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## **Community Strategy Reboot: Lessons Learned from the Last Bull Run**

The world of Non-Fungible Tokens (NFTs) has recently witnessed a series of seismic shifts. The most recent bull run saw an explosion of PFP (Profile Picture) projects, each vying to ride the wave of initial mint sales and build up a storm of hype. However, when the bear market eventually arrived, projects that had nurtured strong communities and offered tangible utility demonstrated their true resilience.

Far from being a crisis, the bursting of the NFT bubble signifies the start of an exciting new era. For creators committed to establishing a genuine audience and delivering real value, it presents an invaluable opportunity. As the frenzy of the bull run recedes, community building strategy has become a vital ingredient for success in the evolving NFT landscape. In this post, we will delve into the lessons learned from the last bull run and lay out a roadmap for building and nurturing a robust community in the contemporary NFT space.

<a target="_blank" href="https://app.aspenft.io/"><img title="Header CTA" src="/images/blog/CTA/2_Claim-your-storefront1@3x.png" /></a>

### **Understand Your Community: Start With Why**

Finding your 'why' is a crucial step in any endeavour, and it's no different in the NFT space. Here are a few exercises that can help you gain clarity:

Write a Mission Statement This should succinctly encapsulate what your project stands for and its larger goal. Ask yourself, why does my project exist, and what do I want to accomplish?

**Identify your Ideal Community Member** Describe their interests, values, and the reason they would be attracted to your project. This helps in designing community strategies that appeal to the right audience.

**Reflect on Your Passion** What drives you in this space? What aspect of your project truly excites you? Genuine passion is contagious and can significantly bolster your community.

**SWOT Analysis** Identify your Strengths, Weaknesses, Opportunities, and Threats. This introspective exercise can provide a clear picture of where you stand and where you need to go.

### **Create Quality Content: Substance Over Hype**

Building an audience requires creating content that's not just engaging, but also meaningful, and delivers value to the types of people you are trying to connect with. A Threads calendar filled with 30 days of content that doesn’t resonate with your target community members is a waste of your own time and resources — and may actually land you further from your audience than when you started. Instead of thinking about content in terms of quantity, reframe the assignment to be about creating quality content pieces.&nbsp;

Not dissimilar to building a new friendship, building a community requires thought about what others like, how you can help them, and where to find commonality to build a relationship on.&nbsp;

Here's a few steps to help get the wheels turning on what type of content creation may support your community-building goals:&nbsp;

### Identify Your Unique Value Proposition

What can you offer that others can't? This can be a unique style, a novel concept, or a fresh perspective.

A good value proposition formula is something that clearly defines your unique offering. Here's an example of how you can construct it:

**\[Your Project's Name\]** provides **\[key distinctive benefit or feature\]** for **\[your target community\]** who **\[have a specific need or desire\]**. Unlike **\[key competition\]**, we **\[do something differently or better\].**

Filling out this formula can help guide you in clearly defining what your NFT project offers that sets it apart from others. Here's a hypothetical example for an NFT art project:

<a target="_blank" href="https://app.aspenft.io/"><img title="Square CTA" src="/images/blog/CTA/2_Claim-your-storefront2@3x.png" /></a>

"Virtual Visionaries unites people across the world affected by sensorineural hearing loss and conductive hearing loss.&nbsp;

By curating a collection of NFTs which symbolize shared experiences and stories, we aim to create a global community centered around understanding, support, and advocating for more accessible content in Web3.

We aren't just about creating digital collectibles, but about creating spaces where the loudest voice doesn’t speak for us all.”

### Plan, Release and Optimize Your Content

Now that you've defined your "why" and value proposition, it's time to start creating and sharing content that resonates with your audience. Here's a step-by-step roadmap to guide you:

**Ideate:** Leverage your value proposition to brainstorm content ideas. Ask yourself what sort of content can best support your mission and connect with your community.

**Create:** Turn your ideas into reality. This might mean creating unique NFTs, writing informative blog posts, or making engaging video content.

**Share & Engage:** Release your content into the world, but don't stop there. Make sure you are engaging with your audience on a regular basis. This could mean responding to comments, posing questions, or hosting live discussions.

**Solicit Feedback:** A key part of creating content that truly resonates with your audience is to actively seek their feedback. You can achieve this in a few ways:

* **Surveys and Polls:** Use digital tools to create quick and easy surveys or polls. You can ask your community specific questions about what they liked or disliked about a piece of content, or what they'd like to see more of in the future.
* **Open Forums:** Host regular AMA (Ask Me Anything) sessions or open forum discussions where community members can share their thoughts and feedback about your content.
* **Social Listening:** Pay attention to what your community members are saying on social media and in discussion forums. These conversations can provide valuable insights about how your content is being received.

**Iterate:** Take the feedback you've gathered and use it to refine your content creation process. Remember, it's all about delivering value to your audience, so don't be afraid to pivot or change direction based on what your community tells you they want.

As you follow this roadmap, remember the importance of authenticity. Your community can tell when content is genuine and when it's purely promotional. Strive to create substance over hype, focusing on meaningful interactions that build trust and reinforce the value you're delivering to your community.

### Regular Content Creation

Once you know what works, what’s generating meaningful engagement, and what your community wants to see more of, set a schedule for creating and releasing content, and stick to it! This can be weekly or monthly, depending on your capacity and can be scheduled using some of our favorite tools below, to make sure your Screen Time isn’t off the charts!

1. [Sprout Social](https://sproutsocial.com/)
2. [Later](https://later.com/home-a/?utm_source=google&amp;utm_medium=cpc&amp;utm_campaign=brand-latersocialmedia-consolidated-us&amp;gad=1&amp;gclid=CjwKCAjwwb6lBhBJEiwAbuVUSlZKTCRIKiJUFuYKntbuQRDO1cCovXe-W6DkNHoYes62F5_UDKcsuBoCrsAQAvD_BwE)
3. [Hootsuite](https://www.hootsuite.com/)

### **Establish Utility: Beyond Ownership**

To maximize the potential of your NFT project, it's crucial to understand the different roles within your audience and how you can engage them through utility. Primarily, we'll focus on two types of people: Collectors and Community Members.

* **Collectors:** These individuals are primarily motivated by the potential for profit. They buy your NFTs hoping that their value will appreciate over time. They may not necessarily feel a strong connection to the cause or the community, but see value in the rarity or potential future demand for the NFTs they own.

* **Community Members:** These are the people who believe in your 'why'. They're here not just for the NFTs, but for the cause and the community around it. They engage in discussions, participate in events, and often feel a sense of identity with your project.

To transform collectors into community members and turn members into advocates, utility plays a crucial role. Here's how Aspen's tools can assist:

* **For Collectors:** Use Aspen's subscription tools to provide value beyond mere ownership. Offer exclusive perks or benefits for those who hold your NFTs. This could be early access to new releases, discounts, or exclusive content. This added utility incentivizes collectors to become more engaged community members.
* **For Community Members:** Build a tiered membership program that rewards loyalty and fosters a sense of belonging. With Aspen's tools, you can offer your community exclusive access to events, special recognition, or the ability to influence the direction of your project. These rewards can help transform community members into advocates for your cause.

By leveraging Aspen's subscription tools in conjunction with the royalty reporting features, creators can gain valuable insights to make informed decisions about their tiered membership program. This consistent revenue stream allows creators to reinvest into creating a world-class utility for their members, enhancing the value and appeal of their collection.

### **Foster Open Dialogue: Engage and Listen**

When we talk about "listening" in an online community context, we mean more than just keeping an eye out for messages or comments. It's an active process of observing, understanding, and responding to the needs, feedback, and sentiments of your community. This involves monitoring discussions on your platforms, but also looking at indirect feedback such as engagement rates, content shares, and the overall tone of conversation.

Here are few ways you can effectively "listen" online:

* **Monitor Direct Feedback:** Keep a close eye on your comments sections, direct messages, and any other platform where your community can provide direct feedback. This gives you valuable insight into their thoughts, feelings, and needs.
* **Track Engagement Metrics:** Observe which types of content are garnering the most likes, shares, and comments. High engagement is a good indicator that your content is resonating with your audience.
* **Monitor Social Media Mentions:** Use social media tools to track when and where your project is being discussed online. This can help you understand public perception and spot potential issues before they escalate.
* **Conduct Regular Surveys:** Consider conducting regular surveys to gather structured feedback from your community. This gives your community a chance to voice their thoughts and provides you with actionable data.
* **Create Open Feedback Channels:** Dedicate certain channels or times for open feedback and discussion. This can help foster a sense of transparency and involvement in your community.

### From Recon to Routine

Once you've cultivated the practice of listening, you can better implement a routine of engaging your community on a weekly and monthly basis:

Weekly Basis

* **Host AMA sessions:** This can help answer community queries and foster a sense of involvement between your and your community along with building connection between your community members.
* **Schedule Content Releases:** This could be anything from a blog post to a podcast episode or a GRWM video sharing a BTS peek at how you prepare for the day as a digital content creator.

