Web3 has presented myriad new opportunities for artists and creators to provide value to fans and monetize their work in new ways. NFTs are a huge part of this new world, whether in the form of songs, art, or other exclusive content.
New Web3 company Ink is now enabling artists and creators to turn their digital signatures into affordable NFTs on their marketplace Ink.ID, essentially creating autographs for the digital world. The company is also working with tours and festivals to make its NFTs available at physical merch tables.
XLIVE caught up with Ink founder Max Brody to discuss his plans for the company and the future of NFTs.
XLIVE: In addition to being beginner friendly, will Ink.ID also help new users learn more about web3 and become more comfortable in the space, such as showing them how to use wallets, etc.?
Max Brody: Ink is actually one of the easiest on-ramps into the web3 ecosystem, as we don’t require an understanding of wallets, gas fees, transaction IDs, or anything like that to begin. Any Ink can be initially purchased with just a debit or credit card, and all the minting is done automatically for the user, without them needing to do anything other than providing the address they want to own the Ink. In general, we see our product as being helpful to users learning about web3 and our ever-increasing FAQ section and support team is in place to assist any users who are still learning how it all works.
XL: Allowing fans to buy NFTs at physical merch tables at concerts and festivals is a really cool idea — can you elaborate a little on how that will work? Will there be screens displaying the NFTs available for sale, which fans will be able to purchase via either credit card or crypto?
MB: Essentially, fans will be presented with screens at merch tables where they will be able to choose what they want inked (such as a photo, album cover, tour poster, etc.), what type of Ink they want (a signature, a doodle, a handwritten note, a lyric, etc.) and any other customization options (like what color and who they want it made out to). From there they will input their card information and then will be notified when the artist has delivered their Ink.
XL: NFTs first made headlines because of the steep prices that many of them were selling for — what was the importance of making Inks more affordable as you were working to develop the idea?
MB: Making NFTs affordable for the average consumer was a huge driving force behind Ink. Most people cannot afford to spend thousands of dollars on an NFT, and we think that standard tends to alienate many people who would otherwise engage more deeply in the web3 world. Inks are priced to be purchased by actual fans of creators, not crypto investors looking to flip them for a profit. That said, after Inks are initially purchased by actual fans, they can be resold on OpenSea and other secondary markets, which allows fans the opportunity to potentially profit from their early fandom.
XL: How do you strike a balance between providing value to the fan and also to the artist? When a fan owns something physical like a baseball card, for example, the player doesn't receive a portion of any resale. Is this something fans will need to get accustomed to in the digital world of NFTs?
MB: We very much care about that balance because you’re right — in the physical world, the player or artist would never receive any portion of any resale of anything they signed. That’s because the physical world doesn’t have a consistent, verifiable method of tracking all that resale activity accurately. But since Ink utilizes the blockchain, not only does the artist or player receive 90% of the initial sale price, but they also receive a portion of every resale of their Ink for eternity. And they do not have to do any work to track these resales — all of it is done for them and they get paid out automatically at the end of each month.
XL: What is your take on how NFTs will evolve in the future and the impact they will have on artist/fan relationships and artists' (or actors, authors, etc.) ability to diversify their revenue streams?
MB: I think NFTs will evolve to become one of the centerpieces, if not the centerpiece, of the new digital content landscape. They represent the emergence of true digital property, and just like the emergence of the conception of physical property, the implications of being able to truly own things is extremely far-reaching and difficult to conceive of before it has completely restructured the world and society. There will come a time in the near future when every creator sees the distribution and sale of the digital property they create as a fundamental, if not the fundamental, source of their creative income.