WHY TOFFYSDOMES NFT?
ToffysDomesNFT is all about experimenting with a new art form and mode of expression.
It’s my attempt to answer the question: “What does storytelling and publishing supported by the blockchain look like?”
When I came across NFTs (non-fungible tokens), it immediately piqued my interest. I’m not sure what really influenced me.
Was it the buzz of the acronym floating around?
The hype?
Or even the first person I heard about it from (Gary Vaynerchuk)?
Perhaps, it’s a combination of it all.
One thing for certain is that as I started learning about it, I got a feeling like “wow, this might be it — the thing that combines all the different things that I’m interested in”
After years of tinkering with music, writing while starting a business, spurred off an engineering background, a light bulb went off that made me think, “ooohhh I can bring all the discrete parts of myself together — Art + technology + business”
Storytelling and intellectual property that can be authenticated, where the original artists and creators can reap the rewards for their work in perpetuity from a community of fans, investors, and collectors that value their work.
All support by decentralized technology.
I was like “Aight, let’s go”
But before we get there, let me tell the origin story.
Coming from where I’m from
My story started from Lagos, Nigeria, where I grew up. I moved to the US in 2003. My immigrant journey has taken me from Chicago, to Texas, to California, working as an process engineer, optimizing plants in North America and Europe.
I then ventured to build my own business, wheich took me back to Nigeria right after business school. All this while, I made music on the side.
After graduating from business school in 2016, I started making my third mixtape and needed a story. This was the spur that took me down the path to write my first book — PRESS PLAY — and then finish up TOFFY’S DIVIDE, five years after starting it.
I’d always get questions like “so are you a musician?” “are you a full-time author now?” “oh really, you’re still running your business, I thought it was just music or writing these days?”
For someone that likes exploring different interests, I’ve always had — and still have difficulties — with the rigid definitions.
Fast track to 2021. I had been posting about music since press play launched (I know, maybe not the place for “art” but that’s another story)
Going through LinkedIn, searching for business building tips and new clients, I came across this Gary Vaynerchuk post below.
I start researching NFTs and thinking to myself “this is cool? I guess”
Around the same time, a few other things start happening. As a bedroom producer that had been posting music on soundcloud since 2013, it was interesting to see Soundcloud shift its business model to fan-powered royalty system that is driven directly by the artist’s fan base.
It was a break away form the stream-driven royalties used by the other big streaming platforms. This reminded me of the book Superfans, where the Author argued that the direct support from superfans is what will support the growth of a lot of independent musicians.
A few weeks later, comes an announcement that Tidal would be acquired by Square — a company with leadership that is big on the future of blockchain. There were articles about how the acquisition would build an infrastructure that rewards musicians directly for their work and connection to their fans.
This is among the few things that were popping up. So I did the most natural next thing — I start getting hyped.
I posted my enthusiasm on Linkedin like I had discovered gold for the first time.
So what is an NFT?
An NFT (non-fungible token) is a digital certificate representing a one-of-a-kind asset. Any type of media can be minted or tokenized and turned into an NFT — a picture, music, even this article.
It is built on the blockhain, which is an official ledger shared by thousands of computers
The main thing that interested me was how this tool, NFTs, will work out for musicians through more equitable and smart contracts.
I learned a lot through research — reading articles, watching youtube videos. But there’s only so much I could learn by researching. I had to get my feet wet to really understand how this whole thing worked.
How is this secure?
Do I get rights to the art?
Can someone just download it and share it?
What’s a digital wallet?
Seed phrase?
I had a lot of questions.
So when GV starts talking about his NFT project — Veefriends, I thought I’d learn by taking action.
So you bought the picture of a termite?
Yes, I bought this “termite”.
This has to be one of the dumbest things you’ve ever done, Nifemi The thoughts swriling through my head. This man literally drew this thing with a marker and you’re going to pay how much for this?
After a few days of deliberation, I finally decided to mint one. As I stared at my computer, I looked around one final time, hoping someone would say “OK, Nifemi. You’ve drunk enough of the kool-aid. Don’t do it. Here are the reasons why.”
That didn’t happen.
The art is important but utility matters too
The way I felt about doing it was strong and that’s what urged me forward. The main justification I had was the access to Veecon that came with the NFT. For every holder that had a Veefriend in their wallets, they’d get access to VeeCon (a exclusive conference bringing together web3 leaders and popular culture) for 2022, 2023, and 2024.