Monthly Basis

* **Community Update:** Share the progress and future plans for the project on a Discord Call, Twitter Spaces, or even through a Twitter Thread. Invite Community Members to join for a Q+A session to directly answer any questions or tie it into one of your Weekly AMAs.
* **Members Spotlight:** Showcase and appreciate active community members through a Collab Post on Instagram, coordinating an IG Live session with the member or dually hosting a Twitter Space

### **Consistency is Key: Keep Delivering Value**

Consistency is a cornerstone of community building. A continuous stream of value-adding content not only keeps your community engaged but also strengthens the bond between you and your audience, creating a sense of reliability and trust.

A well-structured content calendar can help immensely with maintaining consistency. Here are a few recommendations to ensure you keep delivering value regularly:

### Weekly/Monthly Content Calendar

Plan out your content ahead of time, scheduling different types of content for different days of the week. For instance, Monday could be a day for project updates, Wednesday for community spotlight, Friday for exclusive sneak peeks into upcoming work or events, and so on. This not only helps in maintaining consistency but also gives your community something to look forward to.

### Community Building Planning Days

Allocate 1-2 days per month specifically for planning your community building strategies. This can include brainstorming ideas for new content, assessing the effectiveness of previous community building efforts, identifying potential collaborations, and more.

### Use Analytics Tools

In order to ensure that your efforts are actually resonating with your community, make sure to regularly check the analytics. Aspen's Royalty Reporting feature gives you a deep understanding of your earnings, allowing you to identify what works best for your audience. Additionally, social media metrics such as likes, shares, comments, and follower growth give you an idea of how well your content is performing and what your community enjoys most.

By maintaining consistency in delivering value and using tools like Aspen's Royalty Reporting, email capture, and innovative distribution strategies like QR codes and claim links, you can pave new ways to connect with your community beyond just producing more NFTs. With these strategies in place, you can keep your community engaged and invested in your work, reinforcing the bond that goes beyond a simple buyer-seller relationship.

### **Adapt and Evolve: Embrace Change**

Communities, like individuals, are dynamic entities. They constantly evolve, shift, and respond to the changing world around them. Therefore, recognizing the ever-changing nature of your community is key to successfully maintaining and growing it. Additionally, as a creator, it is equally crucial to prioritize your own growth and learning. The digital landscape is constantly changing and being updated, and staying ahead of these changes will ensure you continue to be relevant and valuable to your audience.

By regularly adapting and evolving, you show your community that you are committed to their needs and that you are also willing to grow with them. This builds trust and strengthens your relationship, as they see you are committed to serving them at the highest level possible.

### Growth-Centric Resources for Creators

One of the ways to keep up with this fast-paced industry is to invest time in continuous education and make use of online resources. Below are some platforms that you might find helpful:

* **Coursera & edX:** These platforms offer a vast array of courses for various subjects including digital marketing, data analysis, and much more. These could be helpful to boost your marketing and data interpretation skills.
* **Dune Analytics:** Dune offers a suite of analytics tools tailored specifically to the web3 industry. With these tools, you can gain a deeper understanding of on-chain data, helping you make informed decisions for your project.
* **Medium & Substack:** Both platforms are a great source of knowledge for a variety of topics, including NFTs, blockchain, and crypto trends. By following industry leaders and enthusiasts, you can stay up-to-date on the latest developments.
* **Join Other Creator Communities:** Becoming an active member in other creators' communities can give you firsthand insights into effective community engagement and growth strategies. Moreover, it can also be a source of inspiration for your own community building efforts.

Remember, continual learning and adaptation are the lifeblood of relevance in this dynamic landscape. Keep evolving and your community will evolve with you.

### **Lessons From the Last Bull Run**

As we journey into the next wave of web3, our resilience and success hinge upon our ability to learn from the past, adapt, and build robust communities around our projects. This post is more than just a guideline; it is a roadmap designed to navigate the unpredictable terrain of the digital content landscape.

In our exploration, we've emphasized the importance of understanding your community and crafting a strong, clear mission statement. It is vital to create meaningful content that resonates with your audience and offers real value rather than just feeding into the hype. At the same time, we underscored the significance of establishing utility beyond ownership, enabling a stronger bond with both collectors and active community members.

Importantly, we touched upon the role of open dialogue. Engaging with your community and being responsive to their feedback fosters a strong sense of belonging and trust. Also, it provides a crucial lifeline for creators to adapt and evolve, keeping in line with the dynamism of their community.

Consistency in delivering value is another key pillar of community building. A well-structured content calendar and regular analysis of engagement metrics can go a long way in establishing reliability, strengthening the bond with your audience, and maintaining their interest in your project.

Finally, as we voyage further into the often-unpredictable future of the creator economy, embracing change and continuously learning is imperative. The landscape is constantly evolving, and our ability to adapt with it, using resources and tools at our disposal, is crucial to stay relevant and serve our community at the highest level.

In essence, as we reboot our community strategies, the lessons learned from the last bull run can serve as our guiding light, illuminating our path toward building a thriving, engaged, and resilient community. Each step on this roadmap represents an investment in your community, reinforcing the bond that goes beyond the transactional nature of buying and selling NFTs, towards creating a shared journey of growth, learning, and mutual success.

<a target="_blank" href="https://app.aspenft.io/"><img title="Footer CTA" src="/images/blog/CTA/2_Claim-your-storefront3@3x.png" /></a>

