Make Your Own NFTs on Voice.com in Beta
With the soaring popularity of the NFT market, Voice.com has revamped their platform to turn each post into an NFT. The platform, which is still in Beta, originally provided users with a daily basic income that users had to claim daily, or within seven days, to continue receiving it. The platform was scrapped and has now been relaunched, centered around making it easy to create and sell NFTs.
How It Works
The premise is simple. You upload original work. This could be an image, an audio recording, a video, or a PDF. That last one is handy for writers. Then, you list it for sale. The platform facilitates purchasing the NFT using a credit card. Alternatively, if you have sold an NFT on Voice, you may have a balance that you can use for your own purchases. Or, you can top up your account balance with credit card prior to making a purchase. Of course, the platform does require some KYC to prevent fraud.
One important aspect about the new Voice platform is that it provides the original or secondary owner the option to choose to sell the NFT. Thus, you could post your NFT without selling it. But, if you ever do decide to sell it, the new owner may choose to keep it indefinitely. The website tracks ownership. The greatest advantage is that whatever price the NFT fetches in future transactions, there is a 20% appreciation percentage that goes to the creator of the NFT. This is a great advantage, although it isn't quite what recording artists and writers enjoy in royalties when copies of their work are sold. However, getting an unexpected payment now and again could be a blessing.
They way the appreciation percentage works is that the artist earns 20% of the appreciated price. For example, if you sell your NFT for $100, then the next person sells it for $200, you get $20. This is because the price appreciated $100, so 20% of that is $20. If, on the other hand, the second owner sells it for $150, at a loss off $50, then the creator gets nothing.
On the back end, your balance is kept in USDC. When you are ready to cash out, you can send the USDC, minus ETH fees, to Coinbase to turn into fiat (or whatever at that point). While on the subject of fees, Voice keeps 5% of the creator's proceeds, and only 2.5% of reseller proceeds.
Still In Beta
Voice.com is still half-baked. There are features in the works. One that they are working on and is available for select users is the ability to co-create. This could be something like a song, for example. Each of the band members would receive an equal share of the proceeds. Although, bands typically are better off selling multiple copies of their work, rather than one-off pieces. But, this brings up another thing that is unclear, selling limited editions. I could not find any information about selling multiples of the same NFT. But, that may be a feature that is still in the works.
Originally posted on Travel Write Money. Hive blog powered by ENGRAVE.
