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The Future of NFTs with Jesse Krieger

George Grombacher January 3, 2022

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The Future of NFTs with Jesse Krieger

LifeBlood: We talked about the future of NFTs, practical use cases for this exciting new tech for creators and authors, and what it will mean for consumers with Jesse Krieger, CoFounder and Chief Content Officer of PowerFan.IO.  

Listen to learn why it’s still early in this tech’s evolution and why now is a great time to get involved!

For the Difference Making Tip, scan ahead to 18:02!

You can learn more about Jesse at PowerFan.IO, Facebook, Twitter, Instagram and LinkedIn.

Thanks, as always for listening!  If you got some value and enjoyed the show, please leave us a review wherever you listen and subscribe as well. 

You can learn more about us at MoneyAlignmentAcademy.com, Twitter, LinkedIn, Instagram, Pinterest, YouTube and Facebook or you’d like to be a guest on the show, contact George at Contact@GeorgeGrombacher.com.

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Our Guests

George Grombacher

Jesse Krieger

Jesse Krieger

Episode Transcript

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we like blood defy this is George G and the time is right welcome today’s guest strong and powerful Jesse Krieger, Jesse, how you ready to do this?

Jesse Krieger 0:20
Yes, thanks for having me, George.

george grombacher 0:22
Excellent to have you on Jesse is the co founder and Chief Content Officer of power fan.io. They’re an organization on a mission to empower authors, creators and fans to connect and conduct commerce in a valuable and valuable new ways. Jesse, tell us a little about your personal life’s more about your work and why you do what you do.

Jesse Krieger 0:43
Sure thing? Well, for the last seven or eight years, I’ve run a book publishing company, lifestyle entrepreneurs press. And before that was myself a published author, and went through the process of having my book be published through two different publishers. So over the last 10 years, I’ve had a lot of exposure, both as an author and a publisher, working with a variety of creative and fascinating people. And, you know, that’s sort of the trajectory coming into power fan, where, as you mentioned, it’s our mission to help not only authors, but creators of all stripes and artists, even to leverage NF T’s non fungible tokens, and blockchain technology to reach their existing audience in new ways with offers that haven’t really been available before via NF Ts, and to build their community and give their fans a sense of equity and ownership and in them as a creator. So looking forward to diving into that, for me, it’s just really exciting and enjoyable to be right in the intersection of creativity and, and commerce, and to play there in a number of ways.

george grombacher 2:01
I love it. So, the world of book publishing is fascinating to me. And it seems like that probably, over the past seven years that you’ve been really working in, it has has changed. And self publishing has really evolved and made it available to so many people. But how did you figure out or get excited about NF T’s?

Jesse Krieger 2:25
Sure. So well, I’ll give you an illustration. Over the last couple years, we’ve done a number of crowdfunding campaigns for authors. And when we’re doing those, we’re taking whatever their businesses, let’s say they have a coaching program and a training course. Then we could say, Hey, if you preorder 10 copies of my book, you’ll get access to my training course, if you preorder 25 copies of my book, you’ll get access to my group coaching program for, let’s say, two or three months. So then when we’re promoting the book, it’s not just hey, buy my book, it’s, Hey, get access to this training, get access to this exclusive coaching offer, by supporting my book launch. So we’re taking that philosophy and that approach helps sell more books overall, which has all sorts of benefits, and taking that into NF T’s, to be able to sell an entire package in one transaction. So instead of buying 25 bucks, you could buy an NFT, that in turn unlocks access to this training program unlocks access to a membership community or a coaching group, or really any other variation. But what is different and unique with NFT is is now that’s an asset that whoever purchased it holds and themselves can resell. And so as a creator, it allows to get royalties from secondary market sales of your work. So if you sold an NFT, that gives access to a training course, that person could consume the course and then sell it perhaps for less than they bought it. And then a royalty flows back to you as the creator and the new person. Got it a few months after it was released for a slightly lower price. But a transaction like that was never there was never visibility into that before and FTS and blockchain technology.

george grombacher 4:22
Yeah, fascinating. So you see this and the light bulb goes off, you see all sorts of different opportunities. So and then the example you just laid out, I think makes a lot of sense and certainly resonates with people and the use cases are probably really endless. How did you how did you figure out the technical side of it?

Jesse Krieger 4:48
Sure. So yeah, as you mentioned, I’m the Chief Content Officer. So I’m really in charge of like talent relations, working with creators, engaging partners and in some ways being like a voice for power fan doing interviews in such like this. And my partner, Albert, our CEO, is our technical lead. So he’s an award winning blockchain developer has years of experience at Amazon and other established tech companies that he brings to power fan. And so it’s really a great partnership between him and myself and our third co founder, Matt,

george grombacher 5:28
got it perfect. I can’t even imagine that

Jesse Krieger 5:32
being said, that being said, I can’t I can’t write the code itself. But I have made it my business to really understand this technology, the use cases, the opportunities for investment and so forth. And there’s just so much fascinating stuff going on in this space.

george grombacher 5:50
What are some of the things that you’re most excited about that you’re working hardest to get the word out?

