Steal This Startup (7 of Them) by Jordan Gray aka @staRpauSe

TL;DR

The creator discusses various startup ideas in the NFT space, including curating NFTs, making AI equitable for artists, and creating entertaining auction formats.

Transcript

steal this startup um maybe you want to know more about me before you're buying something for free from me so a little bit about myself um I have a long history of bringing nascent and Cutting Edge Technologies to Market back before blogging was a thing I did an individualized career program at the University of Minnesota bringing together multimed... Read More

Key Insights

• 🌟 Blockchain and crypto are good at ownership and privacy, respectively, and leveraging their core competencies can lead to success in these technologies.
• 🌐 When building a project, it's crucial to identify a pain point, ensure there's a sufficient market, assess the willingness to pay, and execute effectively for profit and eventual exit.
• 🚀 NFTs can solve problems for creators/brands and fans/prospectors, addressing their pain points and improving their interactions within the NFT ecosystem.
• 🧠 Curate-to-earn model allows artists to mint self-propagating NFTs, earning curation fees each time the NFT is sold, offering a sustainable payment mechanism for curation and discovery.
• 🎨 Artists can benefit from making AI more equitable by being involved in training models and implementing smart contracts that provide different payouts based on commercial and non-commercial rights.
• 💰 Participating in rug slots, where NFTs are bought and sold in a game-like format, provides entertainment and meme coins, solving the problem of unwanted NFTs.
• 🔗 Building a community-driven news gathering process can make participation in an art and tech nonprofit equitable, allowing the founder to step away while still facilitating value creation.
• 🏢 Integrating NFTs into physical spaces, such as co-working spaces, through seasonal passes, presents an untapped opportunity to enhance the user experience and provide unique benefits.
• 🎭 Blind box drops offer artists the chance to release new art regularly, allowing collectors to discover art they like and only pay for it if they decide to keep it, facilitated by a DAO.
• 💡 Cascade auctions create an entertaining bidding experience where the highest bidder receives a unique artwork, and subsequent bidders receive more distributed editions, ensuring artists in group shows benefit equitably.
• ⭐️ Feedback and collaboration is welcome and the speaker is particularly interested in meeting Rust developers and discussing the outlined ideas further.

Questions & Answers

Q: What is the "curate to earn" concept, and how does it benefit both artists and buyers?

The "curate to earn" concept allows artists to create self-propagating NFTs that continue to generate profits for both the artist and buyers. When an artist sells an artwork as an NFT, a copy is automatically created and made available for sale, with each subsequent sale raising the price. This system allows artists to earn more than they would with traditional royalties, while buyers can profit by purchasing early and reselling at a higher price.

Q: How can AI training be made equitable for artists and users?

The speaker suggests creating platforms where artists can train AI models and get paid for their work. This would provide an opportunity for artists to collaborate with AI and benefit financially from its usage. Additionally, smart contracts can be used to assign different licensing rights and payment amounts for commercial and non-commercial usage, making AI more accessible and fair for all parties involved.

Q: What are some potential benefits of creating physical spaces for NFT collectors and artists?

Physical spaces can serve as a hub for NFT creators and collectors to come together, collaborate, and showcase their creations. By integrating NFTs with existing enterprise management software for co-working spaces, seasonal passes can be offered as NFTs, providing additional value and benefits to participants. This would create a vibrant and supportive community for artists and enthusiasts.

Q: How does the entertaining auction format work, and what value does it provide for artists?

The entertaining auction format involves grouping artworks from multiple artists and auctioning them off as a package. The highest bidder receives one piece from each artist, while the second-highest bidder receives all artworks except the rarest piece. This format ensures fair distribution of sales among participating artists and creates interest and excitement during the auction process, benefiting both artists and collectors.

Summary & Key Takeaways

• The speaker introduces the concept of "curate to earn," where artists can create self-propagating NFTs that generate profits for both the artist and buyers.

• They propose making AI training equitable for artists and users, allowing artists to profit and users to leverage AI without guilt.

• The speaker suggests creating entertaining auction formats and physical spaces for artists and NFT collectors to come together in a collaborative environment.