What Are NFTs?

Here at the FACTory, I have all kinds of questions about NFTs, which stands for Non-fungible Tokens. Real talk, it feels very trendy, so this post is just a download of research and ideas.

First question: How does anyone make money with any of this crap?

That seems to be my first question for everything these days because I’m 47 and I don’t have a lot of time to be dicking around with “new” tech gimmicks. New is in quotes because I am late to the NFT game, never had any interest in it before, especially since it’s so closely linked to the cryptocurrency world, which I think is an abyss for gamblers and people who don’t give a fuck about the environment. But I’m now married to a talented artist, and we are in process of figuring out how to retire in 10 years or fewer, sooooooooo….

Second question: What’s the learning curve for this new tech?

Steep. Like navigating Norway’s curves around the fjords steep. In order to write this blog about NFTs, I spent a whole month researching articles, watching videos, talking to artists who are actively creating and selling NFTs — which probably means nada to you so I’ll just say real quick — my archives go back to 1999. I’ve been in the tech biz for more than 20 years, specifically knowing how to source and gather viable information as a journalist, and as a veteran in this silly space of #techtrends.

I’ll also be transparent about my intention with this blog — I’m not trying to make money off it, I’m doing just fine as a web consultant to three clients in Washington, D.C., Chicago, California, but eventually I’d like to make some money off NFTs, and if I can, I think you can, too, if you follow these steps.

Third question: Maybe I should buy and sell an NFT before I publish this? Yes. Ok. It would be cool to buy some Femmebot-looking NFTs and post them on TheFemmebots IG. Even before doing that, what do our three primary sources say?

Source 1. Panel speaker Abraham Williamson, a startup lawyer specializing in blockchain technology and helps entrepreneurs create strategies, says:
“IP transfer rights is a thing… can grant limited scope for noncommercial purposes, but can’t monetize.”

Wonder Women Tech Conference, Sept 13

WTF does any of that mean? What does IP transfer rights mean??? I should know after working at Foley & Lardner, specifically in its patent and trademark department, the summer of 1996 in Washington, DC. But I didn’t become an expert in three months, I know you’re prolly real surprised, regardless, I remember the name and now I have another source for reviewing how patents and trademarks get approved, how they’re used to prove ownership of a brand or process, and how I can use my own trademark Dr. Nutmeg’s Femmebots™ to make money.

What is this article about? Stick to it.

That’s the traditional source, and then to fully understand how IP transfer rights “is a thing” specifically regarding this brave new NFT world, I found this amazing resource: NFTS AND INTELLECTUAL PROPERTY RIGHTS.

@TheFemmebots realizes at this point it’s better to hire this lawyer or someone else to do what? And when is the best timing? Between Mercury Retrogrades. OK.

How is this different from using my trademark for my animated series Dr. Nutmeg’s Femmebots™? For Tic’s art, Belle’s animations, and maybe even the Dr. Nutmeg’s Femmebots series (for which I currently own a trademark, but my ability to execute a sound biz around that is shit because I’m learning, again, that I may have ADD…more on that later)

2. Our second source is an NFT tutorial. At first, I considered taking a class at Udemy, but then I realized I could find a free tutorial first, just to see how much I understand right off the bat (see below). If you’re watching video below right now and not reading this text, you’ll see that cryptocurrency is the main component of buying and selling and trading NFTs. So I’ve started tracking the value of crypto using the Venmo app. Over the course of one week (first week of October 2022), it went something like this:

My conclusion? Heck if I know! It’s just really hard to wrap my head around the fact that a single bitcoin is worth around $19,000!

3. Third source is…this video about Marketing:

https://www.youtube.com/watch?v=kHRplxgywVw

Ugh. I hate marketing. Need to hire a lawyer AND someone who is good at marketing.

Before I do that, these are my next steps:

Step 1: Establish an LLC. Georgic Media? The Femmebots? I’m never quite sure what the best name is. The Femmebots has been my brand for more than 10 years. Georgic is my new brand with my husband.

Step 2: Get a Crypto Wallet: Rainbow Ethereum Wallet. Call it Georgic or Femmebots. Start with $100.

Step 3: Build a profile on Rarible and Open Sea.

Step 4: What products do we feature in our Community?

• Ticbowen Art 
• Belle Animations
• Jainamation
• The Femmebots

Not my books — at first I thought I could do that, but it looks like the traditional route is still best for readers because books, and how people use them, are just different from visual art. This is what Publisher’s Weekly says about NFTs for publishing. It’s not surprising that the old school would not approve of what’s happening in the brave new world of tech, but hey at least BookTok and BookGram are encouraging the next generation to read (as long as the book hasn’t been banned — but that’s another topic for a different day!).

Step 5: How do we make $$ from products above? According to the tutorial above, we can set a royalty rate of 10%-30%. This is where residuals come in.

Step 6: How do we get people to view Tic’s art and to find it valuable? He has a decent community here in Orlando, so I guess it’s a matter of letting them know about the NFT site. Instagram would be good, but he’s not on it anymore. And now he’s becoming more of an influencer in the bicycle world, which is cool, because that’s where he’s already making money.

Conclusion? Still not certain…

Communities to consider: World of Women NFTs

https://www.houseoffirst.com/collections/blackisbeautiful#mint

https://socialinnovation.comhttps://metamask.io

https://www.loeb.com/en/insights/publications/2022/04/brands-and-nfts-licensing-and-contracting-considerations#NFTLicense