Jesse Krieger 5:56
Well, I’ll kind of frame that, like, in last year, so 2020, I believe there was somewhere around $250 million in NFT sales. And this year, we’re already well into the billions of dollars of ft sales transactions. So you know, if I think back to like Amazon getting started, Jeff Bezos said, I wanted to build a business. After I saw that internet adoption was growing 2,000% year over year, meaning 20 times more people are getting internet each year than previously. That’s a similar thing right now with in the crypto and blockchain space and NF T’s. There’s this whole surge of awareness, there’s new money coming in established businesses are taking a shot at having NF T’s and blockchain be part of their business. And it’s cool, because almost anyone can play this is all open source technology. There’s lots of plug and play infrastructure code that you can use to build a new application pretty easily. And and the people that are doing that some of them become incredibly wealthy.

george grombacher 7:10
Nice. Well, that’s certainly an exciting thing. So alright, so if you were to sum it up, it’s it’s an opportunity to increase revenue, increase loyalty, increase engagement, give ownership to an audience, it’s, it’s all these things. Yeah, like,

Jesse Krieger 7:29
let me speak to it for an author case, perhaps. So, you know, in my hobby of mine is collecting rare first edition books. So next to me in my office, I have a Ernest Hemingway, a Moveable Feast, first edition. So I don’t know exactly how many were printed. But that first edition printing was a finite number. And that’s all that exist. And so now, decades later, and after he’s passed on, those first edition books have an increasing value, because of their scarcity. And because of the accomplishments of Hemingway in his, you know, latter parts of his life. So if you take that approach to an NFT, launch, an author can do a limited edition NFT edition of their book, and have bonuses, unlockable content, even a video that goes behind the scenes of the writing or production process of the book, you name it. But now those limited edition NF T’s say there was 100 of them, once those 100 have been sold. Now, if anybody wants one, they’d have to buy it from one of the 100 that hold it. And so now you can create this, you could have any number of transactions from those 100 limited edition book and fts. And you could change hands any number of times. And you can see full visibility into that whole, like, mini economy so to speak. So I think that that’s fascinating, whereas like it’s a it’s like a records keeping activity to track down first edition books and like know where they all are in the world. There’s no, there’s not necessarily a record of that. Right, you know, let alone participation in secondary market transactions like after that first sale.

george grombacher 9:26
totally fascinating, to be able to track where all of them are. So theoretically speaking, maybe none of them will ever get lost. I’m sure that there’s a lot of original manuscripts or books that are just languishing in drawers or things like that, that are probably worth just priceless, priceless. So

Jesse Krieger 9:47
just even even that just gives me an idea George’s like, you know, I’d love to do an NFT that includes high quality images of original manuscripts sections or handwritten notes from the author Think of how much cool stuff you could like pull together from archives and other things, and present that within a new edition of even a public works book. So here’s an idea for anyone listening, you’ve got a lot of books from 100 years ago that are now public domain, you could spice that up with, you know, some illustrations, background history, etc, and have a NFT version to commemorate it. It’s something that we’re looking at doing too

george grombacher 10:31
nice. So the secondary market, so let’s just use let’s use me as an example that that I write a book and I sell 100 copies of the first edition, can I then say, as part of the NFT, every time the book gets sold, I make 5% on the sale, and the first owner will make 95%. And then the next owner, it’s theirs, can I structure that however I want?

Jesse Krieger 10:58
Yeah, on the power fan platform, you can go up to 50%, five, zero, you can build in that high of a royalty, I think the sweet spot is around 10, maybe up to 20%. Because you got to figure whoever’s purchasing it, you know, or whoever selling it to is, is missing out on part of that revenue when the royalties built in. So if you have a 50% royalty, then you might have fewer transactions. But if you have a five or 10, then you know, that could be totally acceptable. And a lot of people circulate them. So these are just things to think about. But the bigger context is like the collection itself, you can track overall value of the collection, how many transactions of all the pieces within the collection have had. And and there’s just some really cool ways to see the overall value of an NFT issuance, like not just one, but that that whole collection.

george grombacher 12:03
And how do I how do I track my NFT ownership? Is it just like an email that sits somewhere? Is it like in in a wallet?

Jesse Krieger 12:14
Yeah, so the NFT exists in a private crypto Wallet. So that could be made a mask popular one could be Coinbase wallet Coinbase has a separate app that’s a private wallet. The main thing is that it’s not an exchange, like if you go to coinbase.com, that’s an exchange. You could buy crypto there, but then you’d move it into your private wallet. And that’s how you interact with sites like power fan or open sea to buy and sell NF T’s. Now when you purchase an NFT, let’s say using Aetherium, the cryptocurrency Aetherium, then it exists in your wallet. And there’s a tab called usually collectibles or collections. And that’s where your NF T’s are displayed. So it’s a whole separate view from your coins. So you’ve got Aetherium or some bitcoin, that would be your token view. But in that wallet, there’s also a an asset view that will show you the NF T’s. And that’s where they exist on the blockchain and in your sole private possession.

george grombacher 13:26
Nice. And tell me a little bit about or maybe give me an example for how you see rewarding fans for for increased engagement.

