Why 99% of NFTs Won't Sell
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- Опубліковано 31 тра 2024
- So you've put a lot of work into your NFT project. That's great! BUT if you don't do this one thing, your NFTs will suck
In this video, I'll introduce the concept of NFT utility and give applicable examples of different types of functional NFTs
By the end of this video, you should have plenty of NFT utility ideas for your own NFT project
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TIMESTAMPS
00:00 - Intro
00:42 - NFT Utility Explained
02:33 - Special Event Access Example: VeeFriends
03:51 - Music Access Example: Kings of Leon
04:45 - Game Example: CryptoGonks
06:56 - Other NFT Utility Ideas
07:17 - The Problem With Traditional NFTs
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There are different types of buyers on the NFT market, not every buyer is looking for an item with utility or road map. Some buyers are looking to buy 1/1 art pieces of which they hold on to. Some people buy to flip some buy because of road map and some because of utility. You cannot say 99% of NFTs aren't selling because they don't have utility. Most NFTs aren't selling because most people saw it as get rich quick. Some people post work with no meaning, some folks are not even artists. I suggest as an artist you pick your niche in the NFT space and stick to it. You have to know your target market. Your NFT could have a utility but you have to know who is going to utilise it. Most creators with utility already know their target market and have followers so their utility is built around their followers.
well said
Generally speaking, Aprilynne is 100% correct. The concept of utility takes nft's to a whole different level. Because the product has value beyond it simply being art. Beautiful is subjective. Utility, objective.
hey man, do you thinkn NFTs with some good storytelling behind them can sell?
@@ZenHarold yes, yes and yes!
Thanks
Not every artist can provide utility, i though nft was all about owning rights to beautiful artwork but, people are more interested in dull looking JPEG’s with thousands of copies and slight color change instead of 1/1 unique art. Hope people star buying real art instead of bad animal JPEG’s. Buy 1/1 art that’s real NFT’s not 1 art with thousand of copies.
It's not utility, it's all about community
There is a lot of beautiful art pieces for sale as NFTs with physical prints as utilities. There tends to be more of this on sites with registration to sell like Nifty Gateway. I also see utility working for collaboration art auctions eg if you buy the nft you get entered into an art auction where everyone walks away with a physical piece of work from a pool of different artists. The possibilities are only limited to what your imagination can cook up. The tricky part is making a utility that can go on indefinitely. 😌
@@emmalestrangeart1331 that true, i was thinking more in the terma of cryto, like if you buy the nft then you can stake it not many can provide it, the thing about giving physical artwork or prints to buyers is really good, i would have to think about that, thanks..
Oh well, Great news!
So the artwork a skilled professional creates is now bland or diluted without “utility”. Fantastic. It’s hard enough to create work that satisfies me to call good enough to deliver into the world. Good enough to call done.
Now we “artist” has to provide value with frills and unlock-able Wingdings. Can’t just enjoy what it is for what it is. I feel like I just showed up to the biggest craft/art convention that just let anyone in the door. Wackadoooo!
Lol yes!!
And don’t forget you already need to be rich and famous….
I mean people and this youtuber is trying to disappoint people and making them have no choice being in NFT but its ok to try and start from the 0 and it people who have faith and trust their selves will reach out whatever they want .
