Launching A Successful NFT Project | With Katie Feeney

In a recent conversation, Gary Vaynerchuk and Katie Feeney explored the exciting world of NFTs and how influencers can leverage them for success. They discussed the challenges and opportunities that come with this new technology, making it clear that understanding NFTs is crucial for anyone looking to stay relevant in the digital space.

Key Takeaways

• NFTs are built on blockchain technology, allowing for true digital ownership.
• Influencers can create unique collectibles and experiences through NFTs.
• The economics of NFTs can provide influencers with ongoing royalties.
• Building a community around NFTs is essential for long-term success.
• Being first in the NFT space can offer advantages, but focusing on value for the community is more important.

Understanding NFTs

NFTs, or Non-Fungible Tokens, are a hot topic right now, but many still struggle to grasp their significance. The main hurdle is that NFTs operate on the blockchain, not the traditional internet. This means that for the first time, you can own something digitally in a way that can be verified. Unlike simply saving an image, owning an NFT means you have a unique, verifiable piece of digital property.

The Role of Influencers

For influencers, NFTs present a unique opportunity. They can create digital collectibles that not only serve as art but also as contracts. This means that when influencers sell an NFT, they can include perks like access to exclusive events or virtual meet-and-greets. Imagine selling a ticket as an NFT instead of a simple QR code. This ticket could then become a digital trading card, allowing the influencer to earn royalties every time it’s resold.

The Shift in Economics

The economics of NFTs are fascinating. Unlike traditional brand deals where influencers might see a small cut, NFTs can provide a much larger share of the profits. This shift means that influencers can earn money not just from the initial sale but from every subsequent transaction involving their NFT. It’s like being in the music business, where artists earn royalties from their work.

Community Engagement

One of the biggest challenges for influencers is the need to focus on community engagement. Most influencers are used to transactional relationships, but with NFTs, it’s about building a lasting connection. Influencers need to think about how they can provide ongoing value to their NFT holders. This could be through exclusive content, virtual events, or even just regular updates.

Finding Your Unique Angle

When considering an NFT project, it’s essential to think about what makes you unique. For example, if you love cooking, you could create an NFT project around virtual cooking classes. This allows you to expand your brand while providing real value to your community. The key is to reverse engineer your project based on what you enjoy and what your audience wants.

The Importance of Being First

While being first in the NFT space can be beneficial, it’s not the only factor to consider. Many influencers have found success by simply being early adopters of new platforms, like YouTube Shorts or TikTok. The real focus should be on creating the best experience for your community. It’s not just about being first; it’s about being the best.

Long-Term Commitment

Launching an NFT project isn’t just a one-time thing. It requires a long-term commitment. Influencers need to be prepared to support their NFT holders and provide ongoing value. This is a significant shift from the typical influencer model, where brand deals are often short-lived and transactional.

Conclusion

NFTs are changing the game for influencers. They offer a way to create lasting connections with fans while also providing new revenue streams. However, success in this space requires a shift in mindset—from transactional to community-focused. By understanding the potential of NFTs and committing to providing value, influencers can thrive in this new digital landscape.