Utility NFTs on CHAIR Revolutionize the KOL Fan Economy
NFT breaks through to the mainstream in 2021
As an anchor of value for goods and commodities in the real world, NFT distinguishes itself from cryptocurrency that only exists in the world of blockchain. It tokenizes physical goods and services to generate values in a brand-new and unique way. With this special mechanism, NFT quickly shoots to fame.
2021.2.17, Christie’s, world’s top auction house, held the first auction of a digital artwork NFT based on the blockchain;
2021.3.2, Grimes, the wife of Tesla founder Elon Musk, sold $5.8 million worth of digital content through Nifty Gateway;
2021.3.21, Jack Dorsey, CEO of twitter, sold his first tweet feed as an NFT at an auction for $2.9 million;
2021.4.1, The Weeknd, the Grammy Awards winner, has announced that he will release an NFT that includes new music and limited edition art on Nifty Gateway;
2021.4.5, luxury companies, such as Gucci, have announced their future NFT release plan;
2021.4.26, retired NBA basketball star Yao Ming released an exclusive wine series named “The Chop” paired with limited edition NFTs.
Why does Chair choose to tokenize rights and benefits into utility NFTs?
Law discipline defines utility as citizens’ rights and benefits protected by law; Economics defines utility as assets.
NFT is a bridge connecting services in the real world and blockchain agreements. It is featured with rarity, indivisibility, and uniqueness. NFT mingles with utility perfectly in terms of their definitions because both of them are unique, rare, and indivisible.
The emergence of NFT enables people to record on the blockchain their ownership and management of rights and benefits, including privacy, identification, data, and assets. It indicates that NFT is not only an anchor of value, but also a certificate of rights and benefits.
However, lots of rights and benefits in the real world cannot be monetized, traded, or circulated. Individuals, enterprises, and KOLs’ needs for cashing out their profits keep increasing despite the high cost and limited opportunities. This contradiction has become the biggest obstacle to the monetization of rights and benefits. This problem can be perfectly solved by tokenizing rights and benefits into NFTs with the help of blockchain technology. Tokenized rights and benefits can be monetized, traded, and circulated much faster and easier.
How can KOLs tokenize their rights and benefits into NFTs?
CHAIR platform supports NFT customization and makes it much easier for KOLs to cash out their influences with the technologies and functions on CHAIR. KOLs are entitled to define the royalties. For example, if the royalties is 3%, it means that the NFT creator (KOL) will receive 3% of the sale amount for all future transactions of this NFT. NFT creators (KOLs) could earn a continuous and stable stream of income from the NFTs. Such incentive will encourage NFT creators to mint more high-quality utility NFTs.
Supposing that Jason is a KOL photographer with one million followers. Jason wants to cash out his online influence (rights and benefits), but he holds back when risks and time are taken into consideration.
On CHAIR platform, there is no need for Jason to worry about these issues any more. CHAIR makes it possible and easy for Jason to cash out his influence by the NFT creation function on the platform. Jason could issue 100 NFT cards with an initial worth of 1ETH on CHAIR platform. The NFT card holders (followers) are entitled to specific rights, such as obtaining a signed photograph or having dinner with Jason. More surprisingly, Jason can earn continuous incomes because he is able to receive royalties every time the NFT cards are resold on CHAIR. Thus Jason tokenizes his rights and benefits into NFTs without effort.
NFT and KOL fan economy
In the information society, people’s self-awareness has been aroused. Everyone is unique, so everyone can be an NFT. NFT customization means all of us can tokenize our ownership into an NFT and record it on the blockchain so as to achieve self-realization. NFT application was limited to valuable artworks before, constraining the liquidity of NFT. In the future, 99% of NFTs should represent financial assets, digital identities and rights, thus it can be predicted that NFT liquidity will see huge improvements.
CHAIR platform is making this happen. More fans are attracted to join CHAIR while KOLs cash out their influence on CHAIR. Users of different roles and the platform will reach a win-win situation. A KOL fan economy revolution is just around the corner. To be a passer-by or join us into the mainstream, I bet you have made your choice!