Theres a movement to turn nft culture into a 'onlyfans' thing i guess...i dont like it...still a lot of value on digital art ...i totally disagree and disregard what she's trying to turn nft's into...one have to remember she is payed to tell you things
As I have been involved in web3 projects for quite some time and basically know everything you explain, I definitely don't watch the videos for the content. But, anyway, I still come back for education. I was sucked in by the "how," not the "what" of your videos. Your work is very high-level. As attention is so scarce these days, byte-sized pieces of content will more and more become the key to success in a creator's strategy. You can see it in the corporate space already with microlearning over seminars etc. Unfortunately, our ego makes us think we have to release SEO courses containing 8 hours of video material to be worth its price tag. Hence, we film 3 hours of fluff without even noticing. While proving ourselves the illusion of adding value, we are doing our audiences a disservice. Most creators would stretch the NFT utility topic to at least double the length because of that handicap. When it comes to editing, they find additional pieces of "value" in the form of long intros and outros. It's absurd when you think about it, and I think it's a real problem. But you got it, April. It's a powerful skill, and I hope you will keep up with how you do it. Just deliver and don't get fancy, and you will create the most impactful content. Put your videos in a playlist with similar content from other creators and experience it from the other side of the screen. You will find out that there's not much competition out there in terms of value. Wish you all the best! But you will hear from me again and at some point I probably try to hire you for a project🙂
I really appreciate the kind words Timo! I'm doing my best to try to break down complex topics into simpler terms
There's something somehow condescending about this comment.
Hi i have 1000 nfts do you went to collaboration
So what you’re saying is…
if you’re not famous like Gary Vee your project will suck lol because not everyone can create veecon or vip concerts… 😅 how would a normal person give perks?
Some of the utility ideas I listed later in the video can be applicable to everyone! Things like access to a newsletter, a SaaS product, a paid community, etc
it's a pyramid scheme and the most popular wins. Simply putting 'utility' onto an NFT doesn't make it valuable. (If I wanted to buy something I should be able to just use cash instead of gambling on how much a certain crypto currency is worth to then gamble further on which NFT will be worth anything not to mention all the fees ontop. Which NFT is going to be worth more? Some crappy nft made by bobby down the street giving access to his newsletter no one cares about. or the NFT that all these dumb 'popular' celebrities are investing in?
again,
It's a pyramid scheme where the most popular celebrities are adding the most worth to that given NFT.
Great information on helping to clear up some questions.
This was an awesome rundown.....thank you!!!
Thank you so much, I really appreciate it!
This information is way more interesting coming from you for some reason. Thanks for the time and info.
Thanks so much for the kind words and for watching 💜
Utility is subjective. I don't see any utility in spending one second with Gary Vee.
Excellent information! Thank you.
I appreciate the way you incorporate things and how you explained them so detailed. Have you seen the NFT of metarollers in Opensea?
Thank you for making this video, Now I got view about NFTs values especially after hear functional NFTs. Could be a good another video idea talking about functional NFTs, i guess.
Submission for this week is in! Nice video!
Really appreciate it Tyler!
Awesome video!! Such a great communicator. Go gonks go!
Thanks so much Samuel, I really appreciate it!
Hi, THANKS FOR YOUR KIND INFO.
Thanks for explaining
My NFT utilities include: - Free dinner cooked by my mom.....- You can pet my dog for half an hour.....- choose one thing out of my fridge and I will send it to you.... Welcome to the future!!
you are the most clear person explaining NFTs
I love your channel! You're my absolute go to channel when someone asks me what NFTs are and everything it encompasses - so thank you thank you!
love it and thanks for the enlightenment.
wow Great information Thank u
Great video! Very helpful
So glad I could help! Thanks so much for watching!
*Congratulations* on 10K!
Thank you so much Jubair!!
You explain everything so clearly, thank you! Subscribed.
Thank you so much, I really appreciate it!
Really interesting video Aprilynne, thank you! How are utilities working when an NFT is being resold multiple times? Do the new owners benefit form the perks as well or only the first purchaser?
Hey Cynthia! Typically, utility/perks are passed along to the new owner. For instance, if the utility is access to a community, the original owner forfeits access when they sell it.
@@NFTsSimplifiedare Nfts the new pyramid scheme?
I feel like there are a lot of 1/1 artists making waves in the NFT space and is still a great way to sell your art. I agree with all you say in regard to utility etc, but I definitely don't believe that the days of wanting an NFT for the art are gone.
Another great video! thanks
Thanks so much for watching!
