Reddit product director: a practical guide for NFT members for Web3 creators

Published on 5 Days ago 43 views 0 Comments

Author: Peter Yang, product director of reddit and founder of Odyssey

Compiled by: aididiao

Chris Dixon published in 2021《NFTs and a Thousand True Fans》In this article, the author shared how to use NFT to realize from 1000 loyal fans. Subsequently, in the field of Creator economy, the use cases of NFT began to multiply. One typical use case is NFT membership: fans are required to hold a specific NFT to join the community and enjoy privileges. NFT members can help creators strengthen their brands and build more valuable communities. At the same time, fans can also benefit from the development of the community.

In the future, NFT members will become a profit-making way for creators comparable to advertising and subscriptions.

Next, we will discuss the advantages of NFT members, how they are used in practice, and how creators and Web3 startups use NFT members to expand their influence.

NFT member cases

Although all NFTs are digital assets stored on the blockchain, different types of NFTs can play different roles. For example, PFP NFT can be used as avatar, while NFT members can be used as tickets for exclusive teams such as concerts. The project party or community only needs to check whether the user address has NFT on the blockchain network to determine whether they have specific rights.

More and more creators use NFT members to build communities, and therefore get involved in Web3. For creators, NFT members can replace the traditional subscription and advertising based charging model in a variety of ways.

Creators can get more income from NFT by subdividing the willingness of fans to pay.On traditional platforms such as youtube, for users who are not willing to pay for content, creators can only make profits through advertising; For users who are willing to pay a small amount of fees, creators can make profits through subscription; For some loyal fans who are willing to pay more, the creators do not have a good way to make profits. For fans with different willingness to pay, creators can launch different types of NFT. For example, the creator canLoyal fansLaunch limited edition NFT for target users or ordinary NFT for general fans.

NFT helps creators segment user groups based on willingness to pay

Creators can get more benefits from NFT by reducing the platform bonus.The traditional platform will draw a large part of the revenue from subscriptions and advertisements, and can change the rules at will without the permission of the creator. If NFT is used, creators can retain most of the profits they get from selling NFT (please refer to《The NFT Mint Sweet Spot : Data on Early Decisions》）You can also get additional income from royalties.

NFT can directly motivate early supporters and help creators succeed.On the traditional platform, early fans will bring a lot of necessary help and encouragement to creators, and even lay an important foundation for their subsequent success. However, it is difficult to prove the identity of early supporters, and it is unlikely to bring tangible returns. NFT provides fans with a way to prove their identity as early participants. Creators can prepare extra benefits such as special activities for early fans. When creators achieve greater success, their NFT price will usually increase significantly, and early holders can get greater benefits.

Challenges faced by NFT membership mechanism

The creator cannot directly control the price of NFT after casting.Although the creators can set the initial NFT Mint price and their share in the secondary royalties, they cannot control the future price changes of NFT. If the entire NFT market collapses, the creators may eventually earn less income than the traditional channels. Speculators may also buy creators' NFT and raise the price, resulting in no opportunity for real fans to participate. To solve this problem, creators can make a white list of fans during early casting, or prohibit individuals from buying too many NFTs at one time.

If the value of NFT is not clear, the creator may lose the support of fans.Fans hope that NFT members can provide long-term utility, so creators need to clarify the value brought by NFT members to avoid disappointments to fans. If the NFT project is started without specifying how to provide value to NFT member holders, the reputation of creators may be damaged and fans' support may be lost.

NFT member community governance is an arduous task.Community governance is an important way for creators to realize their content production plan. In order to reduce the workload, creators can hire professional teams to keep the community active, and encourage fans to spontaneously maintain the community environment and expand the community influence. As the core of the creator brand, the creator also needs to pay attention to the development of the community at all times.

How creators use NFT members in practice

What are the minimum requirements for creators to distribute NFT membership? A successful community typically consists of three components:

Creators need to have a certain fan base and can send NFT member purchase invitations to them
Fans are willing to buy NFT to join the community and help increase member value
Creators and their communities provide utility to members in the form of real-world benefits.

Let's look at three examples of NFT member communities.

VeeFriends: it is Gary Vaynerchuk In addition to the NFT collection, Gary Vaynerchuk co founded the reservation platform resy and the digital agency vaynermedia. He is the CEO of the company.

Creator: with his past reputation, Gary has built a large and diverse audience.
Community: Gary passedRelevant trainingLet fans know why NFT is important and how to buy NFT for the first time, so that fans can buy NFT and join the community. And the creators created background stories for all the characters of the project to enhance the narrative of NFT.
Practical: all veefriends holders can participate in the three-year free VeeCon meeting. At the first veecon conference held in May, 2022, Snoop Dogg, beeple and other heavyweight guests attended and made relevant speeches. At the same time, the holders of veefriends played a key role in the organization of this event.

Moonbirds: This is by Proof Collective NFT collection launched, and proof collective is Kevin Rose Sponsored communities.

Creator: Kevin is a popular encrypted Podcast《Modern Finance》The manager of.
Community: the first NFT series of proof collective has 1000 passes. Many top NFT collectors who listen to Kevin's podcasts have purchased them, forming a potential demand for moonbirds NFT.
Practicality: the proof collective community will encourage moonbirds holders to hold their NFT for a long time by unlocking exclusive rewards, such as some commodities or offline activities.

Developer DAO: by Nader Dabit Launched after leaving AWS.

Creator: Nader dabit founded Web3 on YouTube Developer Education Channel, attracting a large number of fans. He then launched developer Dao, which aims to accelerate the education and influence of Web3 builders.

Community: developers and their fans bought Developer DAO NFT, which enhances the attraction of NFT members.

Practicality: being a member of the community is the main advantage of the NFT. Members help each other in organizing activities, developing projects and recommending jobs.

How does the NFT membership program provide long-term benefits? The following figure provides some examples.

How does Web3 help creators launch NFT membership programs?

Creators and communities are experimenting with NFT membership programs in new ways. With the accelerated development of this trend, creators who jump from web2 to Web3 need additional help in the whole project construction:

Create NFT

Define NFT member details (e.g., target, audience, quantity, price, benefits).
Recruit teams or choose codeless solutions to build artworks, smart contracts and websites.

Introduce NFT members to fans

Build a community and tell fans the value of NFT membership.
Use white list to reserve NFT casting quota for fans and speculators

Work with community members to create value for NFT members

Know which holders contribute the most to the community.
Cooperate with the holder to provide continuous utility for NFT members.

Management business

Manage and find ways to provide funds for the Treasury, such as looking for professional asset managers to become partners.
Manage tax and legal contracts.

Many companies are already coping with the above challenges and hope that more creators and communities will use NFT members to create value and share benefits.

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