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The Scale Your Agency Podcast | Bright Ideas

Nov 30, 2021

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Episode Highlights

[4:38] — Joe’s Journey in Content Marketing 

  • Joe has been in the content marketing industry for over 20 years.

  • They popularized the term "content marketing" and held the largest content marketing event in Cleveland, Ohio, with 4,000 attendees.

  • After leaving the business in 2016 with his wife, he wrote books on content marketing and a novel called The Will to Die.

  • He has started a new business called The Tilt, which focuses on helping small content creators learn to build a business using a "content first" mentality.

  • He dabbled with business models, such as Web 3 and NFTs, that didn’t exist before.

[6:32] — What is an NFT? (Non Fungible Token)

  • After getting into crypto and discovering NFTs in 2020, Joe realized that content creators could build their own mini economy. He then launched Tilt Coin.

  • A fungible token is primarily for trading dollars; conversely, non-fungible tokens (NFTs) are unique, and have an underlying contract.

  • Listen to the full episode to find out how one of a kind NFTs allow creators to set the rules for what happens when the tokens are bought and sold online and give their audience access to unique experiences!

[12:54] — Leveraging the Scarcity Element of NFTs

  • Joe mentions that he learned a lot from the Gary Vee model.

  • Gary Vaynerchuk was a huge content creator but was still subject to the whims of more centralized platforms, so he created 10,255 individual NFTs called VeeFriends.

  • NFTs consisted of his art, and each digital artwork had different access points and perks, such as exclusive mail and different levels of admission for his VeeCon.

  • You don't need a large audience. The NFT market is limited; you can provide premium access to your audience regardless of size while also controlling your own business model.

  • Fans also get the chance to own something from the creator and resell it.

[17:05] —  The Benefits of NFTs for Creators and Fans

  • If an event becomes successful, the pricing for NFTs could go up. The creator will benefit, being the IP owner.

  • With The Tilt, they created Tilt Coin and set membership levels by the number of Tilt Coins someone had.

  • Among the perks that come with the Tilt Coins are VIP access to ask Joe questions and monthly content drops.

  • Launching at 36 cents in March 2021, Tilt Coins are currently priced at $53, which shows that the people who invested are satisfied with it.

[18:42] — How to Create an FT or NFT 

  • For social tokens, it helps to find an organization that can show you how to do it, or you can look for a contractor or technologist to do it for you.

  • The Tilt worked with to set up the whole thing on the blockchain as a side chain of their own Genesis coin.

  • Other organizations you could check out are Roll and Coinvise.

  • Outsourcing the creation of NFTs by finding foundations to help you set up underlying contracts and deciding on the royalties would be helpful.

[22:05] — The Downsides of NFTs

  • In 2017, initial coin offering (ICO) boomed, and many shell companies would pump up their prices and leave everyone hanging.

  • While it’s possible to dump Tilt Coins, it would ruin his reputation. It’s not about getting rich quickly but building an economy.

  • Two people recently created Squid Coin based on Netflix’s Squid Game, which went up around 5,000%, and the creators made millions before disappearing.

  • Do your homework before investing in any social tokens.

[26:42] — Resources for Studying NFTs 

  • The Bankless Podcast had an episode with Chris Dixon where he discusses NFTs and paints a picture about why he thinks the future will be tokenized and decentralized.

  • Tim Ferriss’ podcast had a more than 2-hour talk with Chris Dixon about NFTs.

  • Another one would be Tom Bilyeu’s Impact Theory episode about the gold standard, the usage of dollars, and the transition to Bitcoin.

  • Some people might think non fungible tokens are a scam, especially in the digital art world. However, you'll find value in its scarcity element and asset inflation as you learn more about it.

  • The future is exciting because new business models are emerging.

[30:15] — Get Started Owning NFTs

  • It's hard for someone to understand what they’re talking about unless they try it.

  • Try getting a digital wallet by going to MetaMask.

  • You'll need Coinbase to buy $50 worth of Ethereum and deposit it into your MetaMask account.

  • After that, find some NFTs worth $5 and buy it regardless of whether you’ll lose it.

  • This gives you a taste of NFTs. You can figure out if you want to explore it or continue living in the banking world through experimentation.