<h2>Community Strategy Reboot: Lessons Learned from the Last Bull Run</h2>
The world of Non-Fungible Tokens (NFTs) has recently witnessed a series of seismic shifts. The most recent bull run saw an explosion of PFP (Profile Picture) projects, each vying to ride the wave of initial mint sales and build up a storm of hype. However, when the bear market eventually arrived, projects that had nurtured strong communities and offered tangible utility demonstrated their true resilience.
Far from being a crisis, the bursting of the NFT bubble signifies the start of an exciting new era. For creators committed to establishing a genuine audience and delivering real value, it presents an invaluable opportunity. As the frenzy of the bull run recedes, community building strategy has become a vital ingredient for success in the evolving NFT landscape. In this post, we will delve into the lessons learned from the last bull run and lay out a roadmap for building and nurturing a robust community in the contemporary NFT space.
<a target="_blank" href="https://app.aspenft.io/"><img title="Header CTA" src="/images/blog/CTA/2_Claim-your-storefront1@3x.png" /></a>
<h3>Understand Your Community: Start With Why</h3>
Finding your 'why' is a crucial step in any endeavour, and it's no different in the NFT space. Here are a few exercises that can help you gain clarity:
Write a Mission Statement This should succinctly encapsulate what your project stands for and its larger goal. Ask yourself, why does my project exist, and what do I want to accomplish?
Identify your Ideal Community Member Describe their interests, values, and the reason they would be attracted to your project. This helps in designing community strategies that appeal to the right audience.
Reflect on Your Passion What drives you in this space? What aspect of your project truly excites you? Genuine passion is contagious and can significantly bolster your community.
SWOT Analysis Identify your Strengths, Weaknesses, Opportunities, and Threats. This introspective exercise can provide a clear picture of where you stand and where you need to go.
<h3>Create Quality Content: Substance Over Hype</h3>
Building an audience requires creating content that's not just engaging, but also meaningful, and delivers value to the types of people you are trying to connect with. A Threads calendar filled with 30 days of content that doesn’t resonate with your target community members is a waste of your own time and resources — and may actually land you further from your audience than when you started. Instead of thinking about content in terms of quantity, reframe the assignment to be about creating quality content pieces. 
Not dissimilar to building a new friendship, building a community requires thought about what others like, how you can help them, and where to find commonality to build a relationship on. 
Here's a few steps to help get the wheels turning on what type of content creation may support your community-building goals: 
<h3>Identify Your Unique Value Proposition</h3>
What can you offer that others can't? This can be a unique style, a novel concept, or a fresh perspective.
A good value proposition formula is something that clearly defines your unique offering. Here's an example of how you can construct it:
[Your Project's Name] provides [key distinctive benefit or feature] for [your target community] who [have a specific need or desire]. Unlike [key competition], we [do something differently or better].
Filling out this formula can help guide you in clearly defining what your NFT project offers that sets it apart from others. Here's a hypothetical example for an NFT art project:
<a target="_blank" href="https://app.aspenft.io/"><img title="Square CTA" src="/images/blog/CTA/2_Claim-your-storefront2@3x.png" /></a>
&quot;Virtual Visionaries unites people across the world affected by sensorineural hearing loss and conductive hearing loss. 
By curating a collection of NFTs which symbolize shared experiences and stories, we aim to create a global community centered around understanding, support, and advocating for more accessible content in Web3.
We aren't just about creating digital collectibles, but about creating spaces where the loudest voice doesn’t speak for us all.”
<h3>Plan, Release and Optimize Your Content</h3>
Now that you've defined your &quot;why&quot; and value proposition, it's time to start creating and sharing content that resonates with your audience. Here's a step-by-step roadmap to guide you:
Ideate: Leverage your value proposition to brainstorm content ideas. Ask yourself what sort of content can best support your mission and connect with your community.
Create: Turn your ideas into reality. This might mean creating unique NFTs, writing informative blog posts, or making engaging video content.
Share &amp; Engage: Release your content into the world, but don't stop there. Make sure you are engaging with your audience on a regular basis. This could mean responding to comments, posing questions, or hosting live discussions.
Solicit Feedback: A key part of creating content that truly resonates with your audience is to actively seek their feedback. You can achieve this in a few ways:
<ul>
<li>Surveys and Polls: Use digital tools to create quick and easy surveys or polls. You can ask your community specific questions about what they liked or disliked about a piece of content, or what they'd like to see more of in the future.</li>
<li>Open Forums: Host regular AMA (Ask Me Anything) sessions or open forum discussions where community members can share their thoughts and feedback about your content.</li>
<li>Social Listening: Pay attention to what your community members are saying on social media and in discussion forums. These conversations can provide valuable insights about how your content is being received.</li>
</ul>
Iterate: Take the feedback you've gathered and use it to refine your content creation process. Remember, it's all about delivering value to your audience, so don't be afraid to pivot or change direction based on what your community tells you they want.
As you follow this roadmap, remember the importance of authenticity. Your community can tell when content is genuine and when it's purely promotional. Strive to create substance over hype, focusing on meaningful interactions that build trust and reinforce the value you're delivering to your community.
<h3>Regular Content Creation</h3>
Once you know what works, what’s generating meaningful engagement, and what your community wants to see more of, set a schedule for creating and releasing content, and stick to it! This can be weekly or monthly, depending on your capacity and can be scheduled using some of our favorite tools below, to make sure your Screen Time isn’t off the charts!
<ol>
<li><a href="https://sproutsocial.com/">Sprout Social</a></li>
<li><a href="https://later.com/home-a/?utm_source=google&amp;utm_medium=cpc&amp;utm_campaign=brand-latersocialmedia-consolidated-us&amp;gad=1&amp;gclid=CjwKCAjwwb6lBhBJEiwAbuVUSlZKTCRIKiJUFuYKntbuQRDO1cCovXe-W6DkNHoYes62F5_UDKcsuBoCrsAQAvD_BwE">Later</a></li>
<li><a href="https://www.hootsuite.com/">Hootsuite</a></li>
</ol>
<h3>Establish Utility: Beyond Ownership</h3>
To maximize the potential of your NFT project, it's crucial to understand the different roles within your audience and how you can engage them through utility. Primarily, we'll focus on two types of people: Collectors and Community Members.
<ul>
<li>
Collectors: These individuals are primarily motivated by the potential for profit. They buy your NFTs hoping that their value will appreciate over time. They may not necessarily feel a strong connection to the cause or the community, but see value in the rarity or potential future demand for the NFTs they own.
</li>
<li>
Community Members: These are the people who believe in your 'why'. They're here not just for the NFTs, but for the cause and the community around it. They engage in discussions, participate in events, and often feel a sense of identity with your project.
</li>
</ul>
To transform collectors into community members and turn members into advocates, utility plays a crucial role. Here's how Aspen's tools can assist:
<ul>
<li>For Collectors: Use Aspen's subscription tools to provide value beyond mere ownership. Offer exclusive perks or benefits for those who hold your NFTs. This could be early access to new releases, discounts, or exclusive content. This added utility incentivizes collectors to become more engaged community members.</li>
<li>For Community Members: Build a tiered membership program that rewards loyalty and fosters a sense of belonging. With Aspen's tools, you can offer your community exclusive access to events, special recognition, or the ability to influence the direction of your project. These rewards can help transform community members into advocates for your cause.</li>
</ul>
By leveraging Aspen's subscription tools in conjunction with the royalty reporting features, creators can gain valuable insights to make informed decisions about their tiered membership program. This consistent revenue stream allows creators to reinvest into creating a world-class utility for their members, enhancing the value and appeal of their collection.
<h3>Foster Open Dialogue: Engage and Listen</h3>
When we talk about &quot;listening&quot; in an online community context, we mean more than just keeping an eye out for messages or comments. It's an active process of observing, understanding, and responding to the needs, feedback, and sentiments of your community. This involves monitoring discussions on your platforms, but also looking at indirect feedback such as engagement rates, content shares, and the overall tone of conversation.
Here are few ways you can effectively &quot;listen&quot; online:
<ul>
<li>Monitor Direct Feedback: Keep a close eye on your comments sections, direct messages, and any other platform where your community can provide direct feedback. This gives you valuable insight into their thoughts, feelings, and needs.</li>
<li>Track Engagement Metrics: Observe which types of content are garnering the most likes, shares, and comments. High engagement is a good indicator that your content is resonating with your audience.</li>
<li>Monitor Social Media Mentions: Use social media tools to track when and where your project is being discussed online. This can help you understand public perception and spot potential issues before they escalate.</li>
<li>Conduct Regular Surveys: Consider conducting regular surveys to gather structured feedback from your community. This gives your community a chance to voice their thoughts and provides you with actionable data.</li>
<li>Create Open Feedback Channels: Dedicate certain channels or times for open feedback and discussion. This can help foster a sense of transparency and involvement in your community.</li>
</ul>
<h3>From Recon to Routine</h3>
Once you've cultivated the practice of listening, you can better implement a routine of engaging your community on a weekly and monthly basis:
Weekly Basis
<ul>
<li>Host AMA sessions: This can help answer community queries and foster a sense of involvement between your and your community along with building connection between your community members.</li>
<li>Schedule Content Releases: This could be anything from a blog post to a podcast episode or a GRWM video sharing a BTS peek at how you prepare for the day as a digital content creator.</li>
</ul>
Monthly Basis
<ul>
<li>Community Update: Share the progress and future plans for the project on a Discord Call, Twitter Spaces, or even through a Twitter Thread. Invite Community Members to join for a Q+A session to directly answer any questions or tie it into one of your Weekly AMAs.</li>
<li>Members Spotlight: Showcase and appreciate active community members through a Collab Post on Instagram, coordinating an IG Live session with the member or dually hosting a Twitter Space</li>
</ul>
<h3>Consistency is Key: Keep Delivering Value</h3>
Consistency is a cornerstone of community building. A continuous stream of value-adding content not only keeps your community engaged but also strengthens the bond between you and your audience, creating a sense of reliability and trust.
A well-structured content calendar can help immensely with maintaining consistency. Here are a few recommendations to ensure you keep delivering value regularly:
<h3>Weekly/Monthly Content Calendar</h3>
Plan out your content ahead of time, scheduling different types of content for different days of the week. For instance, Monday could be a day for project updates, Wednesday for community spotlight, Friday for exclusive sneak peeks into upcoming work or events, and so on. This not only helps in maintaining consistency but also gives your community something to look forward to.
<h3>Community Building Planning Days</h3>
Allocate 1-2 days per month specifically for planning your community building strategies. This can include brainstorming ideas for new content, assessing the effectiveness of previous community building efforts, identifying potential collaborations, and more.
<h3>Use Analytics Tools</h3>
In order to ensure that your efforts are actually resonating with your community, make sure to regularly check the analytics. Aspen's Royalty Reporting feature gives you a deep understanding of your earnings, allowing you to identify what works best for your audience. Additionally, social media metrics such as likes, shares, comments, and follower growth give you an idea of how well your content is performing and what your community enjoys most.
By maintaining consistency in delivering value and using tools like Aspen's Royalty Reporting, email capture, and innovative distribution strategies like QR codes and claim links, you can pave new ways to connect with your community beyond just producing more NFTs. With these strategies in place, you can keep your community engaged and invested in your work, reinforcing the bond that goes beyond a simple buyer-seller relationship.
<h3>Adapt and Evolve: Embrace Change</h3>
Communities, like individuals, are dynamic entities. They constantly evolve, shift, and respond to the changing world around them. Therefore, recognizing the ever-changing nature of your community is key to successfully maintaining and growing it. Additionally, as a creator, it is equally crucial to prioritize your own growth and learning. The digital landscape is constantly changing and being updated, and staying ahead of these changes will ensure you continue to be relevant and valuable to your audience.
By regularly adapting and evolving, you show your community that you are committed to their needs and that you are also willing to grow with them. This builds trust and strengthens your relationship, as they see you are committed to serving them at the highest level possible.
<h3>Growth-Centric Resources for Creators</h3>
One of the ways to keep up with this fast-paced industry is to invest time in continuous education and make use of online resources. Below are some platforms that you might find helpful:
<ul>
<li>Coursera &amp; edX: These platforms offer a vast array of courses for various subjects including digital marketing, data analysis, and much more. These could be helpful to boost your marketing and data interpretation skills.</li>
<li>Dune Analytics: Dune offers a suite of analytics tools tailored specifically to the web3 industry. With these tools, you can gain a deeper understanding of on-chain data, helping you make informed decisions for your project.</li>
<li>Medium &amp; Substack: Both platforms are a great source of knowledge for a variety of topics, including NFTs, blockchain, and crypto trends. By following industry leaders and enthusiasts, you can stay up-to-date on the latest developments.</li>
<li>Join Other Creator Communities: Becoming an active member in other creators' communities can give you firsthand insights into effective community engagement and growth strategies. Moreover, it can also be a source of inspiration for your own community building efforts.</li>
</ul>
Remember, continual learning and adaptation are the lifeblood of relevance in this dynamic landscape. Keep evolving and your community will evolve with you.
<h3>Lessons From the Last Bull Run</h3>
As we journey into the next wave of web3, our resilience and success hinge upon our ability to learn from the past, adapt, and build robust communities around our projects. This post is more than just a guideline; it is a roadmap designed to navigate the unpredictable terrain of the digital content landscape.
In our exploration, we've emphasized the importance of understanding your community and crafting a strong, clear mission statement. It is vital to create meaningful content that resonates with your audience and offers real value rather than just feeding into the hype. At the same time, we underscored the significance of establishing utility beyond ownership, enabling a stronger bond with both collectors and active community members.
Importantly, we touched upon the role of open dialogue. Engaging with your community and being responsive to their feedback fosters a strong sense of belonging and trust. Also, it provides a crucial lifeline for creators to adapt and evolve, keeping in line with the dynamism of their community.
Consistency in delivering value is another key pillar of community building. A well-structured content calendar and regular analysis of engagement metrics can go a long way in establishing reliability, strengthening the bond with your audience, and maintaining their interest in your project.
Finally, as we voyage further into the often-unpredictable future of the creator economy, embracing change and continuously learning is imperative. The landscape is constantly evolving, and our ability to adapt with it, using resources and tools at our disposal, is crucial to stay relevant and serve our community at the highest level.
In essence, as we reboot our community strategies, the lessons learned from the last bull run can serve as our guiding light, illuminating our path toward building a thriving, engaged, and resilient community. Each step on this roadmap represents an investment in your community, reinforcing the bond that goes beyond the transactional nature of buying and selling NFTs, towards creating a shared journey of growth, learning, and mutual success.
<a target="_blank" href="https://app.aspenft.io/"><img title="Footer CTA" src="/images/blog/CTA/2_Claim-your-storefront3@3x.png" /></a>

