NFTs are helping build the new creator economy — Crypto Visionaries, with Spottie Wifi (Part 3/3)
In the third and final part, the CryptoPunk rapper explains how he sees NFTs as a way for creators to effectively monetize their work and help them make a living out of it. Finally, he leaves a message for all the artists that are trying to make it today.
Remember that you can watch the full interview on YouTube.
This is the last of a three part story with Spottie Wifi. To read the other parts, visit the links below.
A second wind for creators
To Spottie Wifi, NFTs are the beginning of a new creator economy where the authors have more control and independence.
Like when SoundCloud first came out, and suddenly it became a lot easier for creators to access new tracks and content to produce music, NFTs will make it a lot easier for those same creators to monetize their product.
Another old debate in the space is whether music — or any kind of art in general — should be available for free to the public. Artists, producers, publishers, and consumers have engaged in several discussions over the years, trying to work out the pros and cons.
Let’s say you’re a musician. You release your album through an NFT sale, but you also add a free download link in your website. Why would people spend money when they can get it for free?
To Spottie, “this technology solves the problem. […] The final answer is going to be to let people download your music for free and then figure out how you can bring added value via NFTs, whether it is through commercial rights, copyright license, airdrops…”
He is convinced that the tokenization of art brings up the best of both worlds, enabling artists to earn enough to make a living for their creations without restricting their access.
Empowering independent artists
There are many cases where an artist ended up with their hands tied after signing a contract with a record label, losing the rights to their music. But with this new technology, the tables are turning.
“I think more independent artists all of a sudden are going to have a huge advantage over an artist that is signed to a major record label,” expressed Spottie. “This technology is going to empower those independent artists that much more so that from their bedroom, from their basement, from wherever they’re recording if they have an internet connection, they can offer incredible value to their fans in a way that they really couldn’t do before.”
The best and worst of the NFT community
If you’ve read Spottie Wifi’s story and are an artist considering following his steps, then he’s got something to tell you: It’s all about community.
“The NFT community is one of the most welcoming and loving communities, but they’re also one of the most cynical, skeptical communities,” he said. So how do you balance that? “Firstly, you have to invest time, effort, and energy into learning, listening, and reading the room before you jump in.”
Interacting and engaging with community members through their preferred channels like Twitter or Discord is an excellent way to start.
When Spottie first bought his CryptoPunk, he gained access and support from a very passionate community in the crypto space.
“All of a sudden, they — CryptoPunks holders — were rooting for my success. They thought it was very cool that there was a rapping CryptoPunk.”
Spottie was able to ingratiate himself to different subcultures within the NFT world, and he is convinced it played a significant part in his career.
“I showed them love with my talent by making art that celebrates their communities. I spent time in their Discords, on Twitter. I made memes. We became real friends,” he said.
And he is sure that anyone can do that, whether they have 100 ETH to buy a CryptoPunk or not.
“Use your time, your energy, your skills to warm yourself up to show love to these communities through your art, and I promise you, if it’s genuine, they will reciprocate, and they will support you.”
Finally, his last piece of advice was one he received himself from another NFT collector and Twitter personality, GMoney. He said to Spottie, “however many you think you should sell, sell fewer; and however much you think you should charge, charge less.” The reasoning behind this advice is simple: as an artist, Spottie resigned some of his potential profit to give it to his “investors,” his fans.
“However many you think you should sell, sell fewer; and however much you think you should charge, charge less.”
Charging lower prices and selling fewer NFTs means two things: First, that scarcity will help the token appreciate in time. Second, that when that happens, the market itself will define the price, so the community doesn’t feel frustrated.
“You want the price to go up on the secondary market so that everybody’s happy and the good vibes are flowing. I have good vibes in my community, and that is a major key. You’ve got to keep those good vibes going, and that is why you set the price lower than you think you should.”
We’d like to thank Spottie Wifi for his time and insights. Make sure to check him out on Twitter and visit his website.
This is the last of a three part story with Spottie Wifi. To read the other parts, visit the links below.
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