Thank you so much for explaining everything so concisely & thoroughly, Aprilynne !! Your explanation of every aspect of NFTs’ utilities is flawless , & I literally couldn’t hit Subscribe fast enough !!
Just 1 clarification plz : at 7:10 , you mentioned providing NFT royalties rewards share to the buyers . Does that mean to give a tiny % of the revenue from each subsequent transaction back to all the prior buyers , or is it something else ?
Thanks so much for the kind words!
So oftentimes, NFT creators take a certain % of royalties from all future sales of their NFTs. This is how they make recurring revenue. They can choose to keep this revenue themselves, or give it to charity, or invest it elsewhere, or return it to their own NFT buyers/community members through giveaways, or even a combination of them all!
@@NFTsSimplified Ok got it . You really are the definition of “treasure” Aprilynne , b/c your wonderful spirit & kind desire & ability to help strangers brightens the lives of everyone who crosses your path . Thanks again for your graciousness , & I wish you all the best things in life
completely agree, good stuff
I absolutely love how you incorporate your sponsors and use their product as a sample to teach ❤️
Monicka, thank you SOOOO much! I literally just screenshot this comment. I do my best to implement sponsors in an educational way rather than just "shill" an unrelated project, and it means so much that the effort is being noticed 💜
That was a smooth sponsorship if I’ve ever seen one
Hahaha I appreciate it! I try my best to not make them super obnoxious
Excellent video Aprilynne!! Congrats!!! I have a pair of questions and ask you for some suggestions. Are utilities offered as unlockable content when minting? or how are they offered? How do we can get control of utilities and owners when the actual NFT is being resold? Do we need a database? Thnx a lot Aprilynne!!!
Great video, very clear and comprehensive
I'm so glad! Thanks so much!
This is super informative 💎💎💎💎
Your studio is amazing!
Thank you Lydia! I'm a little nervous about how things will change when I start traveling, but that's part of the adventure!
Great job - you just earned a subscriber
Thanks for creating this video. I use your video in an answer I provided. I really appreciate it. Keep making great content!
Thank you so much! I really appreciate it
Great video! What video editor do you use?
Really appreciate it! I'm actually switching editors for my next video
Ouch. So a nobody like me can't make a selling NFT like those celebrities with an existing following? Ouch.
Marketing seems to be crucial wether you add utility or not to your nft.
Girl thank you for representing - in a world with so many older men sharing it can be intimidating for young women. I appreicate you and love your style. Would love to discuss collaborating!
Actually you are right well explained eye-opening 👍
I learned so much from your video. Thank you so much. I'm more educated on buidling an NFT collection for sure!
When i launch a collection on opensea, does all proceeds of the sold NFt go into my metamask wallet? Is all the sales profit mine except for 2.5% fee from opensea?
Brutal honest and straighfoward. Thank you for the insight. As you said NFT is more utility than art, which is what's been keeping me from trying to participate. I'm more of a simple person. I wake up and do art. I can't offer much more than art. Guess art itself is not what people are looking for anymore.
I think there will definitely be a place for art more in the future - right now, the "meta" of NFTs are more geared for utility, but I believe that as things start to level out and find balance, art make a comeback!
Keep in mind that your nft needs to be functional, but that functionality can be very simple. For instance, the rightful NFT holder can basically be a special coupon you can verify for special benefits or interactions with you.
Love this!
So true
I'm curious what you Aprilynne, and others, think about using NFTs as a way to raise funds for filmmaking projects, either as an alternative to Kickstarter type crowdfunding or supplementing it. People are definitely starting to do it, but I kind of feel like unless you have a name - like Julia Pacino, and a father like Al Pacino - you're behind the eight ball.
On opensea there is any seo or ranking form? Or first page?
