I use this wallet it is not too hard to find me, however, when I use one of my other wallets it becomes more tricky to track the owner.
By knowing a wallet I can also track on-chain the other actions of the user. I can see what other NFTs they hold, what crypto tokens they hold and who they have been sending transactions.
How can you use this Data?
When Adam analysed the data on his users he found that a large proportion of his users also used the NFT minting platform Zora. His users were either directly minting new NFTs themselves or using the platform to buy others' NFT projects.
This led to him inviting the team behind Zora onto the show, and this episode became his most popular in downloads and online engagement.
Sponsorship
If we can prove that our listeners are not only strong potential users but are actual users of your platform that creates a strong case for sponsors.
The next is just conjecture but the chances are that by reviewing the on-chain data Adam was able to see that the collectors of his NFT pins were also heavy users of the Lens protocol. This would have allowed him to present a very convincing case to the Lens team to pick up the sponsorship of his podcast for seasons 5 - 7.
Direct Sales
The next model that Adam at Mint used is selling his digital products straight to his audience. Viewing his podcast audience data he created a unique collection of 100 NFTs of his podcast that he sold to his audience for 0.03Eth about $5.
He chose this price amount because once again by analysing the data he was able to see that the average price that his followers had paid for other mints was 0.03Eth.
The mint sold out
Would you collect your favourite creator's best blog article? Best video? best podcast episode?
What about your favourite musician?
Your favourite chef's recipe.
The opportunities are only just starting to be recognised. How could you see your community using the new Collect to support your work?
Are you exploring the idea of entering into the Web3 space?
________________________________________________________________IIf you wanted to carry on your journey into web3 here are 3 ways we can work together
Communications & Engagement Manager at Grapevine. Employee ownership advocate. Lifelong collector nerd.
2 年You had me at 'collect' this week Steen. Something I'm noticing in the Star Wars figure collecting community is a growing dissatisfaction for the product/service Hasbro provides. There are issues around distribution, release schedules lagging behind the TV shows/films and above all else, pricing. For example, some products are ending up on discount in high street stores before pre-orders are fulfilled by online specialist retailers. It's a mess, combined with the fact that Hasbro announced this week they're cutting a percentage of their work force. I'm fascinated by the situation, not just as a collector, but also because their business model for a product which has a large audience, who willing to part with a reasonable sum of money each year, can manage to go awry. Is there anything you've seen in web3 that could improve the relationship between the producer (Hasbro), intermediaries (the retailer) and the audience? It won't work to simply replace the physical product for a digital alternative, but is there potential for more of a hybrid that improves the relationship/communication in the chain? Sorry, bit of an essay of a comment!
Partnering with local authorities and service providers on the homelessness agenda to support vulnerable people.
2 年Sounds interesting. Can’t wait to see it