NFTs by and for Content Creators: the power lies in the Communities
You probably have already heard about NFTs even if you’re not familiar with Blockchain in general. They have become very popular in the last months, getting the attention from the major public, artists, crypto enthusiasts, art enthusiasts, and of course, from critics and haters. For some, NFTs don’t make much sense, but others have envisioned all the opportunities they could lead to.
NFT stands for Non-Fungible Tokens, and they are used to represent ownership of unique digital items. “Non-Fungible” is an economic term used for things that are not interchangeable, because they have properties unique to them, and for that, they can only be owned by one person at a time, and that ownership is secured by the network they’re in. They are different from fungible tokens (i. e. dollars, ether, matic), which is what most people are used to, since these can be exchanged freely because their value defines them rather than their unique properties.
Therefore, NFTs are assets that give the ability to assign or claim ownership of any piece of unique digital data. They are minted through Smart Contracts that assign this ownership and manage the transferability of the NFTs, and for that, they have unique identifiers that makes it easy for anyone to prove they own them. The person who created the NFT has a public key that serves as a certificate of authenticity for it, which allows them to withhold ownership rights over their work, and claim the royalties.
What some people don’t know is that NFTs are not just digital art. They can be used as collateral in loans using DeFi, they can be minted in the form of in-game items, for tickets to events, for academic credentials, for fashion, and for tokenizing digital and real-life items in general. However, the most often overlooked aspect of NFTs is its social aspect. People who buy into Bored Ape Yacht Club, CryptoPunks, World of Women, Pudgy Penguins NFTs, for example, are part of a community, they have an identity and a group of people they identify with. NFTs allow people to come together around common interests and values.
The communities that arise from NFTs and from the crypto space in general can be disruptive in their own sense, as we have mentioned in some of our previous articles, and for Content Creators wanting to build and empower their communities, it can be a great tool. Producing a sense of belonging into a group of people can be an excellent way towards turning them into real, true fans, and that can be major for a Creator.
In cobogo, that is, our unique funding mechanism that allows fans to fund their favorite Content Creators sustainably through staking, we believe NFTs will have a considerable role. In our mechanism, fans purchase CBG tokens and deposit these tokens in the staking pool of a Creator, and rewards are generated in the form of a yield, in a 50%-50% split. For that, both fan and Creator get rewarded at the same time, while the fan still keeps the principal.
By depositing the CBG tokens, fans will receive an NFT, that will prove that they own a staking position in that specific pool, with all the metadata, this NFT can be seen as a ‘composable staking receipt’. It can be used as a key to access perks designed by the Creator, such as gated videos, exclusive content, exclusive Telegram groups of Discord servers, or anything else the Creator wants, the possibilities are endless. As such, the NFT will serve as a proof of active funding and will help Creators build a loyal and active community.
In addition, we have also planned a Community NFT as a way to fund ourselves through our community. We will give the Community NFT token holders access to CBG tokens at pre-seed token prices — but, we will only launch this depending on demand from community members. So if this interests you, get in touch with us!
We are glad to announce the introduction of our Cobogo Creator NFT, which will be introduced in the next few weeks. The plan is that every Creator that finishes the onboarding process will be whitelisted and be able to mint a Creator NFT!
As mentioned in this article great communities can form around NFTs and the other way around is also true: great communities can be tokenized as NFTs and these can become really valuable as well. Take 10b57erda0 (lobsterdao) as an example, an influential DeFi Telegram chat, where most DeFi Creators and OGs discussed ideas, launched an NFT for individuals that commented on the chat. This was a great proxy for experienced (and rich) DeFi users, so projects that want to get attention from them can airdrop tokens or NFTs for the lobsterdao NFT holders.
Besides being a beautiful artwork, the Cobogo Creator NFT will use the same principle. Not only it will give Creators many perks, such as getting access to exclusive chats in our Discord. But, most importantly, the NFT is the first authenticated Creator proxy, that means that everyone that mints the NFT necessarily is a Content Creator. This, in turn, means that the NFT could be used by different projects and be an excellent marketing mechanism. Imagine airdropping tokens for Content Creators — who are natural community builders — as a way to get the word around your project. This is great for creating buzz, and Creators will benefit the most from it.
So, this is obviously a valuable NFT, that only gets more valuable over time as more Content Creators join cobogo, holders will be part of a select and powerful community! So go get whitelisted, so you can get yours in the next few weeks and invite other Creators!
If you wish to know more about cobogo, how to be funded through your community, or how you can use NFTs to fuel your business, contact us on the links below.
cobogo is an aggregator of protocols that has the goal of funding Content Creators sustainably through their own community. It is a dApp that leverages Web 3.0 to monetize Creators while maximizing their growth and community building abilities.
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