So you are saying that those months I was spending preparing my collection being an artist who is broke, can't and don't know how to do that utility stuff cus I am a single person but with a good management of beautiful attractive art won't mean sh1t cus of those "Nft artist" that are just rich business men that sell things with long term utility this and that. That is pretty sad, I thought I would get out of suffering and pay my dad debts. I thought Opensea had art section, and people to collect things they like not only greedy people who want to get money, buy, invest to sell and that.
Great video. Noob question, how would say King's of Leon check you are the owner? What's the process?
Same question
OHHHHHHHH. 😀 Literally the most valuable and easy to understand content in the crypto space on this topic. Thank you!!!
great info, but how to get utilities for NFTs?
Thanks for finally for me to get an idea to launch my NFTs 😍😍😍
Best of luck!
Great video Aprilynne - I have a question. ✋🏼You mentioned having a utility in your NFT means also having access to paid services. I work as a branding & design consultant (and my design packages starts at $13K = 4 ETH. ) Say I was to embed this paid design service into my NFT Art .. what happens when someone decides to buy the NFT (gets the paid service), and then decides to sell it to someone else? Technically, wouldn't that put me out of pocket? Because now I have to do the same work for someone else and I'm not getting paid another 4 ETH to do the work. 🤔 Curious to know your thoughts.
The best way of solving this issue is to instead turn the utility into a sizable discount, and trade it at a lower price. After you mint out and it's only people trading amongst eachother, treat the discount as a business expense to acquire more clients, and collect royalties. You can also add more utility, like queue preference (if you have more clients), which could potentially make people pay even more than $13k overall, if there's demand for what you're offering.
With something like that, it's definitely harder. The upside is that you can collect royalties with each sale. I don't think I'd use that particular model with your own services, but NFTs are good for things like "lifetime access" to services/platforms that could then be sold when they're no longer needed
@@NFTsSimplified hi April I really liked this video. My question is if your utility is a special access to something, what if another person buys the nft does that mean that the seller shouldn't have access to it anymore and how do you track that if you will have a lot of nfts minted?
When people ask me "Are NFTs a scam" this has always kinda been my answer.
Most of the art ones don't really serve much purpose, and just move a bunch of money around.
But, there is 1% that doesn't suck, and actually does cool things, like you've listed here.
Great rundown! I'll send this to people when we talk about utility in the future.
So many of "NFT haters" have no idea that utility exists
Them: "Copy and paste lmao"
Me: "I'd like to see you try"
@@richrich2862 anything that you can use an NFT as an "access pass" for could be utility :)
Parties, yachts, classes, anything!
Just need a way to check ownership.
@@richrich2862 Think of it like checking tickets at a baseball game. NFTs can be used as a ticket to stuff, but you need a way to know who has tickets :)
NFTs are digital, so you'd need some kind of site or app or something to say "yeah this person has a ticket to the game"
@@richrich2862 yep exactly
@@richrich2862 Eh, your business determines what "too much" is.
If you can afford it, give away things to your holders or on twitter as free advertising, everyone does it 🤷♂
Utility, Utility, Utility! Brilliant video again April thank you 😄
+1
thanks so much for watching Nigel!
hi im a creator and I loved your video :DD
but I wanted to know if you could answer me a question regarding utilities
my idea for utilities was like giving signed prints, t-shirts or any other type of merchandise, so I wanted to know, how does the creators can contact their buyers to get the informations of where they are suppose to send the merchandise?
thanks for the attention and I hope you can help me with this question because I can't find the answer anywhere :[[
Very interesting. So the functional NFT is a one shot sale? No future sales, royalties?
You can still collect royalties on future sales! For instance, if the utility is access to a special community, an owner of NFT may at some point decide they don't need access anymore. They can then sell the NFT to someone else who wants it
Pretty dumb how no one puts the artwork first. Having dinner with some idiot is not good either
Great data.. perfect delivery. I have recently sold my first NFT but am having a hard time with the “initialize” process you mention in your other videos. I don’t see the eth or polygon funds in wallet. Please help
Hey! If you're on Ethereum, you need to have some ETH in your wallet to start the initialization process
@@NFTsSimplified Thank you!!! I started a project for animal shelters called 1001 Dalmatians
what's the benefit of selling some 'utility' like membership perks via NFT vs just selling it the usual way?