It took me back to my days in Austin, looking to purchase SXSW tickets. The resale value for those tickets on craigslist were next level.
So I justified it to myself. “For access to this event for three years. If I just think about this NFT as a digital ticket. Forget the art for now. It’s worth it. MINT”
Once I minted that first NFT, I became more comfortable making digital purchases. It was a full year before the first conference, so I just kept the art in my wallet. But one thing had changed. I had become more comfortable doing transactions on the blockchain. Something I had resisted for the last 6 years before that.
All of a sudden, terms like “proof of work”, “gas fees”, “seed phrases” did not seem so foreign and intimidating.
I started collecting NFTs to support musicians and their projects.
These digital assets gave me access to streaming royalties, online communities with the artists, and a certain joy that I have now participated in the economic empowerment of an artist I believe in.
They could in turn use the funds raised to make more music that they want to make. Plus I have an incentive to want them to succeed, since the digital art in my wallet now acts as a unique collectible.
Participation is key
As I participated some more, I started making my decisions on purchases based on the founder and the utility that came with the project. I wanted to support more black, brown, female, and immigrant artists.
I collected digital art.
I got access to streaming royalties
I spoke and chatted directly with the artists I supported.
I received gifts. Actual physical gifts from the projects I supported.
A year after my first purchase, I finally made it to VeeCon for the three day conference.
I got a chance to meet other folks from different industries and fields in life connecting over a new shared interest. There were people at different levels of their journey.
I had discussions about NFTs, my books, music, amy business and learned all the fascinating things people were doing and experimenting with.
I got to watch engaging talks — Deepak Chopra, Pharrell, Snoop Dogg. I saw Miguel perform. Met Gary Vee.
I remember leaving the conference feeling like I already got a return on my investment from that one event. And there are still two more to go.
It was a great experience and made me realize the value of community that can easily be authenticated and validated through the decentralization from the Blockchain.
Since the conference, I’ve kept in touch with new friends and possible collaborators. The value of the future experimentations with these people is yet to be seen, but I am certain that the learnings will be invaluable.
My interest in NFTs and the blockchain continues to increase. I would talk to it with anyone that is willing to listen.
Still on the fence?
I have noticed that there’s still apprehension when I discuss this new interest with friends. And they all have valid points. A lot of points that I still consider.
Can decentralization really change our individual needs for power?
How is this different from loyalty cards that are already being utilized?
Would this evntually get controlled by the government or tech giants?
How about the environmental impact from all the validation on the chain?
A lot of questions and answers are still in the works. I believe the technology is not fized and will continue to evolve. One thing I’m learning is to look at the past to get a sneak pek into the future.
When we look at previous “new technologies”, such as the internet or social media, if we can take anything from them is that when a new technology is here to stay, the more people bring diversity and diverse viewpoints to the system early enough, it allows us to build a more sustainable, robust, and inclusive system of governance.
Make a move or they’ll make a move on you
- Move, Damian Marley
So instead of waiting to see how it plays out.
I decided to get my feet wet {again} by trying out my first project. I call it a little experiment to see how much I can learn about it.
Also to see how I can boost my storytelling through this form.
ToffyDomesNFT: An Storyteller’s Experiment
ToffysDomesNFT is a collection built off the world of my debut, award-winning science fiction novel — Toffy’s Divide.
It will be a collection of 405 (the number of pages in the the first edition of the book) unique digital tokens that gives holders access to:
- Toffy’s Divide audiobook + exclusive mixtape
- A signed physical copy of my new book (to be published in 2023)
- 15% of the funds raised will be donated to an organization that’s bridging the economic, digital, or narrtaive divide within one of out selected cities.
I am not an expert at this. So I would love to collaborate with anyone in th space that is also a curious mind and believes in the value of collabortaion and community.
I believe NFTs can help empower artists, collectives, and boost artistic inclination from people that don’t classically consider themselves as “artists.”
If built properly, with the proper involvement, this technology can usher in an era of validated trust that can boost the value of communities and it’s utility can vary from ticketing, real estate contracts, to seamless identity verification.
I hope you’ll get involved at least to learn and be part of the collective governance of this burgeoning technology.
Follow Toffy’s Domes NFT on twitter.
Get your Toffy’s Domes Token here.
