In the last blog post, we discussed two (2) examples of how NFTs are being used at Yaad Labs – the use cases were Tipsy Turtles X Digital Collectibles & TripHut X Membership Passes. In this latest blog post, as the title suggests, we are going to be discussing two (2) specific examples of how Caribbean Creatives can use NFTs. In the event you aren’t familiar with the technology or you’re in need of a “refresher”, NFTs are used to easily prove & transfer ownership of items – these items can be natively digital, or they can represent “real world” concepts and objects. In summary, we’ll be discussing NFTs as a tool to monetise & distribute art and as a method to identify and reward super fans.

NFTs X Monetising & Distributing Art
Typically, artists monetise their art by selling print versions of their work or by licensing the creative. They may also sell merchandise, teach or accept commissions. With regards to distribution, they ordinarily use custom websites, social media and art events. In this new digital dispensation, Caribbean creatives can make their artwork into NFTs and sell them on decentralised marketplaces like OpenSea, Magic Eden & JPG Store. This offers content creators a new way to approach making a living, with the distinct advantages of reaching new audiences and earning a royalty on their work every time it is bought and resold.
Imagine you are a talented illustrator who makes print versions of their designs and opts to sell them from their own website, but you struggle because you don’t have “reach” and your efforts just don’t scale. NFTs presents this illustrator with a viable alternative as they can sell their digitally native illustration without the added costs and effort of doing a print version; they benefit from an entirely new and active userbase looking for art to buy; and with the added benefit of automatic royalties – their efforts scale with time, as earnings trends upwards and costs trend downwards.

NFTs X Identifying & Rewarding Super Fans
Superfans, though they typically account for 2-15% of a fan base, they are reported to account for 42% of revenue. It is therefore important to not only keep them engaged as a creative but to deepen that relationship. They can however be difficult to identify depending on how fans engage with an artist’s content. In this new digital age, one way to both identify and reward super fans is by selling NFTs that grants the purchasers with closer contact with the creative. The price, the type of benefits and the friction that comes with this type of sale is a strong signal that the buyers are deeply committed to the artist and their work. From there, simply kindling these connections can set the basis for retention and revenue growth.
Imagine an illustrator identifies one hundred true fans from all those anonymous sets of buyers that have been supporting his work over the years and he rewards those one hundred fans with a token that represents an opportunity to spend time together – this would set the basis to not only keep them as customers but to potentially sell them exclusive, higher end content that only they can get access to.

These are practical examples of how NFTs can be used by Caribbean Creatives. In the next blog, we will discuss more use cases surrounding how NFTs can be used by Caribbean Companies.