It always amaze me every time you start speaking
If i bind my nft with some physical product and ship them to nft buyer can?
What do you think of the game they put into the metaverse like thetan, defi warrior?
Thanks for the video. I'm investing in NFT Warriors of DeFi Warrior right now and looking to invest in NFT art
thanks for crushing our NFT dreams
Upstairs NFT Marketplace has you covered when it comes to buying NFTs. With a large range of NFTs, minimal transaction fees, and an easy-to-use interface, it's simple to locate and buy the NFTs you're searching for.
Hey Aprilynne, I want to enter to NFT market to introducing some art with unique backstories. Do you think this kind of nfts would sell? I don't mean to get famous but sell with story telling.
You’re right ! Absolutely right !
Great video!
But I’m confused so as an artist if I provide redeemable art as part of nft utility - what happens when nft is sold on? I obviously do not have my original piece of art to give to the new owner. Can you pls explain? Thanks
So are u saying that u put a reedemeable piece of art in the item u are selling to add the utility concept?
If is that, of course the first one who bought the nft is the one who get the exclusive thing
In that case, whoever sold the NFT would be responsible for making the transfer. You could put those terms in the smart contract
Alternatively, the art itself could be displayed in a singular place (example: a physical art gallery), and would remain in that same location regardless of who owns it
@@NFTsSimplified you see, this is an example where this concept falls down in the NFT space. In this case there will often still need to be some kind of 3rd party to safeguard the stipulations in the contract. I think we have a long way to go before NFTs outside of digital art can be valuable.
@@ifwecouldvote i dont understand it at all. How is it more valuable? As for the banners this youtube released, someone could just screen shot then and still use them. So other copies could exist, but according to the block chain the original belongs to a certain person…. Ok…. But like who cares?
@@StellaM22 Exactly, in the banners example, it's just a digital receipt. Those already exist. You could send one in an email, with a QR code or something. You don't need to create an NFT. NFTs are a nascent technology, and everyone is just trying to use them because they think it's cool, and we're just figuring out what we could use them for. Most people advising us are clueless themselves, and just pretending that they're clued-in. The only valuable use-case I've actually seen, is NFTs in games. In that case, the NFT is a digital asset like a weapon, to be used in the game, and only that game, and attached to your character. That's why I invested in SandBox and other metaverse coins.
What happens if I offer say 1-1 coaching with my nft and nft gets sold on? Am I now providing coaching to the new owner and am only payed royalty fee for that? How does that work? Can you please explain? Thanks
Yep - for those cases, I'd recommend not using a single NFT like that
You could put it in the smart contract that the NFT is only useful for the original purchaser. And then you could sell more NFTs to other people who wanted coaching. Their NFTs would be a sort of "certificate" that they had received coaching
Alternatively, you could price the single NFT high enough so that your royalties would be enough to pay for the coaching session
@@NFTsSimplified hi April, I have a question. if wanted to use a video clip to create an nft, can I just use a part of the video , add some effects and then still claim full ownership of my full video to use in other projects?
This convinces me my NFT won't sell
iMAM my question is what is the duration on open sea?
and as a beginner artist what is the best duration that I can set for my nft?
plzz answer.. Thankyou
Hi, love the channel you have been a great help. Could you make a video on how to give away your own NFT's in giveaways etc?
So selling NFTs for the pure art aspect of it is pointless? I feel like that only applies to people that want to sell NFTs but didn't know what to do vs the artist that have art and want different ways to make sales, hence NFTs.
So you basically saying if you're 'just' artist that cannot coding, or affording utilities and such, don't even try live in NFT markets ?
So how do you create utility if you are one man, making art?