Lessons Learned from the Last Bull Run

Community Strategy Reboot

## 6 Lessons from Consortium Key's Successful Royalties Recovery Program

We are thrilled to share the valuable insights we've gained through our collaboration with Consortium Key, an innovative web3 organization that [surpassed revenue forecasts](https://aspenft.io/blog/consortium-key-exceeds-revenue-forecasts) by implementing our Subscription Tools.&nbsp;

Now, Consortium Key holds the distinction of being the first NFT project in the world to implement a Royalty Recovery program, using Aspen’s Royalty Tools, addressing the challenges faced by creators and project teams in safeguarding their revenue amidst a declining infrastructure.

In this blog post, we aim to shed light on the wisdom shared by iambullish, the Chief Strategy Officer, and lexomis, the Chief Technology Officer of Consortium Key, as they reflect on their journey.&nbsp;

Whether you're a web3 creator, a project team member, or simply curious about the potential of royalty recovery programs, their firsthand experiences offer valuable insights into both the implementation of Aspen's tools and the broader landscape of building sustainable revenue streams.

<a target="_blank" href="https://app.aspenft.io/storefronts/consortium-key"><img title="Header CTA" src="/images/blog/CTA/4_Explore-Consortium-Keys-Storefront1@3x.png" /></a>

### **Drive Sustainable Growth through Transparent Communication**

Effective communication plays a pivotal role in facilitating change within communities. Consortium Key emphasizes the significance of transparency in garnering support for revenue-related initiatives.

Communities can be resistant to change. Although the need for healthy project revenue may seem obvious to you and your team — or even a core group of your collectors — never underestimate the power of transparency.&nbsp;

According to lexomis, "The first thing we talked about with our community was WHY we needed to do this. The equation is super simple, we cannot build great shit for them if we don't have money to pay our engineering team."

By helping community members comprehend the costs associated with the utility they receive, you empower them to grasp the importance of maintaining royalties. Utilize channels such as Discord and Twitter Spaces to disseminate information, ensuring multiple touchpoints for effective communication well in advance of activating the toolkit.

<a target="_blank" href="https://app.aspenft.io/storefronts/consortium-key"><img title="Square CTA" src="/images/blog/CTA/4_Explore-Consortium-Keys-Storefront2@3xSmall.png" /></a>

### **Strike a Balance: Prioritize Community, Acknowledge Traders**

As iambullish explains, “Traders are always going to trade and try to optimize their profit. If you stop worrying about what they do and start worrying about how you can help your real community, things will work themselves out. We liked Aspen's ability to help us use an incentives-based approach to working with our community."

To ensure a hassle-free experience for their community, Consortium Key implemented a streamlined process within their Discord platform. They adjusted their official links section in Discord to direct traffic to their <a target="_blank" href="https://app.aspenft.io/storefronts/consortium-key">Aspen storefront</a>. By doing so, they could conveniently inform their community that purchasing from the Aspen storefront guarantees seamless royalty management, eliminating any potential difficulties during their Discord setup. This simple yet effective change provided the community with the assurance that their royalties will be taken care of without any complications, fostering a smooth and efficient user experience.

### **Transition with a Well-Planned Approach**

Implementing significant changes requires meticulous planning and an alignment with the community. Patience and strategic execution are key to successfully introducing new programs and ensuring their widespread adoption. Consortium Key's experience serves as a valuable lesson: change cannot be expected overnight.

lexomis highlights the importance of a phased implementation, stating, "Given the&nbsp; impact of gating our utility behind royalties, we approached it in three phases. In the initial phase, we communicated the coming changes and allowed community members a few weeks to become compliant. In the second phase, we established gated roles using Aspen's platform, enabling community members to see visually their compliance status within Discord; we even turned the non-compliant holder role to 'shit brown'. Finally, in the third phase, we removed non-compliant individuals from now privileged rooms."

Building a system that includes a 'waiting room' after the transition allows new holders a three-day window to access utility while ensuring sufficient time to address their royalty compliance requirements.

### **Incentivize Compliance for Optimal Results**

Implementing an effective incentivization strategy can greatly encourage holders to prioritize cleaning up their royalties status. Iambullish recounts their approach, which took advantage of a mini-bull market for shitcoins that led to a recent increase in their floor price.&nbsp;

To motivate established holders to address their royalty compliance, they implemented a two-pronged incentivization structure:

1. **Capped Payment Amount**\: For those who had purchased before the transition began, Consortium Key capped the amount they would need to pay if they hadn't yet addressed their royalty obligations. This approach helped alleviate any financial burden and incentivized timely compliance.
2. **Subscriptions Program Voucher**\: Additionally, Consortium Key offered a one-month voucher from their subscriptions program to holders who purchased their NFTs prior to the transition but subsequently fulfilled their royalty requirements. This provided an extra incentive for holders to take action and ensured a smoother transition for everyone involved. Read how [Consortium Key leveraged Aspen's Subscription](/blog/consortium-key-exceeds-revenue-forecasts) program.

By providing clear incentives and support, Consortium Key successfully motivated holders to address their royalty compliance, aligning their community with the new program while mitigating any potential challenges or hesitations.

"Aspen's ability to provide a payback mechanism and an appeal mechanism made this super easy."

### **Equip the Entire Ecosystem for Success**

When implementing new programs or executing a process transition for your members, it is vital to empower your community with the necessary knowledge and resources. Taking inspiration from Lexomis, we learn the importance of creating self-help and troubleshooting materials to support both the community and the team.

lexomis emphasizes the importance of equipping the community and team with knowledge, stating, "We built a bit of a mini-FAQ for our community, moderators and entire team to understand many of the simple things."

The FAQ, located directly in their Discord, served as a valuable resource for understanding common issues and straightforward solutions. By proactively addressing frequently asked questions and simple fixes, they were able to empower community members to find solutions independently and reduce the dependency on customer success requests.

Investing the time and effort to develop self-help and troubleshooting resources not only provides valuable support to community members, it also alleviates potential bottlenecks for your team. This approach fostered a sense of independence and empowered Consortium Key’s community members to resolve common issues on their own, while allowing their team to focus on more complex challenges and strategic initiatives.

<img width="1325" height="279" src="/uploads/image-2.png" /> <img width="936" height="464" src="/uploads/image-3.png" /> <img width="1356" height="245" src="/uploads/image-5.png" />

### **Consistency is Key: Enforce Policies Effectively**

Enforcing policies consistently can be challenging, particularly when emotions and individual circumstances come into play. However, iambullish emphasizes the importance of setting policies in writing and adhering to them.

They advise, "Although it may be tempting to make exceptions, maintaining consistency is crucial. We found it much easier to adhere strictly to our policies. When exceptions were made in the past, word spread, leading to a flood of similar requests. Aspen's system facilitated our consistency by requiring everyone to use the royalties appeal system, providing clear information for informed decision-making, especially in borderline cases."

