It's easy to think that the price of innovation is high - but sometimes it can be a bargain of a life time. As promoted on the show we sold our final episode of Season 2 - the Crypto episode - as an NFT. Ok - quick definition for the un initiated on what an NFT is - and don't worry - they are a pretty new phenomenon.
NFT – WTF? – Non-fungible tokens have been used to sell ownership of digital goods and I feel a natural evolution within the crypto economy. NFTs allow buyers to purchase and claim ‘ownership’ of a digital good. At this stage, the good is usually an image, a GIF, animations, or even a piece of video footage. The ownership element takes the form of a unique digital token, which lives on a blockchain as proof of ownership. Unlike a traditional cryptocurrency, these are not fungible – in that they cannot be broken into pieces and partially sold.
Our NFT - But we took it to the next level and attached some benefits to our NFT. The purchaser would have the right to feature in 8 episodes in Season3 in our mentoring program. We didn't just sell a digital piece of art, or a gif – we dded real world benefits - let's call them 'Meta-Benefits" which will reach around 800,000 people nationally.
The winning bidder paid just under 1-Ether for the crypto episode – around $4,000 AUD. This was a total bargain.
The cost of paid TV space with this reach would be well over $100,000 – they got it for 4% of its market value. In their case, the price of innovating was very low indeed. And this is not some imagined value in the future where a greater fool pays more – it’s worth that now, today.
When we innovate by doing cheap technology experiments (us with selling the NFT) and our Tv show fan who bought it - we all benefit from the innovaiton cycle.
So always keep your eyes and mind open.