NFTs have opened the doors for content creators to establish new revenue streams for their work. Influencers such as Irene Zhao have used NFTs to mobilise their community and reduce their reliance on sponsorships and paid advertising.
Through NFTs, creators can offer exclusive perks — such as merchandise giveaways or meet-and-greet access — to community members. They can keep all the revenue from the initial sale of their NFT collection, and a predetermined percentage of secondary sales.
This model ensures that the money being spent by fans directly benefits their favourite creators. It cuts out middlemen such as traditional social media platforms which often keep a significant portion of revenue for themselves.
Although NFTs are beginning to prove their value, it can still prove difficult to venture into the space. Creating a collection often requires coding knowledge, especially for those looking to launch on a personalised website.
This is where Slash comes in. Founded in 2021, the company set out to bridge the gap between Web2 and Web3. It has now created an NFT platform that allows anyone to create and trade NFTs.
“By breaking down all tech barriers, Slash is democratising the world of NFTs,” says founder Alvin Li.
Adapting to Web3
Existing NFT marketplaces such as OpenSea allow users to mint NFTs as well. However, those using these services must already have a basic understanding of crypto wallets and transaction fees.
“Web2 users are still the majority in this day and age, and most do not have their own crypto wallet,” explains Li. “When it comes to minting NFTs, it is challenging for most to even take the first step.”
While Slash encourages users to discover the space on their own, it is here to guide those who need a helping hand.
“From crypto wallets and crypto-to-fiat money exchange to consultancy services, Slash is here to help,” says Li.
After all, there’s more to having a successful launch than just the technical aspects. For new users, there’s a lot to learn about the marketing strategies commonly used by Web3 projects, and the need to protect their own community from scammers.
Slash is helping Web2 users to enter the Web3 world. We believe every content creator deserves the credits or rewards for their creative work.
– Alvin Li, founder of Slash
As we find a selection of Web2 activities migrating to Web3, it’s the opportune time to learn more about the latter.
“Slash aims to give everyone the chance to enter Web3 even if they know almost nothing about it so far,” says Li. “For all content creators out there, NFTs give you more autonomy when it comes to earnings and content rights. They can also help you grow, engage and reward your followers.”
For the first phase of its development, Slash will offer its NFT minting and marketing consultancy services to users.
The minting service will charge a flat fee of S$999 along with a five per cent commission on secondary sales. NFTs will be minted on the Ethereum blockchain by default, and will be tradable on both OpenSea as well as Slash’s own NFT marketplace.
“If users wish to mint on another blockchain, our tech support team will be able to answer their special requests,” says Li. Slash views technical barriers as one of the primary obstacles hindering Web3 adoption. Through its services, it hopes to make the space more accessible for all.
The next phase of development will see Slash launch its own NFT collection. This will be done in collaboration with other content creators.
Finally, the platform will launch its very own crypto token, and lend further assistance to creators looking to monetise their offerings in the metaverse.
As creators set out to launch their own collection, they must decide what purpose their NFTs serve. After all, these virtual assets can offer a variety of utilities.
Li believes that the value of any NFT can be broadly associated to the following categories: collection, investment, and membership value.
“Collection value refers to the representation of an art piece to satisfy one’s vanity,” he explains. It’s collecting for the sole reason of owning an NFT.
Next, investment value refers to buying NFTs with the intention of reselling them at a higher price. Last but not least, membership value refers to NFTs that offer access to events being hosted either in the metaverse or the real world.
“The NFT space has been evolving in this order too,” says Li. “We have observed a transition from the urge of owning profile picture NFTs to membership NFTs.”
The novelty of collectors’ items has been outshone by collections which are able to offer additional value. “We have just helped a fitness brand launch their NFT Pass,” says Li. “Their NFT holders can join a variety of activities organised by the brand.”
Given their versatility, Li believes that NFTs can be an ideal bridge between the real world and the metaverse. “Not everyone will start the Web3 journey right away, but we believe that as the time goes by, more people will understand and enter Web3.”
Featured Image Credit: Slash