Consistent policy enforcement promotes fairness and trust within the community while simplifying the decision-making processes. By establishing clear policies, documenting them, and minimizing exceptions, you create a framework that supports the long-term success of your program. Leveraging purpose-built tools like Aspen's further enhances consistency and offers valuable insights to inform decision-making.

### **Learn More About Aspen’s Royalty Toolkit**

Consortium Key's successful Royalties Recovery program proves that royalty revenue isn’t dead — it just requires a better framework.&nbsp;

Iambullish and Lexomis’ insights provide an effective roadmap for creators or projects interested in an empowerment platform for recurring revenue. By implementing the strategies shared by Lexomis and iambullish, you, too, can unlock the full potential of our Revenue Toolkits and tap into a sustainable income stream for your own creations.

With Aspen, you have the power to take control of your revenue generation and protect your royalties in the web3 ecosystem. By embracing transparency, striking a balance between community and traders, and implementing a phased approach, you can navigate the transition smoothly and ensure widespread adoption of your Royalty Recovery Program.

By enforcing policies consistently and utilizing Aspen's royalties appeal system, you can establish a fair and trusted framework that supports the long-term success of your program. Aspen serves as your ally in making informed decisions and providing valuable insights to drive sustainable revenue growth.

Built to empower web3 Creators, discover how <a target="_blank" href="https://aspenft.io/royalties">Aspen's royalty tools</a> can revolutionize your revenue streams and empower your creative journey.

<a target="_blank" href="https://app.aspenft.io/storefronts/consortium-key"><img title="Footer CTA" src="/images/blog/CTA/4_Explore-Consortium-Keys-Storefront3@3x.png" /></a>

<h2>6 Lessons from Consortium Key's Successful Royalties Recovery Program</h2>
We are thrilled to share the valuable insights we've gained through our collaboration with Consortium Key, an innovative web3 organization that <a href="https://aspenft.io/blog/consortium-key-exceeds-revenue-forecasts">surpassed revenue forecasts</a> by implementing our Subscription Tools. 
Now, Consortium Key holds the distinction of being the first NFT project in the world to implement a Royalty Recovery program, using Aspen’s Royalty Tools, addressing the challenges faced by creators and project teams in safeguarding their revenue amidst a declining infrastructure.
In this blog post, we aim to shed light on the wisdom shared by iambullish, the Chief Strategy Officer, and lexomis, the Chief Technology Officer of Consortium Key, as they reflect on their journey. 
Whether you're a web3 creator, a project team member, or simply curious about the potential of royalty recovery programs, their firsthand experiences offer valuable insights into both the implementation of Aspen's tools and the broader landscape of building sustainable revenue streams.
<a target="_blank" href="https://app.aspenft.io/storefronts/consortium-key"><img title="Header CTA" src="/images/blog/CTA/4_Explore-Consortium-Keys-Storefront1@3x.png" /></a>
<h3>Drive Sustainable Growth through Transparent Communication</h3>
Effective communication plays a pivotal role in facilitating change within communities. Consortium Key emphasizes the significance of transparency in garnering support for revenue-related initiatives.
Communities can be resistant to change. Although the need for healthy project revenue may seem obvious to you and your team — or even a core group of your collectors — never underestimate the power of transparency. 
According to lexomis, &quot;The first thing we talked about with our community was WHY we needed to do this. The equation is super simple, we cannot build great shit for them if we don't have money to pay our engineering team.&quot;
By helping community members comprehend the costs associated with the utility they receive, you empower them to grasp the importance of maintaining royalties. Utilize channels such as Discord and Twitter Spaces to disseminate information, ensuring multiple touchpoints for effective communication well in advance of activating the toolkit.
<a target="_blank" href="https://app.aspenft.io/storefronts/consortium-key"><img title="Square CTA" src="/images/blog/CTA/4_Explore-Consortium-Keys-Storefront2@3xSmall.png" /></a>
<h3>Strike a Balance: Prioritize Community, Acknowledge Traders</h3>
As iambullish explains, “Traders are always going to trade and try to optimize their profit. If you stop worrying about what they do and start worrying about how you can help your real community, things will work themselves out. We liked Aspen's ability to help us use an incentives-based approach to working with our community.&quot;
To ensure a hassle-free experience for their community, Consortium Key implemented a streamlined process within their Discord platform. They adjusted their official links section in Discord to direct traffic to their <a target="_blank" href="https://app.aspenft.io/storefronts/consortium-key">Aspen storefront</a>. By doing so, they could conveniently inform their community that purchasing from the Aspen storefront guarantees seamless royalty management, eliminating any potential difficulties during their Discord setup. This simple yet effective change provided the community with the assurance that their royalties will be taken care of without any complications, fostering a smooth and efficient user experience.
<h3>Transition with a Well-Planned Approach</h3>
Implementing significant changes requires meticulous planning and an alignment with the community. Patience and strategic execution are key to successfully introducing new programs and ensuring their widespread adoption. Consortium Key's experience serves as a valuable lesson: change cannot be expected overnight.
lexomis highlights the importance of a phased implementation, stating, &quot;Given the  impact of gating our utility behind royalties, we approached it in three phases. In the initial phase, we communicated the coming changes and allowed community members a few weeks to become compliant. In the second phase, we established gated roles using Aspen's platform, enabling community members to see visually their compliance status within Discord; we even turned the non-compliant holder role to 'shit brown'. Finally, in the third phase, we removed non-compliant individuals from now privileged rooms.&quot;
Building a system that includes a 'waiting room' after the transition allows new holders a three-day window to access utility while ensuring sufficient time to address their royalty compliance requirements.
<h3>Incentivize Compliance for Optimal Results</h3>
Implementing an effective incentivization strategy can greatly encourage holders to prioritize cleaning up their royalties status. Iambullish recounts their approach, which took advantage of a mini-bull market for shitcoins that led to a recent increase in their floor price. 
To motivate established holders to address their royalty compliance, they implemented a two-pronged incentivization structure:
<ol>
<li>Capped Payment Amount: For those who had purchased before the transition began, Consortium Key capped the amount they would need to pay if they hadn't yet addressed their royalty obligations. This approach helped alleviate any financial burden and incentivized timely compliance.</li>
<li>Subscriptions Program Voucher: Additionally, Consortium Key offered a one-month voucher from their subscriptions program to holders who purchased their NFTs prior to the transition but subsequently fulfilled their royalty requirements. This provided an extra incentive for holders to take action and ensured a smoother transition for everyone involved. Read how <a href="/blog/consortium-key-exceeds-revenue-forecasts">Consortium Key leveraged Aspen's Subscription</a> program.</li>
</ol>
By providing clear incentives and support, Consortium Key successfully motivated holders to address their royalty compliance, aligning their community with the new program while mitigating any potential challenges or hesitations.
&quot;Aspen's ability to provide a payback mechanism and an appeal mechanism made this super easy.&quot;
<h3>Equip the Entire Ecosystem for Success</h3>
When implementing new programs or executing a process transition for your members, it is vital to empower your community with the necessary knowledge and resources. Taking inspiration from Lexomis, we learn the importance of creating self-help and troubleshooting materials to support both the community and the team.
lexomis emphasizes the importance of equipping the community and team with knowledge, stating, &quot;We built a bit of a mini-FAQ for our community, moderators and entire team to understand many of the simple things.&quot;
The FAQ, located directly in their Discord, served as a valuable resource for understanding common issues and straightforward solutions. By proactively addressing frequently asked questions and simple fixes, they were able to empower community members to find solutions independently and reduce the dependency on customer success requests.
Investing the time and effort to develop self-help and troubleshooting resources not only provides valuable support to community members, it also alleviates potential bottlenecks for your team. This approach fostered a sense of independence and empowered Consortium Key’s community members to resolve common issues on their own, while allowing their team to focus on more complex challenges and strategic initiatives.
<img width="1325" height="279" src="/uploads/image-2.png" /> <img width="936" height="464" src="/uploads/image-3.png" /> <img width="1356" height="245" src="/uploads/image-5.png" />
<h3>Consistency is Key: Enforce Policies Effectively</h3>
Enforcing policies consistently can be challenging, particularly when emotions and individual circumstances come into play. However, iambullish emphasizes the importance of setting policies in writing and adhering to them.
They advise, &quot;Although it may be tempting to make exceptions, maintaining consistency is crucial. We found it much easier to adhere strictly to our policies. When exceptions were made in the past, word spread, leading to a flood of similar requests. Aspen's system facilitated our consistency by requiring everyone to use the royalties appeal system, providing clear information for informed decision-making, especially in borderline cases.&quot;
Consistent policy enforcement promotes fairness and trust within the community while simplifying the decision-making processes. By establishing clear policies, documenting them, and minimizing exceptions, you create a framework that supports the long-term success of your program. Leveraging purpose-built tools like Aspen's further enhances consistency and offers valuable insights to inform decision-making.
<h3>Learn More About Aspen’s Royalty Toolkit</h3>
Consortium Key's successful Royalties Recovery program proves that royalty revenue isn’t dead — it just requires a better framework. 
Iambullish and Lexomis’ insights provide an effective roadmap for creators or projects interested in an empowerment platform for recurring revenue. By implementing the strategies shared by Lexomis and iambullish, you, too, can unlock the full potential of our Revenue Toolkits and tap into a sustainable income stream for your own creations.
With Aspen, you have the power to take control of your revenue generation and protect your royalties in the web3 ecosystem. By embracing transparency, striking a balance between community and traders, and implementing a phased approach, you can navigate the transition smoothly and ensure widespread adoption of your Royalty Recovery Program.
By enforcing policies consistently and utilizing Aspen's royalties appeal system, you can establish a fair and trusted framework that supports the long-term success of your program. Aspen serves as your ally in making informed decisions and providing valuable insights to drive sustainable revenue growth.
Built to empower web3 Creators, discover how <a target="_blank" href="https://aspenft.io/royalties">Aspen's royalty tools</a> can revolutionize your revenue streams and empower your creative journey.
<a target="_blank" href="https://app.aspenft.io/storefronts/consortium-key"><img title="Footer CTA" src="/images/blog/CTA/4_Explore-Consortium-Keys-Storefront3@3x.png" /></a>

