If you can write and shoot a video, you should be able to start your own business. But the truth is, with all of the social media platforms out there, it's tough to know where to start. Especially if you have a day job or kids – and no one's paying you for the content you create at home.
Everyone who creates is trying to make a living. But the traditional mechanisms of monetization have their limits. Token economies offer an alternative route to monetization that could lead us into the future of content creation, and it's up to us as creators to chart this path.
Funti3r is a one-stop resource for digital entrepreneurs. It's here to arm you with everything you need to carve out a space online and start making money.
Download pdf here.
Direct monetization for creators…
When you think about monetizing your content, it's important to be clear about what exactly that means.
There are two types of direct monetization: the first is where you charge users directly for your content and products, like a subscription or membership site. The second is where you earn money from advertisements in the sidebar of your blog or podcast that lead to affiliate sales elsewhere on the web (like Amazon).
If we combine these two methods together into one big bucket we call "direct" monetization—because it comes directly from the user—it's an easy way for creators to earn some cash without having to rely on third parties like advertisers or sponsors.
The 100 True Fans theory
The theory was developed by Kevin Kelly, and is based on the idea that an artist only needs to find 100 true fans (people who will support their work and pay for it) in order to make a living. This is useful not just for artists but also any kind of project or business.
The theory is based on two main ideas:
The cost of production and distribution are decreasing, making it easier than ever before for creators to produce their work and distribute it globally.
There are more potential customers/fans out there than ever before as well because there are many more people with access to technology and social media platforms like YouTube or Instagram that allow artists worldwide to reach audiences outside of their local area."
The Attention Economy
The attention economy is a new way of creating and capturing value. It's about creating value for others, instead of just for yourself, so that you can make money from what you know.
In this article we'll explore how the attention economy works and give some tips on how to take advantage of it by monetizing your creations.
Social media platforms are paying creators for their content
The attention economy is here to stay; learn how to take advantage of it!
Introducing Token Economies
A token economy is a way to align incentives within a group. It works by having people perform tasks for tokens, which can then be exchanged for goods or services. Token economies are useful in all kinds of situations, but they're especially helpful when you want to encourage your community members to do something that might not otherwise be in their self-interest. Token economies have been used in everything from fundraising campaigns (like Kickstarter) and direct monetization models (like Patreon), and they're also often applied as part of a broader distribution strategy for content creators.
When it comes to distribution on social media platforms like Instagram, YouTube and Facebook—where the users aren't necessarily friends with each other—it's hard for creators like yourself to generate enough momentum for your content without some kind of incentive structure. That's where tokens come in handy: if you offer rewards that are tied directly into the platform itself (like likes or shares), your followers will be more willing than ever before!
Charting a path for creators
With an ever-growing number of creators, you may be wondering how to carve out a path that works for you. In this section, we’ll talk about the different ways creators can monetize content and help you decide which one is right for your project.
Align incentives within a group. If multiple creators are working on something together, it makes sense for them to align their interests in terms of revenue and incentive structure so that everyone benefits from success. For example, if two writers have created a website together with two artists who do illustrations and animations respectively, they will want to make sure there are incentives in place so that both writers get paid when someone subscribes to the website or buys merchandise but also so that all four can earn money if people subscribe through Patreon or buy merchandise through Shopify (or any other platform).
Raise money directly from fans and followers. Creators often turn to crowdfunding sites like Kickstarter or Indiegogo when they need help funding their projects before launching into production; however, there’s no reason why they can't raise money directly from their audience at any point during production. Many creators use Patreon as an alternative way of raising funds from fans every month instead of once per campaign; some even choose this route over traditional sponsorships because it gives them more control over what happens with the money raised by their patrons!
Design token economies around attention currencies such as likes/retweets/shares etcetera which encourage sharing across social media platforms while offering additional perks such as exclusive content via Snapchat where users pay $1/month just for signing up! This strategy has been successful among smaller Youtube channels whose audiences might not otherwise pay anything but still want access special events like live streams featuring conversations between creators talking about fandom related topics."
Helping creators capture value is something that NFTs can do well
The first thing creators should think about is helping their community capture value.
This will be a big part of your strategy, because it’s the most important thing you can do to help your fans and collaborators. Here are some ways you can use NFTs to help community members capture value:
Help them create a community around your content, where they have an incentive to contribute to it or buy it from others who do so that they can access exclusive content themselves. This is one of the key benefits of blockchain-powered NFTs for creators like filmmakers and musicians—it lets them build up an audience before launch and then monetize them as soon as their work goes live!
Use tokens in creative ways for projects that require crowdfunding or other financial support from fans (like concerts). Some companies are already doing this by offering discounts on products or merchandise in exchange for donations through cryptocurrency payments instead; this allows them greater flexibility than traditional methods like Kickstarter campaigns while also encouraging fan ownership over tangible goods rather than just digital ones (which may not be desirable due to lack of resale value).
Monetize with fewer, truer fans
We’re living in a new golden age of content creation, where talented creators have more tools than ever before to make and share their work. But while the internet has become a great way for many people to express themselves and find an audience, it’s still difficult for creators to monetize their work in a sustainable way.
As we’ve discussed here today, there are many different options available—but none of them are perfect. That said, we firmly believe that NFTs offer some exciting solutions that can help creators capture value from their work by giving them control over how they distribute it while also making sure fans don’t miss out on getting access if they want it badly enough!
I hope this newsletter makes you a little smarter heading into the new week. It’s very much a work-in-progress — please send feedback and help me out by submitting the things you come across that make you smarter here.
Thanks for reading
Wisani