Logic Solutions innovation is not limited to only social media and the online marketing space. The company and its founder have entered the booming NFT (non-fungible tokens) market. In this exclusive interview with the founder of Logic Solutions, Errol Chin, he shares how can people utilize and make money with NFT’s in 2021 and how he is currently coming out with a new product which links his product to an NFT.
Before we begin let’s be clear about this one thing. Here’s what this interview is not about. It is not about throwing a bunch of doodles and trying to sell them online for a ridiculous price. This is not about flipping NFTs. There are thousands of articles and videos that talk about that topic.
In this interview, you will discover how to utilize NFTs to add value to your audience and where the direction is headed especially if you are a course creator if you are a content creator, or if you are an influencer or marketer who wants to profit through what is that you are currently doing then you are going to be in for a treat as Errol is going to share exactly the five things that you could be doing to profit from NFTs.
I am going to assume that you have a rough idea of what NFTs are?
NFTs are not just random art that is sold on different marketplaces that you can buy and sell and trade or people are trying to just flip it for higher profit.
I will be sharing with you; how do you have these NFTs and make sure you can utilize the smart contracts as well as the advanced features to add value to your audience.
Number one is about utilizing NFTs and bundling them with an existing offer that you already have. So, if you already have a course, training, or event then one of the things you can do is for anybody who wants to buy your NFTs you could include access to your events for maybe 2 years or 3 years.
Even though on the surface level it might appear to be just a bunch of doodles, that is not what NFTs are. NFTs are just a digital signature that verifies that this ‘thing’ is authentic and that the ticket and the drawing are just the receipts. I am sure some of you might be familiar with some people utilizing bots to snap up thousands of tickets in just mere seconds and then relisting them in the grey market for a higher profit. Now with NFTs, this issue can be solved.
If you are a content creator and somebody who wants to market a course by bundling an NFT with that course, then you can now utilize scarcity and for the first time, prove that there is a really limited amount of what is that you offer. The problem before for marketers, is when marketers say things like there are only 11 spots left or we are only going to sell 50 tickets, most of the time there is this issue of verifying those claims. Why? because there is no way to prove it. However, if it is linked to the blockchain you could prove that on the blockchain that there is this number of tickets for that specific offer be it if it’s a physical product or a digital product.
Now if you think of it from the perspective of your audience, then there’s also something in it for them. One of the things that I would do when I attend seminars, events, or workshops is that every time I would keep all my different name tags because I would be very proud of it and it is like a proof or a token or a receipt that I have attended all of this events and workshops, and till today I still have all of them. So, an NFT is something that your audience can value and es over time because that acts as a digital collectible that would enhance the value of your existing offer. If you can link your existing offer with an NFT, it doesn’t need to be a drawing. You will get what I mean when you see my upcoming offer which my team and I are currently crafting and putting together which is going to be linked to an NFT. So, this is how you can enhance the value of your existing offer by linking them together with NFTs and crypto, and the blockchain.
So, number two is about taking your current best content be it a video post or images that have performed well for you in the past and turning that into an NFT. So, if you come from this angle, you are putting value in your work that you could utilize as a way to engrain it into the blockchain that will hold its value over time and I can think of no other better way that you can make that moment or milestone where your audience could potentially collect as a collectible.
Can you imagine if your favorite content creator or influencer has their NFTs? I know that many content creators are putting content out there, but what if they can genuinely have meaningful posts in the past that they have created whether it’s their first viral video or post? It could be the first post they put out on social media; I am sure you have read this before in the news where Twitter’s first tweet was sold for over a million dollars. I know that it sounds insane, it’s just a jpeg file but what makes it powerful is the fact that there is meaning, a story behind it, and depth in that NFT that makes your audience want to invest. For me, a meaningful post would be the one where it took off for me and went viral because it opens my eyes to what is possible with social media even if I was a nobody back then. So, I want you to be thinking about what is meaningful for you or a milestone for you that you already shared in the past, and you can link that and make it into an NFT.
Number three is about rewarding your holders for having your NFT, and helping other who are looking at how to invest in NFT. Let’s use Gary Vee and his V friends as an example. Gary had this podcast called ‘podcast panther’ and how he utilizes this is, you get to redeem two podcast sessions with him when you purchase the podcast panther drawing. At the time of writing, the price of a podcast panther is 14.0631 WITH which is equivalent to USD 64,712.34, which is about USD 32,356 a podcast session. You might be thinking how is it possible that a podcast can be worth so much? It is because it is linked with an NFT. If it were a regular podcast, it would probably be worthless. Now if you put a time frame into this equation, it will most probably be worth so much more.
Think of it like…there was a moment when you attended a concert or an event and you kept the receipt, a collectible, a memento of it and if you can trade it now, how much would it be worth if it were linked to an NFT? Now imagine if Gary’s offer for ‘podcast panther’ did not come with an NFT link to it, and he still manage to sell it for USD 64,000, the positioning would be a little weird now because most people would not be able to comprehend or justify the ROI of that but now when it’s linked to an NFT it’s a different ball game.
Now you can see that an NFT increases the perceived value of your offer, so if you can integrate that with part of your offer that links back to point number one that is how you’ll be able to tap into a new market and what you’re going to realize is that this new market, because it’s now linked to crypto collectors or crypto investors, there is a good chance that they have already made good returns especially if they are riding the different bull runs that happen over the last few years. That’s when you’ll be able to tap into a very deep-pocket audience.
This brings us to number four. Number four is if you’re selling a physical product, you might want to think about exploring and connecting that physical product with an NFT. Let us say that you’re selling a book or a mobile phone, and if you can link it to an NFT you could potentially be able to sell it for hundreds and thousands of dollars. That is how you will be able to separate yourself from your market. Now I know it sounds insane, but that is the world we live in right now. You want to be starting to think about how can you tap into this new opportunity where you could link this collectible or this thing that’s physical with an NFT to increase its perceived value.
Now we come to the last part which is number five, and you might be thinking well, what if I am not a course creator or a content creator or an influencer. How can I ride and tap on this thing? I have always believed that there are always the early adopters who are willing to take the risk, take the plunge and do something that has never been done before. They will ultimately be the winners before the others catch up. So, this means that there are still a lot of seminar leaders, content creators, and influencers who might not be aware of all these yet until way in the next few years to come. Some might be aware but there are always going to be people that are resistant to change.
So, what does this mean for you? It means that you could be the middle person, the bridge, that would pitch this idea as a ‘Done for You’ solution to an influencer so that they can turn their content into NFTs.
Understand this, a lot of influencers, are just focused on the creative side of things, many of these types of people don’t want to deal with all the tech stuff. They don’t want to set it up. They don’t want to list it up in the marketplace because, to be honest, there are a lot of moving parts. So, what if you could create this opportunity where you could be the middle person, the bridge to ‘these people? They can be selling a digital product or a physical product it doesn’t matter because everyone wants to sell or be charging a higher price for their products, their services, their offers and you could be the person that enables them to get to these specific results. You can leverage their creative side for profit-sharing.
At the end of the day, when we are equipped with the knowledge and the know-how, the possibility is endless.
If you are someone who is looking to take an early adoption of NFTs and if you are wondering how, you can be taking what is it that you are currently doing and how to turn your content, your work, your products, and services into an NFTs, Errol Chin is the person you need to be linking up with.
Errol can be contacted at www.errolc.com