NFTs are all the rage these days but do they deserve the hype? The technology and business around cryptocurrency and the blockchain have been growing steadily in the past few years. How can creators, authors, and artists benefit from NFTs? The NFT space can empower creators' freedom of expression while enabling them to profit through royalties seamlessly.
In this episode, we talk to Jesse Krieger, the Founder of Lifestyle Entrepreneurs Press and Chief Content Officer at PowerFan.io. He breaks the myth and skepticism around NFTs and explains their vast potential for creators. He shares his experiences across different industries and weighs in on going all-in with creative ventures and building a fanbase.
Listen to the episode if you want to know how NFTs can empower and enable creators’ creativity and freedom of expression.
3 Reasons to Listen:
- Discover what NFTs are and their potential to empower creators.
- Learn from Jesse’s experiences and entrepreneurial ventures.
- Get to know the benefits of becoming an author and when is the best time to focus on it full-time.
Resources
About Jesse
Jesse Krieger is the Founder of the Lifestyle Entrepreneurs Press, an 8-year-old book publishing company. He is also the Co-founder and Chief Content Officer at PowerFan.io. Its mission is to empower authors, creators, and fans to conduct commerce in valuable new ways using NFTs in the blockchain space.
If you'd like to reach out to Jesse, you can contact him on his website or email him at jesse@jessekrieger.com. You can also reach him on Facebook, Twitter, Instagram, YouTube, and LinkedIn.
Episode Highlights
[02:05] What’s Up With NFTs
- In just a few years, NFTs have captured tens of billions of dollars annually. It surpassed the market value of the entire book publishing industry.
- NFTs have a built-in royalty mechanism for the creator, enabling them to capture royalties on secondary sales.
- NFTs allow the delivery of almost any type of content.
[05:32] Explaining NFTs to Skeptics
- People were also skeptical of the internet at first. But the internet revolutionized every industry, and every aspect of society now has a digital presence.
- Web 3.0 or NFTs has a lot of implications, and it's just starting to play out.
- Usually, only one out of ten projects do well. The exact ratio applies to any creative space, such as movies, books, and music.
- With something new like NFTs, it's unrealistic to think that everything about it will do great.
- In 1996, Jeff Bezos wanted to start his business in an industry that was in the midst of explosive growth. At the time, the internet was gaining a household adoption of 2300% yearly.
[09:16] “Even now in a [cryptocurrency] bear market as we're recording this, this is the time when people build and develop new projects, and then when the market turns, then you've got a new set of success stories. So, I like to say build on the bear and ride it in the bull.” - Click Here to Tweet This
[11:44] How Jesse Got Into Book Publishing
- Jesse wrote his book Lifestyle Entrepreneur and published it in Asia in 2012. Due to the book’s success, a US-based publisher released an updated version in the US and the rest of the world.
- Jesse had author friends who asked him for help to publish their books. He took the opportunity and later founded the Lifestyle Entrepreneurs Press.
- Since 2014, Lifestyle Entrepreneurs Press has been working with authors in the health, self-help, and spirituality genres. They work with a full-service publishing offering.
- Jesse got onto over 50 podcasts using his book. It is a great talking point and anchor that gave way to further talk about his business and brand.
- Jesse enjoys working with non-fiction authors with more than five years of experience in their practice. He gets the chance to understand their life and success and helps them bring out their stories through their book.
[22:07] Jesse’s Life Before Becoming An Author
[27:12] “I used to think just writing and playing music was creative, but now I do believe that starting any kind of an entrepreneurial venture is a creative act.” - Click Here to Tweet This
- Jesse fell in love with music and played while traveling as a teenager. He later got into music production and built his music label. His band released an album under a famous recording company.
- After producing music, Jesse pivoted to becoming a consultant for the music industry and business development for tech companies. From consulting, he had a stint as an investment banker.
- Later, Jesse co-founded a renewable energy credits business. Then, he founded a promotional drop ship company. He sold it 18 months after it grew to over half a million in revenue.
- At the time, he realized he wanted to write down his experiences while they were still fresh in his mind. That became the catalyst for him to start writing.
- He got his book Lifestyle Entrepreneur published, which was about his philosophy and approach to getting clear on your passion. It was also about finding a way to give it a business model.
[34:01] “And maybe you do have something to lose, but you always have experience to gain, knowledge and wisdom from having done it and I’ve pulled lessons forward from everything I've been involved in to what I'm doing now in some shape or form.” - Click Here to Tweet This
[35:17] Going All-in With Creative Ventures
- Money is a lagging indicator and shouldn’t be the goal in and of itself. Love of money can become the root of suffering if you chase money for money’s sake.
- Jesse has always prioritized experiences, travel, and relationships, even if there's very little money on the table.
- When you write a book, there’s a shift in your identity, and you become a semi-public figure. A behind-the-scenes operator is one type of entrepreneur, and a semi-public face is another.
- Strike a balance and don’t just quit your current job and go all-in as an author. Do the work until you get opportunities that can replace or exceed your income.
[42:45] How Artists Can Utilize NFTs
- NFTs are another form of publishing. It’s publishing an asset to the blockchain instead of the bookstore, and it lives in its own digital realm.
- Royalties built into NFTs are groundbreaking because the money split occurs when a transaction occurs. There is no need to wait for an accounting period.
- There are different kinds of NFTs. It makes it possible to buy an album or any creative work while collaborating with the creator.
- Take all your value forms and turn them into business offerings. You can package them into a specific price point and transact using the blockchain.
[48:26] Benefits of NFTs
- NFT collections have an increasing floor price, the lowest you can sell any NFT.
- If you get the floor price above the initial sale price, that's where people start making tons of money.
- Create fewer products than the demand. You can earn from the secondary royalties as more people buy your products from those who had them during launch.
- NFTs have become a secure way to transmit content ideas without needing the approval of a media company or retailer. These institutions usually have their own agenda or rules on their platform.
[49:03] “There's no middleman. There's no intermediary. There is no third party, or there doesn't have to be with NFTs in the blockchain.” - Click Here to Tweet This
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