As our industry adapts to challenging new rules and regulations for payments, we will be seeing a rising number of brand-new platforms based on cryptocurrencies. I believe it’s definitely worthwhile to look into crypto and the possibilities it offers in terms of earnings, its considerable potential for investments and growing the value of your original sales.
In addition, it can open a brand-new world of content creation profits through non-fungible tokens (NFTs), which are basically a way to attach a unique image, sound or video to the digital ledger that tracks crypto transactions known as the blockchain.
When it comes to NFTs, creating a cohesive series of one-of-a-kind art is always better than selling multiple copies of just one.
Yet while it’s very exciting and gives creators new outlets to monetize their content, it can also be very overwhelming and may appear complicated at first glance. It’s important not to get scared by crypto verbiage, so to help with that, let’s explore some useful tricks that can make crypto content creation less stressful.
WHAT TO PAY ATTENTION TO WHEN USING CRYPTO AS PAYMENT
When deciding to use crypto as payment, there are a couple of basic things to pay careful attention to. Before deciding on the pricing of your content to set up on the platform, make sure to read the white papers. White papers outline all the rules and regulations of how a platform works and the general idea behind it. Also, pay close attention to the road map, which details the upcoming plans for the platform mapped out on a time scale. This helps you become familiar with the team, associated creators and ideas for future projects, which can aid in determining whether this is the right platform for the type of content you plan to offer through it.
If the white papers mention being able to be whitelisted as a creator, it’s essential to do that as your first step before transferring any earned funds from the platform. What exactly does this mean? Being whitelisted helps avoid “slippage,” which is basically a tax on every transaction made with the token used on the platform. Most platforms attempting to create their own crypto token incur a charge when exchanging funds via Binance USD — a “stable coin” that’s equivalent to the dollar and can be transferred into a bank account. This charge causes slippage on every transaction, which translates to fees that can go as high as 30 percent.
OPTIONS FOR MINTING NFTS
Another important step to consider when using crypto platforms for selling content like NFTs is minting, which is basically the process of putting your content up for sale. Many platforms offer this service, and you will find it makes your life much easier, but it does come with risks. The minting process is crucial to receiving royalties on the sales of your content. But it’s important to have a legitimate team in charge of this process, so you don’t get doxed. Minting content yourself is always more secure, but it’s also way more complicated and usually requires more advanced technical knowledge. It also means you’ll need to have Ethereum (known as ETH in stock market terms), one of the most popular cryptocurrencies besides Bitcoin. It will help cover the cost of crafting content on the blockchain that forms the backbone of Ethereum transactions.
CHOOSING THE RIGHT PLATFORM WITH A VIBRANT COMMUNITY
One of the factors in choosing a platform should be the member community that it’s built around, with Telegram and Discord support being a key factor. Since your first supporters and often your biggest buyers come from the community, it’s very important to tap into an extensive and active one that you engage closely with. It also helps you stay on top of new developments, events and changes that take place more frequently on crypto platforms than on standard ones. Speaking of the crypto space and building connections with the community, being active on Twitter Spaces, Reddit AMAs, etc. is one of the best ways to showcase your content and build a great relationship with many potential buyers.
RULES OF ENGAGEMENT: WHAT CRYPTO CUSTOMERS VALUE
When it comes to content, there are a couple of useful rules. First, it’s important to remember that crypto consumers value uniqueness and artistic merit above more traditional fundamentals. This simply means the more expressive you are, the better. When it comes to NFTs, creating a cohesive series of one-of-a-kind art is always better than selling multiple copies of just one. Like gamers, crypto customers love owning rare items with collectible value. So it’s good to add some physical items to your digital art; that makes it more personal and unique, increasing the value tremendously.
One of the crucial differences between crypto and standard platforms is the uniqueness of content, so minting the same content on many different platforms is a big no-no. Another mistake that may have dire consequences is releasing too many new drops. It’s important not to oversaturate the market, because it can decrease the value of your artworks, and many platforms also regulate the number of artworks you can put out for sale. Like a physical art gallery, digital crypto galleries also have limited space.
WHAT GOES UP CAN COME DOWN QUICKLY
Another vital aspect to keep in mind is that the worth of crypto changes way more rapidly than traditional currencies. This means that a sale worth one thousand dollars could change into a couple of hundred instead overnight. So if you don’t plan to hold onto crypto tokens as a long-term investment project, it’s good to convert them into stablecoin currency or withdraw to a bank account in the form of “regular” or fiat money — government-approved traditional currency.
DON’T GET SCAMMED
Lastly, a crucial part of having money in crypto is protecting your seed phrase and never sharing it with anyone. Your seed phrase is essentially a password that allows you to access your stored funds, even if your crypto wallet has been lost or deleted. Unfortunately, the crypto world is full of scammers who try to pretend to be owners of a platform, or they pretend to be top creators, and will try to get you to send them your seed phrase.
When you explore any new platform or service, you always want to stay aware and well-informed as you figure out how to take advantage of the new options it makes available. With crypto, that means getting up to speed on the terminology, technology, logistics and procedures. Take the time to do this up front, and hopefully your experience in the crypto world will be exciting and profitable.
Sabien DeMonia is a content creator, cam model, head of talent for SugarBounce and an ambassador for both Pineapple Support and Gaming Adult’s “Hentai Heroes.” Follow her on Twitter @Sabien_DeMonia, on Instagram @sabiendemonia_ and find all her links at Linktr.ee/CumAndGetMe.
