Alpha - Week Ending July 2, 2022

This is where I gather up all the things that were on my radar during the past week. If I feel they’re worth passing on, they end up here with a few thoughts of my own.

If you want to get meta about the creator economy, this is the report for you.

The Web3 takeaway… If you’re reading this, you’re already way ahead of your competition.

• A mere 2% of creators are using Social Tokens

• 1% are using NFTs.

• 29% of creators understand what the term Web3 means.

• Less than half of them have heard the term but couldn’t explain it to someone else.

It’s not too hard to start thinking about how to apply Web3 technology to the concepts discussed in this podcast.

• Ranking structures - @18mins

  • Since rankings change on a regular basis, a permanent, on-chain NFT may not seem like a good way to track them. But if you reset them on a monthly or seasonal basis, a non-transferable NFT would be a great way to commemorate a member’s achievement in reaching the top. It would also serve as an on-chain signal of reputation as the user enters other groups.

• Badges - @33mins

  • Most community platforms offer badging systems, but they don’t persist outside of that platform. If your platform provider already supports them, consider awarding your badges as NFTs. If not, consider awarding an NFT twin to lower your platform risk. If you ever have to move to a new provider, each user’s achievements will be easy to verify in the new system.

  • If a badge denotes a certain level of accomplishment or mastery, an NFT twin will also act as on-chain credentials

  • If you offer products and services, you can use the NFT’s as part of a custom wallet-connected experience.

• Rewards - @43mins

  • If you use NFTs as a part of your community reward system, they should definitely be transferrable. Leaning in to this Web3 feature gives your user complete control. They can use it, trade it or sell.

7 Figure Small Podcast

• Jerod and David jump right in to the pro’s and cons of using Web3 to build a community at the 3:30 mark.

• At the 11:40 mark they got into a discussion about bringing advertising into your community and the trust that is required to do that. I think the potential for using tokens and on-chain governance opens the door to allowing your community to both participate in and benefit from this process.

• @ 26:00min they begin a discussion about building diversity into your community up front to ensure that its an inclusive space.