I’m very interested in the NFT space these days but most of the projects and interesting stories these days that I was coming across have mostly been revolving around crypto art. That’s why I wanted to cover something different in this episode and a few months ago I went for a search… and looked in crypto Twitter.
As a result, I discovered Cent a platform for creative income. The team’s main goal is to help creators take the value of what they do and turn it into something that is sustainable.
The same team has also created Valuables – a platform where people can buy and sell Tweets autographed by their original creators. You have probably already read about their most famous Tweet trade. Yup, I mean the one where Jack Dorsey’s first-ever tweet sells for $2.9m.
So you might want to clarify 2 questions first
1. What is an NFT?
NFT is a certificate of ownership over digital content that has not been.
The beauty of NFTs are that they are like legos with building blocks and it’s up to the creator what can be made from those.
2. So how does this work? What does a Tweet NFT buyer get? What if the Tweet is deleted in the future?
Team’s explanation: The seller agrees to put the tweet on the blockchain – it registers who is the author, what is it, where does it live, and later who owns it. So what you are buying lives outside the Twitter account – and it’s between the creator and the buyer and it will carry on living on the blockchain.
So I’m sharing here the full live stream conversation the team and myself had a few weeks ago.
Few highlights from it below:
- No need to understand the technology in order to be able to use the platform and create/mint and sell an NFT.
- There are no upfront costs and no need to own crypto to be able to use the platform.
- The creator of the tweet owns the copyright of the tweet
- Purchasing a tweet certificate establishes a relationship between the tweet creator and its buyer.
- Cutting out the middlemen: what NFTs are doing is opening it up to all creators and all the buyers. It’s lowering the gate of accessibility of being part of the creative space.
- You don’t need to have a huge audience. If you create awesome content there will be people who will be interested in it. And that’s awesome.
- Creators experimenting on the intersection between tech and art.
- Entire space is much larger than Twitter – Discord servers, Cent, Telegram communities, Twitter – many little paths that you can take and relationships that you can make.
- A handful of accounts have been created for the specific purpose of releasing content through the Twitter channel. They will make their art specifically designed to fit Twitter.
- Any idea you could come up with it’s like – it’s possible. It’s so new that it has all these possibilities. (referring to the NFT space)
- The team is exploring different possibilities on how to take the experiences even further.
- NFTs are about creating abundance about whatever you create you decide how is it distributed, how is it priced – because it all is under your control.
- NFTs can also strengthen other industries. For example, some creators on Tik Tok are trying to create content to get into HBO or other show channels but with NFTs they can be supported where they are creating content that represents them best and they can focus on their content and improve it time.