Tips for Creators Getting Into Crypto
by Tips for Creators Getting Into Crypto
I highly suggest consuming the full piece here (13 min. read time)
Focus on creator market fit: “Creators are their own mini startups. They’re responsible for focusing on a niche, understanding what customers want, creating something that people love, and finding sustainable ways to grow…Once a creator gets to creator market fit, then it may make sense to start experimenting with crypto to accelerate grow” — Patrick Rivera
Start off using crypto as a monetization tool: Crypto helps creators in 4 main ways — (1) Financing, (2) Acquisition, (3) Engagement, (4) Monetization.
NFTs and beyond: “NFTs will evolve to provide many other benefits beyond just ownership. Eventually, creators will come up with crypto-native business models like programmable subscriptions, prediction markets, token reward programs, investing in other creators, etc.” — Patrick Rivera
Co-creation and community: “…cryptonetworks will usher in a new era of co-creation. Creators will involve their communities in key decisions like how to allocate funds, who to onboard, what types of projects they should work on, etc. This type of co-creation increases community and retention which can lead to stronger communities over the long-term.” — Patrick Rivera
Designing a token rewards program: “Identify your community’s goal, choose a reward mechanism, [and] choose a positive sum reward that benefits the network: this can include votes in decentralized governance, access to exclusive experiences, or even financial rewards.” — Patrick Rivera
My two cents: I essentially highlighted this entire piece, it’s that good! Patrick is one of the main engineers currently working on (arguably) one of the most interesting Web3 companies. He’s also a really chill guy. I somehow got the chance to chat with him abouta week ago, week ago (anyone over the age of 30 probably won’t understand the double “week ago”…I just had to…sorry). Anyways, read this piece. You won’t regret it.
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