Jesse Krieger 13:38
Oh, there’s so this is the exciting part to me, George, it’s like you could say so let’s just carry for this example, if you do 100, limited edition, NF T’s for a book. And now let’s say after the launch, you’ve sold all 100 of them. As the author, you could say, okay, for everybody who’s holding one of my NF T’s by this date, a month from now, I’m going to airdrop you know, a brand new chapter from my forthcoming book, or I’m going to airdrop an actual token or something of value. So what you can do is you can see who all the wallet addresses who are holding your 100 NF T’s and give them something additional. Whether that’s tokens, whether that’s an additional NFT or whether they just validate that they’re holding the NFT to get access to a group or an event or something. So what this does is it allows like, you’ve got one set of marketing strategies for the initial launch, but then you can stimulate secondary market sales by saying okay, everybody who’s holding one of these NF T’s by this date is going to get this this bonus. And the more attractive that is the more people are going to jockey to have one of those and ft and buy it from someone else who does have one. That’s just an illustration. But hopefully that helps you see like, what’s the potential not just as an individual buyer and seller of NF T’s but to create and manage a collection? And have that be like a community of sorts, that have like a paid tokenized ownership? or access to that community?

george grombacher 15:26
Yeah, it seems like, it seems like it’d just be really, I don’t know if the term is unprecedented access, but just the ability for creators to probably do things that I’ve never even considered what was just bouncing around in my head is, you know, as an author, why wouldn’t people want to have access to a private, you know, digital zoom call, you know, in 30 days after launch 25 people or whatever, will have access to a conversation? Book Club?

Jesse Krieger 15:55
Yeah, yes, yeah, I’m gonna have a 250 people and take them through the book, chapter by chapter, you know, we’ll meet each week on Zoom for 10 weeks, and have an interactive discussion about the book. So like, that’s an example of personalization. Which, when I think of some of the best books I’ve read, or books that have made an impact, the natural next thought is, wow, I’d love to like learn from that person, or I’d love to meet that author, I’d love to work with him or her. And now you can bundle that in to your initial offer, here’s an NF t, it gives you content access, plus the ability to connect and communicate with the Creator themselves.

george grombacher 16:41
So why wouldn’t I do this? Is it really expensive? Is it really hard to find the author listening to this?

Jesse Krieger 16:48
Well, it’s, if you’re if you’re somebody who likes new technology, and doesn’t, you know, like recoil at the idea of learning something a little bit new, there’s a small learning curve, but once you get it, it’s not terribly complex, from my view. And that’s, and that’s as someone who’s more on the content and creative side than the technical side, it’s manageable. And that’s what we do at power fan is we have a platform that anybody can use right now for free to create and offer their own NF T’s. But what we also do as a company has worked with a handful of people in what we call our white glove service, where we set up a whole launch, we get involved in the marketing and strategy. And we do a 7030 split in the creator’s favor. So, you know, as a business, we’re both providing a platform for people to use it however they like, and teaming up with creators to do launches, and try and make them really special.

george grombacher 17:54
Nice, I love it. Well, Jesse, the people are ready for that difference making tip. What do you have for them?

Jesse Krieger 18:02
Well, I would say that, that we’re still early enough in the game that making a play with NF T’s, positions you as a first mover, like the more that you learn and get your hands on this technology now. Probably, I promise you this will age well, a year from now, you’ll be glad you did. Just like almost just about a year ago, when I first got into NF Ts. It’s astonishing how much has happened and developed in just 12 months. So let’s say the tip is, you know, take this to heart and explore it a little further. See where it leads you?

george grombacher 18:41
Well, I think that that is great stuff that definitely gets come up. Come on. Jesse, thank you so much for coming on. Where can people learn more about you? How can engage with power fan that I Oh,

Jesse Krieger 18:53
awesome. Thanks for having me, George. Thanks, everyone, for listening. I’ve got a gift for everyone that’s made it this far, we are going to hook you up with 100 P fan tokens. That’s the power fan token that lets you buy NF T’s at a discount on our platform and other cool features coming soon. So there’ll be a link wherever you’re listening or watching this and happy to hook you up. One lucky winner will get 2500 P fan tokens and we can work with you to launch your NF T’s. So you can click that link and then we can be found at power fan.io Look forward to connect things in love it.

george grombacher 19:33
Well if you enjoyed this as much as I did. So just your appreciation and share today’s show with a friend who also appreciates good ideas, go to power fan.io And check out everything they’re working on. And click on the link in the notes to pick up 100 Free P fan tokens and get entered into the opportunity to win 2500 That’s good, Jesse. Thank you. And until next time Time keep fighting the good fight we’re all in this together

Transcribed by https://otter.ai

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