Maybe I left somethings out, but from what I got: Utility is the key. Okay, then what are those NFT's which are selling without any further function?
Thanks so much for that intro into utility NFTs! I really appreciate the time and "brainworks" you put into your piece. It shows! I am working on a very VERY small project as a hobby and would love to experiment a little more with the concepts you mentioned. And here comes my question: would you be able to create a video explaining how to create such a utility NFT? Let's say a utility NFT to grant access to a video conference I would set up for NFT holders. How would I go about to make sure only them would get into the session? There has to be a simple WEB3 - Wallet content check as a gateway or something similar? Just a wild guess. Would be awesome if I would hear your thoughts in this, April. If anyone else has some great pointers into the web where I can learn more and educate myself that would also be highly appreciated. Thanks crowd! 🙂
Simple ,u create a discord for ur nft holders
Really appreciate the video idea! Thanks, Arno :)
Can you please give idea about how to create nft image using the app or else how to create the best nft image.....iam the beginner for nft so please give any idea
very good video!
Thanks so much, I really appreciate it!
God damn - YOU ARE RIGHT!
how to you use your nft 'membership'?
Makes sense... Right now there's a lot of hype, and many people will get their fingers burned.
How do I go about adding utility to my NFTs? As a beginner what do I need to do? Who do I contact to do this?
Same question
Nicely explained. Utility NFTs are the future imo. Btw the emojies popping in between are super cool 🔥
Absolutely agree! Thanks so much for watching :)
So NFTs are just VIP memberships now. Well that sucks.
If some of my NFT’s are set as a timed auction (bid) but I don’t get to sell ‘em I am still gonna be charged gas fees or not ?
Gas fees for auctions are charged when you accept an offer!
This feels like to be successful at NFTs, you now have to have a of money to afford the perks and bonuses.
I don't think people understand what these even are. I'm going to take it at layman's face value. An NFT is one of a kind. It is the only one in the world.
is digital downloads of 3d models, considered utility ?
Hey, I have been going through your videos recently. Observed the way you share your experience and knowledge about the NFT space. I has been helpful and valuable. Recently I have created my NFT project and I am looking to market it. Need a few tips and suggestions on how to start. Also I would like you to have a look at my NFT work. Please revert.
So I own a very rare item. Can I list the photo as an NFT and have the rare item delivered to the winning bidder of the NFT?
I was given an NFT, and would like to try and sell it. But OpenSea tells me I don't have enough for the "Gas Fee" in my wallet. I only have like $10 in there, I'm confused can you explain this to me?
Hey, I'd recommend checking out this video where I cover the gas fees on OpenSea - ua-cam.com/video/tNvBFTRM_m0/v-deo.html
Basically, if it's on Ethereum, you need to pay a bunch of fees just to sell your NFT
I can watch you talk all day all night
How can you tell if someone owns your nft legitl?
So in short: a simple art NFTs is a thing of the past already? Now NFTs are no longer art but more like a funny looking key to play tennis with the Vee guy, or some playable characters? (Sorry for asking, I'm just learning since 1 day). I'm from the analogue arts department and saw some guys selling 3 single jpegs of his analogue artwork for 0.2eth a piece . And he is by no means a 'famous' artist. I was debating of trying it out but am now irritated. Thank you if you could clear this up: is there still a market for such a thing as analogue art turned into NTFs.
Btw: subbed! 👍
I'm not saying there's no market for art, but there's a shift coming! It's usually worth just trying out to see if you like it - I'd just recommend doing it on Polygon instead of Ethereum to avoid fees, so it's lower risk if you don't make any sales
@@NFTsSimplified thank you! So I need to register a wallet and an opensea account that's linked to the wallet but I don't need funds in my wallet to start with polygon, right?
Hi, I bought some NFTs and I haven’t been able to sell for a long while, pls help
So there's no future for me in the NFT space if I'm a solo artist and art is the only thing I can offer?
How to add utility?