NFThis

An NFT Marketplace diving into the film industry.

With the augmented use cases of the NFTs and the creation of digital assets, a new era in the digital world is heralded — the Metaverse. Metaverses are digital 3D environments, which integrate numerous processes and elements, such as communication, finance, worlds of gaming, personal profiles and more. They operate on the blockchain and allow technologies like VR and AR to provide visual cues. Alongside, through the decentralized media, we are constantly being given endless business chances and unrestricted social interaction. An NFT marketplace is the connecting link to the metaverse. In those platforms, anyone can become a creator, a collector or just a spectator of NFTs. People can create virtual estates and identities, while becoming members of social communities.

The conception of the core idea

Recognizing the importance of the metaverse, the impact and the new opportunities that an NFT marketplace can provide, we looked for a “white space” that would allow us to innovate. As film lovers, at first we joked about launching an NFT marketplace that would be based on the film industry. Talking about it more, the initial idea gave its place to an actual proposition, after we found out that, while similar active marketplaces existed, only a few of them were related to the film industry. Thus, NFThis was officially in the making. The first question we asked one another was “What are the needs of the film industry?”. After our first brainstorming session, we came to the conclusion that what is missing from the movie making market is the fact that filmmakers and writers do not receive the money they deserve through conventional services. Another thought that stuck to us was that niche creators are usually excluded from mainstream film industry standards. That stems from thousands of people considering money as the key indicator of the success of a movie. As a result, what has been financially successful for producers is constantly being recycled over the past decades, therefore reducing, day by day, the creative space for writers, directors, actors and everyone involved in the making of a modern film.

Through the NFThis marketplace, we decided to help filmmakers and writers to sell their work and gain more money- the money they deserve for their work. Additionally, we wanted niche ideas to be supported in the most proactive way possible. As a result, we ended up including a Film Incubator program into our marketplace platform to make sure that niche audiences are catered as well. In short, NFThis started as the idea of an open NFT marketplace that would dive into the film industry, aiming to support artists, who deserve fair pay and collectors, who want to invest in the film world. Furthermore, our Film Incubator idea centered around a carefully curated digital space, where aspiring artists would receive feedback for their work, as well as professional training and educational mentorship, in order to develop their skills and give life to their ideas.

Our journey

After deciding on what we wanted our start-up business to be about, we had to start working on turning our ideas into a developing project. We started making visual plans, such as a Pains and Gains chart, a Lean Canvas Model and a Target Personas graphic. Our Pains and Gains chart focused on the most important problems of the film industry we could think of and the solutions our start-up business would offer.

The extremely detailed Lean Canvas Business Model was our first testing of creating an idea-pitching presentation, as it featured everything a possible investor would want to know, such as our unique value proposition, our high level concept, our key metrics and cost structure.

Last but not least, the Target Personas graphic pushed us into thinking of different types of users that we would want to attract and satisfy.

A special mention must be made of our entrepreneurial journalism classmates, that asked questions, made suggestions and encouraged us to follow our path, as well as our teacher, Betty Tsakarestou, who offered constructive criticism and guidance, along with helpful insights on terminology and knowledge on important aspects of the media industry, such as revenue streams and membership models. In other words, our in-house brainstorming sessions became a more inclusive procedure, providing us with new perspectives every time, while at the same time being our project’s first theoretical testing.

However, before creating something, we wanted to hear from our desired main audience. Our Target Personas chart resulted in dividing our future clients into two categories: The creators (film makers, writers, directors, film production executives) and the collectors (NFT enthusiasts, technology experts, entrepreneurial minds). We reached out to public and private NFT groups, as well as undiscovered artists we connected via our personal social media accounts. We conducted informal interviews that helped us gain a more realistic view on the NFT experience in our country. Moving from personas to actual people, we realized quite a few interesting truths:

• Money is always a factor. Younger people are more interested, but also can’t afford it
• A cheap subscription/ free test would attract entrepreneurial minds
• Younger, more educated people would be a better target audience to start with
• A cheap subscription is a trigger to try, even for the most hesitant
• Previous disappointed users rarely change their minds, but it doesn’t hurt to try
• Artists are more interested in the Incubator.

Since the Incubator program was the eye-catching feature of our plan, we focused on creating an interesting storyline behind it. Specifically, we decided that the NFThis Incubator, besides mentoring and training aspiring artists, could feature an annual event that will be awarding a grant to the best idea submitted, to help the creator with the production of the film. Moreover, financial insecurity was a common theme among our early adopters’ answers, which is why we came up with 3 distinct subscription plans, to make sure everyone’s needs and capacities are seen and covered. Expanding our target audience, we included movie superfans in our plans, when we decided on giving the users the opportunity to sell and buy not only movies, but also movie by-products, such as memorabilia from the set or individual pivotal scenes and interesting stills.

Apart from trying to figure out what the majority of our possible future members cares about, we asked them if there was anything that they would change in some of the already existing marketplaces. NFT users complained about OpenSea’s limiting of the number of NFTs per collection, specifically up to 50 items per collection and 5 collections per user. As a result, we decided not to establish any limitations in our open marketplace. Another insight we gathered from our market research is that users are not happy about client service in most of the platforms either. This is why we, a small business with more time on our hands, aim to focus on a thorough, proactive and passionate customer care and user experience plan design.

