The NFT Handbook: How to Create, Sell and Buy Non-Fungible Tokens by Matt Fortnow & QuHarrison Terry

Author:Matt Fortnow & QuHarrison Terry [Fortnow, Matt & Terry, QuHarrison]
Language: eng
Format: epub, pdf
ISBN: 9781119838395
Publisher: Wiley
Published: 2021-10-12T00:00:00+00:00

Preview Content

If you’re using an image or GIF as your main content, there will be no separate preview content. However, if you would like to use an audio or video file as your main content, you will need to create an image (or GIF) as your preview content. Just follow the steps listed earlier. Ideally, the preview image would relate somehow to the audio or video file. Generally, a frame from a video would be used as the preview image.

Perks

As discussed earlier, perks are not technically an aspect of the NFT but are designed to incentivize someone to buy the NFT and increase the NFT’s value.

Gary Vaynerchuk, for example, has built his entire collection of VeeFriends around perks. With a total of 10,255 NFTs, he’s broken down the rarity of his NFTs based on the perks of owning one. For example, 9,400 of the “admission token” VeeFriends give owners admission to his VeeCon conference for the next three years, and 555 of the “gift token” VeeFriends grant owners a minimum of six physical gifts sent to them each year for the next three years. And at the rarest level, 300 “access token” VeeFriends come with varying levels of personal access to Gary V, including a bowling session, group brainstorming sessions, and one‐on‐one advising.

Perks can be anything. Just make sure it’s something that you have the right to deliver (it doesn’t belong to someone else) and that it’s already in your possession. You don’t want to be in a situation where you promise to deliver something that you don’t have.

An important note about perks: You usually don’t want to provide the perk to every future owner of the NFT, and you can’t if it’s a unique item. That’s why perks are often limited to the first buyer, such as the highest bidder of the initial auction. Or, you could say that the perk will go to whoever owns the NFT on a specific date. For example, the perks of VeeFriends are mostly redeemable every year for three years, and they define the year clearly as starting May 6th, when the project was released. VeeFriends owners must take an additional step of verifying their ownership of the NFT, at which point the number of perks redeemed is tracked clearly, so that the perk can’t be used more than as specified.

Of course, you can provide the perk to every future owner of the NFT if you like. We just don’t recommend it because it could get out of hand quickly if the NFT is transacted frequently.

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