⚡ 💡Turn Your Ideas Into Currency - IdeaEconomy 💡⚡

"Deep dives into the business models and approaches of the people who have made a living from their ideas online."

This edition covers Sahil Bloom, Justin Mikolay, Li Jin, Packy McCormick, and Janel Loi.

Part one covered Anne-Laure Le Cunff, David Perell, Codie Sanchez, Steph Smith, George Mack, and Josh Spector.

Dru Riley shares the lessons he's learned building the Trends.vc community to more than 1000 paid subscribers and 40k+ newsletter subscribers.

YouTube phenomenon Ali Abdaal shares his advice for new YouTuber's.

There is some solid advice here for all creators.

"Thinking of starting an online community? Use this six-step process to build a digital group your members will love."

"Creator coins are a custom-branded form of digital currency. Effectively, this means you can create your own cryptocurrency and develop a virtual economy around your digital business."

"Here are three main ways creator coins are used by those who make them:

• Spend: Your audience members buy and transfer coins to you directly in the form of a tip or donation. Or your community uses your coins to purchase a product, service, or event ticket.
• Hold: Like other forms of cryptocurrency, people can hold your coins as a digital asset that has the intrinsic benefit of gaining them access to products, services, events, coaching, and consulting according to criteria you establish.
• Earn: Your audience members and fans can earn your coins in exchange for referrals and repeat purchases. You can also do coin giveaways to those who hold a certain amount of coin, or for any other reason you think is appropriate."

Big Idea: We are starting to see many independent creators minting their own coins for their communities. BitClout is one of the bigger success stories. It's still early, but there are clearly big opportunities here. 

"The meme economy has quickly become a reality, with the creators of the internet’s most iconic memes auctioning NFTs for hundreds of thousands, if not millions of dollars: Doge — $4 million, Disaster Girl — $570,000, Nyan Cat — $515,000."

"In the not-too-distant future, every meme will begin as an NFT, and it will be possible to invest in memes before they go viral. The more legendary memes will sell for the kinds of large sums we’re seeing right now in NFTs, but investing in nascent memes will be accessible to investors without deep pockets."

Big Idea: Internet Memes are a great way to build an audience, sell NFTs, and drive stock market prices. There are opportunities here for savvy creators.

Check out some of these Twitter accounts for ideas:

@WallStMemes
@somecards
@OhWonka
@TrungTPhan
@MemesCentraI
 

"Web3 represents a handful of ideas which together bring about entirely new mental models, organizational structures, and community incentives forcing us to rethink many things that we have become accustomed to."

"@jackbutcher Cycle of Creator economy👇
Web1:
Companies create content.
Companies earn money.
Web2:
People create content.
Companies earn money.
Web3:
People create content.
People earn money."

Big Idea: We are at the beginning of another major technological shift. There is already some big money being earned by those experimenting with these new ideas.  

"Non Fungible tokens are an important new concept in digital media. They provide liquidity, scarcity and verification of digital files."

"OpenSea, the leading NFT marketplace, did over $1b in transactions this month. Last week, it had multiple days with over $100m in transactions per day. The Bored Ape Yacht Club launched a new NFT set on Saturday night, and made $90m in one evening. I actually sold my Ape on Saturday afternoon for 61 ETH, which is kinda insane considering I bought it two months ago for 3.79 ETH.

Last week, VISA’s $150k purchase of a CryptoPunk caught everyone’s attention, but Budweiser’s foray into rare jpegs was much funnier."

If you are interested in reading more on NFT's here are some more links worth following:

Twelve-year-old boy makes £290,000 from whale NFTs

The NFT Renaissance

How to approach the generative art boom

Big Brands Experiment with NFTs, and a look to the Future

Nifty Corporates

Here is a selection of the best links I've found this week to level up your creator skills.

What makes the best thread writers successful? - kjellkdv via @growthcurrency

The Conversion Marketing Funnel: How to Unlock More Leads, Sales & Revenue with A Personalized Sales Funnel - convertflow via @producthabits

Breakdown on the ultimate newsletter landing page - kolbyhatch

How I Got Over 942,000 YouTube Subscribers (And You Can Too) - neilpatel

8 proven ways to grow your email list from zero -emailoctopus
via @optinweekly

Guide to Getting Your First 1,000 Email Subscribers - foster via @letterlist

The one where I grow my newsletter by 1,200 subscribers in one summer - ellegriffin via @joshspector