6 Lessons from Consortium Key's Success

Royalties Recovery Program

## Unleashing the Power of Royalty Reporting on Aspen: A Game-Changer for Your Digital Business

Are you ready to transform your digital business? Say hello to Royalty Reporting on Aspen, a revolutionary tool designed to empower web3 creators with crucial insights into the royalty payments of their collectors. This innovative feature is set to take your digital venture to new heights, enabling you to make informed decisions about content releases, membership offers, and community management.

Let's dive into how Royalty Reporting works on Aspen and why it's a must-have tool for taking your digital business to new heights.

<a target="_blank" href="https://app.aspenft.io/"><img width="2160" height="480" title="Header CTA" src="/images/blog/blog2/Banner_large_no-cta.png" /></a>

### Understanding the Magic of Royalty Reporting on Aspen

Royalty Reporting, an exclusive feature for Aspen creators, provides an easy-to-download file that reveals which collectors have paid their royalties. This valuable information allows you to:

1\. Launch gated content only for due-paying members, making sure your most devoted fans enjoy exclusive access to your latest masterpieces.

#### **Aspen Tip:**

By offering premium content to due-paying members, you can encourage more collectors to pay royalties, thus increasing your overall revenue.

2\. Create subscription memberships just for royalty-paying collectors, nurturing a tight-knit community that truly appreciates your work.

<a target="_blank" href="https://app.aspenft.io/"><img width="320" height="320" title="Square CTA" src="/images/blog/blog2/Banner_small.png" /></a>

#### **Aspen Tip:**

Subscription memberships can generate a steady stream of income from collectors who are more likely to engage with your content and make additional purchases.

3\. Offer NFT utility based on royalty payment status, giving a little extra love to those who consistently support your digital ventures.

#### **Aspen Tip:**

Enhancing the utility of your NFTs for due-paying collectors can create a stronger incentive for collectors to pay royalties, increasing the overall value of your digital assets.

4\. Make data-driven decisions about your audience and community, optimizing your content and marketing efforts for maximum success.

#### **Aspen Tip:**

By understanding your audience's preferences and payment behaviors, you can tailor your marketing campaigns and content releases to appeal to the right collectors, ultimately boosting your revenue.

<h3 class="align-right">How to Access Royalty Reports on Aspen: A Step-by-Step Guide</h3>

Ready to tap into the power of Royalty Reporting on Aspen? Here's how:

1\. Jump into Studio Mode on the Aspen platform.

2\. Choose 'Royalties' from the left side menu.

3\. Once you're on the Royalties home page, click the 'Overview' tab.

4\. Hit the 'Download All' button to receive your royalties compliance report, complete with wallet addresses of all due-paying collectors.

And guess what? You can also download reports for individual collections. This level of detail lets you analyze the performance of specific collections and better understand what makes your audience tick.

Royalty Reporting on Aspen is a total game-changer for creators looking to level up their digital business. By providing priceless insights into the royalty payment habits of collectors, this feature enables you to make strategic decisions about content releases, membership offers, and community engagement.&nbsp;

So, what are you waiting for?&nbsp;

Get started with Aspen’s [Royalty Tools](/royalties) today and unleash the full potential of your digital footprint.

<a target="_blank" href="https://app.aspenft.io/"><img width="2160" height="792" title="Footer CTA" src="/images/blog/blog2/Banner_large_cta.png" /></a>

<h2>Unleashing the Power of Royalty Reporting on Aspen: A Game-Changer for Your Digital Business</h2>
Are you ready to transform your digital business? Say hello to Royalty Reporting on Aspen, a revolutionary tool designed to empower web3 creators with crucial insights into the royalty payments of their collectors. This innovative feature is set to take your digital venture to new heights, enabling you to make informed decisions about content releases, membership offers, and community management.
Let's dive into how Royalty Reporting works on Aspen and why it's a must-have tool for taking your digital business to new heights.
<a target="_blank" href="https://app.aspenft.io/"><img width="2160" height="480" title="Header CTA" src="/images/blog/blog2/Banner_large_no-cta.png" /></a>
<h3>Understanding the Magic of Royalty Reporting on Aspen</h3>
Royalty Reporting, an exclusive feature for Aspen creators, provides an easy-to-download file that reveals which collectors have paid their royalties. This valuable information allows you to:
1. Launch gated content only for due-paying members, making sure your most devoted fans enjoy exclusive access to your latest masterpieces.
<h4>Aspen Tip:</h4>
By offering premium content to due-paying members, you can encourage more collectors to pay royalties, thus increasing your overall revenue.
2. Create subscription memberships just for royalty-paying collectors, nurturing a tight-knit community that truly appreciates your work.
<a target="_blank" href="https://app.aspenft.io/"><img width="320" height="320" title="Square CTA" src="/images/blog/blog2/Banner_small.png" /></a>
<h4>Aspen Tip:</h4>
Subscription memberships can generate a steady stream of income from collectors who are more likely to engage with your content and make additional purchases.
3. Offer NFT utility based on royalty payment status, giving a little extra love to those who consistently support your digital ventures.
<h4>Aspen Tip:</h4>
Enhancing the utility of your NFTs for due-paying collectors can create a stronger incentive for collectors to pay royalties, increasing the overall value of your digital assets.
4. Make data-driven decisions about your audience and community, optimizing your content and marketing efforts for maximum success.
<h4>Aspen Tip:</h4>
By understanding your audience's preferences and payment behaviors, you can tailor your marketing campaigns and content releases to appeal to the right collectors, ultimately boosting your revenue.
<h3 class="align-right">How to Access Royalty Reports on Aspen: A Step-by-Step Guide</h3>
Ready to tap into the power of Royalty Reporting on Aspen? Here's how:
1. Jump into Studio Mode on the Aspen platform.
2. Choose 'Royalties' from the left side menu.
3. Once you're on the Royalties home page, click the 'Overview' tab.
4. Hit the 'Download All' button to receive your royalties compliance report, complete with wallet addresses of all due-paying collectors.
And guess what? You can also download reports for individual collections. This level of detail lets you analyze the performance of specific collections and better understand what makes your audience tick.
Royalty Reporting on Aspen is a total game-changer for creators looking to level up their digital business. By providing priceless insights into the royalty payment habits of collectors, this feature enables you to make strategic decisions about content releases, membership offers, and community engagement. 
So, what are you waiting for? 
Get started with Aspen’s <a href="/royalties">Royalty Tools</a> today and unleash the full potential of your digital footprint.
<a target="_blank" href="https://app.aspenft.io/"><img width="2160" height="792" title="Footer CTA" src="/images/blog/blog2/Banner_large_cta.png" /></a>

Unlock the Power to Grow Your Digital Business

 Unleashing the Power of Royalty Reporting on Aspen: A Game-Changer for Your Digital Business

## Aspen's Comprehensive 3-Step Royalty Solution for Web3 Creators

 In the rapidly evolving world of web3, Creators are forging new paths and reshaping the way we consume and create content.

It's crucial to ensure that the rewards and benefits of the digital economy reach Creators fairly, while empowering them to grow their revenue and expand their brand.

In support, we're thrilled to introduce our 3-step Creator-centric Royalty Solution, designed to provide Creators with the support, tools, and insights they need to thrive in the NFT space — rolled up into an easy-to-use, no-code *and* Collector-friendly tools.

<a target="_blank" href="https://app.aspenft.io/"><img width="2160" height="480" title="Header CTA" src="/images/blog/blog2/Banner_large_no-cta.png" /></a>

As we discussed in our previous blog post,[ Why Web3 Creators Should Care About a Royalties Solution](/blog/why-web3-creators-should-care-about-a-royalties-solution), royalties are an essential aspect of web3 Creators' revenue streams. Our innovative approach guarantees that artists receive the compensation they deserve while unlocking their full potential for brand growth.

