It was during the summer of 2021 that we saw the explosive nature of NFTs; they are yet to show the signs of slowing down since then. As a podcaster, NFTs could be the route to fully understanding how to monetize a podcast and engage your listeners. Most importantly, NFTs could help you offer these listeners value and monetize your podcast.
Non-Fungible Tokens (NFTs) have become a bit divisive and controversial. We’ve even seen NFTs tagged as worthless, stupid, or scams. Regardless, Non-fungible Tokens are beyond a buzz or a fad.
As a podcaster, you can create unique audio tokens that can be sold to your audience. NFTs are the shift away from the usual assumption of selling ads on your podcast. Unless you have hundreds of thousands or millions of podcasters, we doubt that you do, except you are Joe Rogan or Tim Ferris.
We’ve earlier explained how NFTs could benefit small artists and how NFTs could shape the future of music. The podcasting industry is too reliant on advertising revenue; maybe NFTs could be the bailout that podcasters need.
In this piece, the focus will be on how podcasters can learn how to monetize a podcast by relying on Non-Fungible Tokens (NFTs)
What Are NFTs?
NFTs are no longer new; they are on the lips of everyone. They are like owning stocks of a podcaster; an increase in the popularity of such podcasts will lead to an increase in the value of the stocks.
When they say NFTs, what should come to mind is unique, valuable, and one of a kind. NFTs are a way of adding value and uniqueness to digital assets. An NFT could be an image, a painting, or an audio file, e.g., podcasts, music, etc.
Every NFT has a unique digital signature that makes it uncopiable. While you might be able to copy the image or audio file, you cannot copy the code accompanying it. Think about it; while you may be able to reprint the Mona Lisa, or the Salvator Mundi, this does not mean they will stop being the two most expensive paintings in the world.
NFTs will always be one of a kind because the unique NFT is saved on the Blockchain. NFTs are what they are because of their uniqueness. No matter how many times a copy is made out of an NFT, one person only owns it.
How to Monetize Your Podcast and Earn Using NFT
We’ve seen musical artists, photographers, painters, illustrators, and other creatives earn using NFTs. While there are about a score of different ways to monetize your podcast, there has not been much on NFTs and podcasting.
According to NFT Now, there’s a growing number of content creators who are monetizing their intellectual properties via NFTs. It used to be just digital artists and NFT traders; now, creative can profit off NFTs.
Nothing should stop you from considering NFTs as a way to monetize your podcast. We’ve seen podcasters do it and recorded a level of success. You know that making money in podcasting has never been a one-size-fits-all thing.
Regardless of your podcast show’s value and engagement, it is hard to convince your listeners to pay to access your exclusive content. They will always think of why they should pay for your exclusive show when there are hundreds of shows out there on podcast directories for free.
NFTs could be the shift the podcasting industry needs to address the age-long issue of value perceived and received. An average podcast listener will be interested in the idea of being able to buy an exclusive podcast episode, listen to it, and be able to make money off it in the future when the value must have gone up. Even if the value has not gone up, they will still be able to make something out of it.
Non-Fungible Podcasts: Examples of Podcast NFTs
Ask any podcaster; we all have the headache and worry of how to monetize a podcast. This should be the number one challenge of the industry. Don’t be dazed by the increased popularity of podcasting; it has not translated to an increase in revenue for podcasters.
Before we talk about these podcast NFTs, it’s important to state that The Techmeme Ride Home by Brian McCullough was the first podcast episode released as an NFT. Not sure of its performance as an NFT, but it was the first to pave the way for many others to come after it.
We are not talking about NFTs podcast; rather, our attention is on podcasts released as NFTs. Here’s a few Podcast NFTs that we know are doing great in the NFT Marketplace;
This podcast NFT was launched in November 2021 and has hosted the big names of the NFT space; Cloverly, Edgevana, Superdoge, and many others.
Every episode of Fungibility is minted as an NFT and available to listeners through the award pool platform.
If you are afraid of taking this deep plunge into NFTs as a podcaster, remember that Fungibility gained more than 235,000 listeners and is one of the Global Top 10%. Fungibility is making the most of being a podcast about NFTs and is only available as an NFT.
VeeFriends NFT was launched in 2021 by Gary Vaynerchuck. He’s the host of The GaryVee Audio Experience, one of the biggest podcasts about marketing with over 2,000 episodes.
Gary has been endlessly sharing his knowledge with his followers, who are more than happy to appreciate him by investing in his NFT. He has never advertised or asked for donations on his podcast.
This aligns with our earlier position about monetizing podcasts; if you create valuable content, your listeners will be more than willing to keep you in business. He sold his NFTs for about $2000 each, and thousands of his followers invested in it.
The VeeFriends does not fit into our definition of podcast NFTs. However, it’s still an NFT by a podcaster.
How To Successfully Launch a Podcast as NFTs
There are not a lot of Podcast NFTs out there to study, but we’ve seen how other creatives are doing it, and we believe podcasters can also benefit from NFTs. Here’s how to launch your podcast as NFTs;
1. Build Your Podcast NFT For About 1% of Your Listeners
Regardless of the quality of your podcast or the beautiful statistics your podcast has, know that only about 1% of your target audience will likely buy your NFTs. The 1% is even if you are lucky enough.
Not all of your audience understand the concept of NFTs; there will also be another group who are satisfied with the current medium. That’s why we advise you should expect about 1% of your podcast listeners to buy your NFTs.
2. Create Scarcity by Minting a Few Items
There’s no better place to create scarcity than in NFTs. If you have millions of podcast listeners, you will rarely be ready for this piece. That means that you have a limited number of listeners.
In that case, you should mint only a handful of items. While it should not be less than 50 items, don’t mint more than 2,000 NFTs. With a limited amount of NFTs, future buyers will buy from the early buyers shooting up the value of your Podcast NFTs.
3. Be Ready to Offer Perks to NFT Holders
You have to offer your NFT holders more than just the items. There should be adding value to buying your Podcast NFTs. This can be access to your exclusive newsletter or access to bonus episodes.
Granting them access to exclusive content will increase the value of your NFT. This could skyrocket the value of the NFT as more people will want to be a part of what you’re doing.
4. You Have to Market Your NFT Aggressively
You have an existing audience; you are not starting from nowhere. These people should be your first target audience. Let’s hope you’ve been building more than just podcast listeners; you will have die-hard followers on Linkedin, Twitter, Instagram, and other social media. Let them know you have a Podcast NFT.
Tell your audience about it, don’t be quiet about your Podcast NFT. While not so many people have done it, you can do it and succeed only if you are marketing it aggressively.
We are not saying that Podcast NFTs are the gold standard now; we are just widening your options when it comes to the alternatives on how to monetize your podcast. To succeed, you need to study and understand NFTs. That’s why we gave examples of podcasters exploring podcasting.
As you explore several options for earning from your podcast, read our guide on The Best Ways To Monetize Your Podcast in 2022.