Today Allen & Unkle Bonehead discuss the pros & cons of NFT’s vs Voting rewards as a #Web3 monetization model.
Hive upvotes
PROS
- If you build a solid network of supporters, you can sustain a long-term income
- There are multiple ways to earn on the blockchain
- Participants can monetize from post creation, curation, and comments
- Beyond comment monetization, participants can earn by developing new dapps
- The highest earning content is not about crypto
- The more you earn, the more potential you have to earn
- You can take your earnings and put it into savings with a 20% APY
- You can buy HIVE and increase your earning power more quickly
- No fees
- On Hive, you can have ongoing income as long as you remain active
CONS
- Comment creators and curators are limited to 7 days for payouts
- Whales and downvote cabals can drive away good content creators using bully tactics
- There is a learning curve
- It’s hard work to find an audience for your content because you don’t have algorithms helping you
- There’s no mechanism for choosing how much you earn
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NFT monetization
PROS
- NFTs give you the power to earn on a secondary market
- You set the price for your NFTs, which gives you the ability to influence how much you earn
- There’s no limit to how many NFTs you can create
- There are multiple blockchains that allow you to create NFTs (Polygon, Solana, Ethereum, Optimism, Hive, etc.)
- It’s fun to create NFTs
- NFTs can be created in a variety of formats (music, video, literary, visual, podcast, etc.)
- NFTs allow creators to assign ownership of assets to other parties
- NFTs can also have utility, which makes them more valuable to the people holding them
CONS
- NFTs must be visual or they are not likely to sell
- NFTs are still a nascent market and not altogether doing well in the downcycle
- NFTs do produce ongoing income whereas; rather, creators must rely on selling NFTs and those purchased appreciating in value and selling on a secondary market, none of which are guaranteed
- Network fees can be profit prohibitive
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https://mirror.xyz/allentaylor.eth/rbzpqDXI4SAxxrMlOhx4o6rIt2zJEl2pcgLxfWpdF3Q (Diamonds and Pearl: The History of the Top 10 Cryptocurrencies)
https://paragraph.xyz/@tayloredcontent (Taylored Content newsletter where every post is an NFT)
https://readl.co/book/25730738359309784841103145527884708297477924404312994775503112673563267563530 (Web3 Social: How Creators Are Changing the World Wide Web (And You Can Too!) available as an NFT)
https://tinyurl.com/web3social-audible (Web3 Social recently released as an audiobook)