Let's dive into our 3-step solution and explore how each component contributes to increased revenue, brand expansion and marketing firepower for web3 Creators.

### **Royalty Paybacks: Simplifying Dues for Collectors**

Our Royalty Paybacks feature streamlines the royalty payment process, making it easier for Collectors to support their favorite Creators. By simplifying the payment process, we encourage Collectors to acquire more NFTs from the creators they love, boosting the Creators' income and allowing them to focus on producing high-quality content. Additionally, the transparent payment system fosters trust and loyalty between Creators and their fans, further expanding your brand or project reach.

### **Royalty Appeals: Fair and Transparent Resolution**

Swore you paid royalties from a different wallet? No problem. The Royalty Appeals process ensures that Creators receive their rightful compensation while maintaining a fair and transparent relationship with Collectors.

By allowing Creators to review and resolve appeals based on on-chain evidence, we empower them to maintain control over their income and brand reputation. As Creators' membership lists grow, their influence and brand visibility in the web3 community are amplified, ultimately resulting in increased revenue opportunities through collaborations, sponsorships, and other partnerships.

<a target="_blank" href="https://app.aspenft.io/"><img width="320" height="320" title="Square CTA" src="/images/blog/blog2/Banner_small.png" /></a>

Further, this appeals workflow connects Collectors directly with Creators, maintaining peer-to-peer communications without the interference of an intermediary while still providing Collectors an opportunity to remedy any error in royalty reporting.

### **Royalty Reporting: Empowering Creators with Data**

Our Royalty Reporting feature provides Creators with valuable insights into their earnings, enabling them to make informed decisions about their content and marketing strategies. By understanding which Collectors have paid royalties and which have not, Creators can target their efforts towards developing gated content and exclusive experiences for their most loyal supporters. This tailored approach incentivizes Collectors to continue supporting the Creator and enhances the Creator's brand image as one that values and rewards its fan base.

The 3-step Creator-centric Royalty Solution is not only a powerful revenue-generating tool but also a game-changer for web3 artists seeking to elevate their brand and foster deeper connections with their audience.

By leveraging the right tools to handle royalties, deliver exclusive content, and reward devoted supporters, Creators can establish a magnetic brand presence that captivates their fan base in the web3 world.

What sets this approach apart is the transformation of traditional "collectors" into committed "members," unlocking a fresh approach to web3 revenue generation. This metamorphosis cultivates a strong sense of community and belonging, inspiring members to invest in the Creator's work and the compelling narrative behind it. This paves the way for inventive monetization strategies, including memberships, bespoke events, and personalized experiences that cater to the desires and expectations of the audience.

Embracing a 3-step Creator-centric Royalty Solution means championing a flourishing ecosystem for web3 Creators. By embodying this commitment, Creators pave the way for a fairer and more sustainable digital economy.

Unleash the untapped potential of your creative brand in the web3 domain by learning more about Aspen's [Royalty Tools](/royalties). Ready to level up? Import your existing collection into a [Storefront](/storefront) and start today!

<a target="_blank" href="https://app.aspenft.io/"><img title="Footer CTA" src="https://aspenft.io/images/blog/blog2/Banner_large_cta.png" /></a>

<h2>Aspen's Comprehensive 3-Step Royalty Solution for Web3 Creators</h2>
 In the rapidly evolving world of web3, Creators are forging new paths and reshaping the way we consume and create content.
It's crucial to ensure that the rewards and benefits of the digital economy reach Creators fairly, while empowering them to grow their revenue and expand their brand.
In support, we're thrilled to introduce our 3-step Creator-centric Royalty Solution, designed to provide Creators with the support, tools, and insights they need to thrive in the NFT space — rolled up into an easy-to-use, no-code and Collector-friendly tools.
<a target="_blank" href="https://app.aspenft.io/"><img width="2160" height="480" title="Header CTA" src="/images/blog/blog2/Banner_large_no-cta.png" /></a>
As we discussed in our previous blog post,<a href="/blog/why-web3-creators-should-care-about-a-royalties-solution"> Why Web3 Creators Should Care About a Royalties Solution</a>, royalties are an essential aspect of web3 Creators' revenue streams. Our innovative approach guarantees that artists receive the compensation they deserve while unlocking their full potential for brand growth.
Let's dive into our 3-step solution and explore how each component contributes to increased revenue, brand expansion and marketing firepower for web3 Creators.
<h3>Royalty Paybacks: Simplifying Dues for Collectors</h3>
Our Royalty Paybacks feature streamlines the royalty payment process, making it easier for Collectors to support their favorite Creators. By simplifying the payment process, we encourage Collectors to acquire more NFTs from the creators they love, boosting the Creators' income and allowing them to focus on producing high-quality content. Additionally, the transparent payment system fosters trust and loyalty between Creators and their fans, further expanding your brand or project reach.
<h3>Royalty Appeals: Fair and Transparent Resolution</h3>
Swore you paid royalties from a different wallet? No problem. The Royalty Appeals process ensures that Creators receive their rightful compensation while maintaining a fair and transparent relationship with Collectors.
By allowing Creators to review and resolve appeals based on on-chain evidence, we empower them to maintain control over their income and brand reputation. As Creators' membership lists grow, their influence and brand visibility in the web3 community are amplified, ultimately resulting in increased revenue opportunities through collaborations, sponsorships, and other partnerships.
<a target="_blank" href="https://app.aspenft.io/"><img width="320" height="320" title="Square CTA" src="/images/blog/blog2/Banner_small.png" /></a>
Further, this appeals workflow connects Collectors directly with Creators, maintaining peer-to-peer communications without the interference of an intermediary while still providing Collectors an opportunity to remedy any error in royalty reporting.
<h3>Royalty Reporting: Empowering Creators with Data</h3>
Our Royalty Reporting feature provides Creators with valuable insights into their earnings, enabling them to make informed decisions about their content and marketing strategies. By understanding which Collectors have paid royalties and which have not, Creators can target their efforts towards developing gated content and exclusive experiences for their most loyal supporters. This tailored approach incentivizes Collectors to continue supporting the Creator and enhances the Creator's brand image as one that values and rewards its fan base.
The 3-step Creator-centric Royalty Solution is not only a powerful revenue-generating tool but also a game-changer for web3 artists seeking to elevate their brand and foster deeper connections with their audience.
By leveraging the right tools to handle royalties, deliver exclusive content, and reward devoted supporters, Creators can establish a magnetic brand presence that captivates their fan base in the web3 world.
What sets this approach apart is the transformation of traditional &quot;collectors&quot; into committed &quot;members,&quot; unlocking a fresh approach to web3 revenue generation. This metamorphosis cultivates a strong sense of community and belonging, inspiring members to invest in the Creator's work and the compelling narrative behind it. This paves the way for inventive monetization strategies, including memberships, bespoke events, and personalized experiences that cater to the desires and expectations of the audience.
Embracing a 3-step Creator-centric Royalty Solution means championing a flourishing ecosystem for web3 Creators. By embodying this commitment, Creators pave the way for a fairer and more sustainable digital economy.
Unleash the untapped potential of your creative brand in the web3 domain by learning more about Aspen's <a href="/royalties">Royalty Tools</a>. Ready to level up? Import your existing collection into a <a href="/storefront">Storefront</a> and start today!
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A Creator-Centric Approach to Unlocking Revenue and Brand Growth in Web3

Aspen's Comprehensive 3-Step Royalty Solution for Web3 Creators

## NFT Royalties: Uncovering the Hidden Revenue in the Blockchain World

The blockchain universe, with its innovative NFTs, has ushered in a new era for creators to profit from their work. A standout feature of this digital transformation is the advent of NFT royalties. Unlike conventional royalties that are usually disbursed to creators via intricate legal contracts, NFT royalties are regulated by smart contracts on blockchain networks. This guarantees that creators earn a set percentage of the revenue each time their work is resold in the secondary market.

<a target="_blank" href="https://app.aspenft.io/storefronts/dusks-reign"><img title="Header CTA" src="/images/blog/CTA/1_Calculate-Your-Royalty-Leakage1@3x.png" /></a>

### The Evolution in Marketplace Focus: Traders Over Creators

In recent times, the most active NFT marketplaces have experienced a significant shift in their marketing and user experience strategies, focusing more on traders rather than creators.

This trend is evident in various marketplaces, including Blur, X2Y2, and even OpenSea. These platforms prioritize facilitating NFT transactions over nurturing the creative process and ensuring artists are fairly compensated for their work.

Regrettably, this trader-centric approach has led to an overemphasis on transactions, sidelining the creators whose works are the backbone of these transactions.

With the most frequented marketplaces overlooking the significance of royalty payments, artists are deprived of their fair share of profits from their work's resale, thereby hindering their financial prosperity in the Web3 world.