Focusing on our initial goal and the process that was previously described, we started putting our plan into action, following a path of steps that was decided early on. Taking into consideration that an organization should be built methodically and attentively, it was of great importance that we recall the problem we face, the solution we offer, our target market, our marketing and sales strategy, and, last but not least, the answers we received from our actual users. Via the interviews we took, there were significant findings emerging, that helped us modify what was really necessary to change.

Even if we have not yet proceeded to a real activation, we tried at first to establish our presence in the social media world, which was more than necessary, since we are dealing with NFTs, a field that has been thriving in the digital space. The creation of the professional accounts of NFThis in Instagram, Twitter, and LinkedIn helps us expand our knowledge of this specific marketplace. Moreover, we are hoping that our social media presence will attract the interest of potential users, partners, and affiliates. We have already published a number of initial and welcoming posts. However, we are planning on enriching our platforms and creating content on the NFThis accounts soon, following a different strategy for each medium, according to its specific characteristics, needs, and trends. Furthermore, we created the landing page of NFThis, through the Tilda platform. At the landing page, we tried mentioning thoroughly everything that a visitor should know about, concerning both the services we offer and our Film Incubator program.

NFThis was our first time entering the entrepreneurial world. Therefore, it was natural that we came across some challenges. However, we realized that the process that could help us come up with the right solutions would be our coming together and thinking as a team. We established a weekly meeting that served as a necessary bridge between the original ideas we initially had and the problems that appeared along the way. At first, it was difficult to establish a name for our marketplace that did not already exist, since NFT marketplaces are blowing up right now. We came up with a number of ideas and alternatives, continued with cautious research and tried avoiding picking up a brand name that belonged to another marketplace.

Furthermore, we were uncertain about the funding we should request. Estimating the financial needs of a startup was an unprecedented procedure for us. At first, we were anxious about the limits between a rational and an undue amount of money to help us get started. To deal with this, we checked Crunchbase and other financial data platforms, as well as business articles, in order to better understand how to estimate the amount of money that would cater to the startup’s needs. We counted our estimated expenses and, as a result, we were driven to the final decision of asking for 50,000$, including software, website and marketing costs, salaries, and also unforeseeable expenses. Finally, concerning our Incubator, we needed a number of mentors that could support this part, in order to start the program. In order to deal with this problem, we thought of people who belong to our social environment, with expertise in the film industry. The fact that we had already worked with most of them in previous projects, made us certain about their skills and the quality of their work in the program. In the future, we are planning to partner with other experts as well, as we keep looking for people who are interested in our idea.

Through this process, we had the opportunity to get into the business world and to develop an unconventional idea, which pushed us out of our comfort zone. Thus, we are able to talk about the learning outcomes of our venture. Initially, we learned how to work productively in a team. Brainstorming and group thinking proved to be really conducive to the whole procedure and enhanced the creativeness and innovation of the final result. Also, we came up against real obstacles and challenges and we put on a lot of effort to deal with them. Every problem corresponds to a solution, but the way to find the solution may be demanding. Constant research and reading is an indivisible part of the creation of a startup.

How to make a real world impact

There are plenty of ways to have a real-world impact, through giving back to the community or doing random acts of kindness, to name a few. However, another less obvious way to make an impact is by initiating good ideas, by taking the time to be proactive and originate new concepts, that eventually will inspire people to be better and do more. This was our way of helping generate an impact to the global creative process, by democratizing art and helping artists find a safe place to grow and actually earn what they deserve.

It may sound easier, though, than it really is, because it takes a lot of work, patience, experimenting and many times failing, in order to achieve the desired outcome. More specifically, a good idea is just the beginning and it is certainly not enough. The first step is to recognize the goal, what inspired that idea, and what needs were surfacing it. Figuring out the incentive behind a good idea is crucial for the pursuit of that goal. The next step is to build that idea and turn it into an actual project and that part requires exhaustive research, following the best practices, trial, and error, all important elements of success. Once there is a real project, one that can be tested out, the next step is to make it accessible to the public, the users, the consumers. This is probably the most important stage, since it can showcase the flaws and the deficiencies. It can also help us, the founders, figure out a better way to respond to the users’ needs and desires. Last but certainly not least, it helps us understand if what we are building is actually something people will use, if it is something that in any way can make their life easier, or something they would be spending money on. And then what follows is the adjustment stage, where the founders have to make all the necessary tweaks and tricks so that their product is viable and appealing.

Specifically, in our case, we decided to embark on a journey, an idea that was unfamiliar to us, but one that we strongly believed in, since the metaverse and the NFTs are now becoming more and more prominent, while people keep talking about and experimenting with them. We thought that was our chance to make a real-world impact, by taking advantage of technology, based on the predictions for the economy in the future. Our journey began with a lot of research, since all the notions involved were new, and we had to learn many terms and processes, in order to understand what NFTs are all about. We have to admit that certain times we thought about giving up because it took so much time and reading, but our will and the fact that we believed so firmly in our project kept us going. Consequently, in our view, persistence and patience are key success factors. Projects start and fail every day, but the ones that do succeed are those, whose creators do not give up and keep on trying no matter what.

Nicolas Braoulias Ioanna Kopakaki Georgia Dimitroula