### The Impact of Royalty Losses in 2023

In the first quarter of 2023 alone, the top 10 NFT projects lost an astounding $82.9 million due to unpaid royalties. To illustrate the magnitude of this figure, consider what else could be achieved with such funds:

1. Seed funding for 82 startups, fostering innovation and business growth.
2. Scholarships for over 2,000 students to pursue a four-year college education.
3. Financing the production of several independent films, amplifying underrepresented voices.
4. Supporting the creation and upkeep of 276 public art installations worldwide.
5. Funding art education programs in every public elementary school in California.
6. Providing one month of free gallery space for 41,450 artists in the U.S.
7. Buying coffee for every Brooklyn resident for two weeks.
8. Clearing the student loan debt of 2,470 millennials.
9. Establishing 184 solar farms, significantly reducing carbon emissions.
10. Purchasing 18,450,970 10-piece chicken nugget meals from McDonalds.

#####

<a target="_blank" href="https://app.aspenft.io/storefronts/dusks-reign"><img title="Square CTA" src="/images/blog/CTA/1_Calculate-Your-Royalty-Leakage2@3x-1.png" /></a>

### The Future of NFTs and Creators

The NFT landscape was initially conceived as a decentralized ecosystem that would enable creators to monetize their work and engage with a global audience. However, the recent shift in marketplace focus towards traders over creators has led to a substantial revenue loss for artists.

Without creators, the NFT ecosystem would lose its primary source of value and innovation. Creators are the ones who produce the digital assets that are sold as NFTs, and without them, there would be no unique or original content to mint or trade. This would result in a severe reduction of demand for NFTs and, in turn, the value of the entire market would decline.

Moreover, without creators, the NFT space would lose its cultural and artistic significance. The NFT market has already started to gain mainstream recognition as a platform for artists and creatives to showcase their work and connect with audiences. If creators feel that they are not receiving fair compensation for their work, they may be less likely to participate in the NFT ecosystem, leading to a decrease in the cultural and artistic significance of the space.

Finally, the lack of creator participation in theNFT ecosystem could stifle innovation and technological advancement. Creators are often the first to experiment with new technologies and push the boundaries of what is possible. If they feel that their work is undervalued or under-compensated, they may be less likely to innovate and experiment with new technologies, leading to a stagnation of the NFT market.

### The Threat to the NFT Ecosystem and the Way Forward

From our perspective, the shift in NFT marketplace focus towards traders over creators threatens the very foundation of the NFT ecosystem. The loss of substantial royalty revenue not only hinders artists' financial success but also jeopardizes the growth, innovation, and cultural significance of the entire space.

But this is just the beginning!

To ensure the longevity and vitality of the NFT market, we must incentivize innovation over marketplaces protecting their own bottom line to weather the market downturn — limiting both possibilities and protections for the group most capable of pushing Web3 ahead: Creators.

Aspen is the new haven for Web3 Creators seeking to build and grow their revenue with industry-leading creation, marketing, and distribution tools.

Ready to stop the revenue drain? Discover our [Royalties Tools Now](/royalties).

<a target="_blank" href="https://app.aspenft.io/storefronts/dusks-reign"><img title="Footer CTA" src="/images/blog/CTA/1_Calculate-Your-Royalty-Leakage2@3x.png" /></a>

<h2>NFT Royalties: Uncovering the Hidden Revenue in the Blockchain World</h2>
The blockchain universe, with its innovative NFTs, has ushered in a new era for creators to profit from their work. A standout feature of this digital transformation is the advent of NFT royalties. Unlike conventional royalties that are usually disbursed to creators via intricate legal contracts, NFT royalties are regulated by smart contracts on blockchain networks. This guarantees that creators earn a set percentage of the revenue each time their work is resold in the secondary market.
<a target="_blank" href="https://app.aspenft.io/storefronts/dusks-reign"><img title="Header CTA" src="/images/blog/CTA/1_Calculate-Your-Royalty-Leakage1@3x.png" /></a>
<h3>The Evolution in Marketplace Focus: Traders Over Creators</h3>
In recent times, the most active NFT marketplaces have experienced a significant shift in their marketing and user experience strategies, focusing more on traders rather than creators.
This trend is evident in various marketplaces, including Blur, X2Y2, and even OpenSea. These platforms prioritize facilitating NFT transactions over nurturing the creative process and ensuring artists are fairly compensated for their work.
Regrettably, this trader-centric approach has led to an overemphasis on transactions, sidelining the creators whose works are the backbone of these transactions.
With the most frequented marketplaces overlooking the significance of royalty payments, artists are deprived of their fair share of profits from their work's resale, thereby hindering their financial prosperity in the Web3 world.
<h3>The Impact of Royalty Losses in 2023</h3>
In the first quarter of 2023 alone, the top 10 NFT projects lost an astounding $82.9 million due to unpaid royalties. To illustrate the magnitude of this figure, consider what else could be achieved with such funds:
<ol>
<li>Seed funding for 82 startups, fostering innovation and business growth.</li>
<li>Scholarships for over 2,000 students to pursue a four-year college education.</li>
<li>Financing the production of several independent films, amplifying underrepresented voices.</li>
<li>Supporting the creation and upkeep of 276 public art installations worldwide.</li>
<li>Funding art education programs in every public elementary school in California.</li>
<li>Providing one month of free gallery space for 41,450 artists in the U.S.</li>
<li>Buying coffee for every Brooklyn resident for two weeks.</li>
<li>Clearing the student loan debt of 2,470 millennials.</li>
<li>Establishing 184 solar farms, significantly reducing carbon emissions.</li>
<li>Purchasing 18,450,970 10-piece chicken nugget meals from McDonalds.</li>
</ol>
<h5></h5>
<a target="_blank" href="https://app.aspenft.io/storefronts/dusks-reign"><img title="Square CTA" src="/images/blog/CTA/1_Calculate-Your-Royalty-Leakage2@3x-1.png" /></a>
<h3>The Future of NFTs and Creators</h3>
The NFT landscape was initially conceived as a decentralized ecosystem that would enable creators to monetize their work and engage with a global audience. However, the recent shift in marketplace focus towards traders over creators has led to a substantial revenue loss for artists.
Without creators, the NFT ecosystem would lose its primary source of value and innovation. Creators are the ones who produce the digital assets that are sold as NFTs, and without them, there would be no unique or original content to mint or trade. This would result in a severe reduction of demand for NFTs and, in turn, the value of the entire market would decline.
Moreover, without creators, the NFT space would lose its cultural and artistic significance. The NFT market has already started to gain mainstream recognition as a platform for artists and creatives to showcase their work and connect with audiences. If creators feel that they are not receiving fair compensation for their work, they may be less likely to participate in the NFT ecosystem, leading to a decrease in the cultural and artistic significance of the space.
Finally, the lack of creator participation in theNFT ecosystem could stifle innovation and technological advancement. Creators are often the first to experiment with new technologies and push the boundaries of what is possible. If they feel that their work is undervalued or under-compensated, they may be less likely to innovate and experiment with new technologies, leading to a stagnation of the NFT market.
<h3>The Threat to the NFT Ecosystem and the Way Forward</h3>
From our perspective, the shift in NFT marketplace focus towards traders over creators threatens the very foundation of the NFT ecosystem. The loss of substantial royalty revenue not only hinders artists' financial success but also jeopardizes the growth, innovation, and cultural significance of the entire space.
But this is just the beginning!
To ensure the longevity and vitality of the NFT market, we must incentivize innovation over marketplaces protecting their own bottom line to weather the market downturn — limiting both possibilities and protections for the group most capable of pushing Web3 ahead: Creators.
Aspen is the new haven for Web3 Creators seeking to build and grow their revenue with industry-leading creation, marketing, and distribution tools.
Ready to stop the revenue drain? Discover our <a href="/royalties">Royalties Tools Now</a>.
<a target="_blank" href="https://app.aspenft.io/storefronts/dusks-reign"><img title="Footer CTA" src="/images/blog/CTA/1_Calculate-Your-Royalty-Leakage2@3x.png" /></a>

Uncovering the Hidden Revenue in the Blockchain World

NFT Royalties

## Why Creators Should Care About a Royalties Solution

In the Web3-is-the-internet-you-own era, NFT royalties have become a critical aspect of the creator ecosystem. Ensuring a robust solution for NFT royalties is vital for artists to generate sustainable income from their creative pursuits.&nbsp;

But finding a solution hasn’t been easy.

The ongoing debate surrounding NFT royalties and emphasize the importance of finding a solution to protect the interests of web3 creators.

<a target="_blank" href="https://app.aspenft.io/storefronts/dusks-reign"><img title="Header CTA" src="/images/blog/CTA/4_Calculate-Your-Royalty-Leakage1@3x-1.png" /></a>

## **The NFT royalties conundrum**

As the web3 community continues to wrestle with the challenge of establishing a fair and effective NFT royalties solution, several points of contention have arisen.

1. Technical limitations: Enforcing royalties on-chain presents numerous technical obstacles. As highlighted by [The Block](https://www.theblock.co/post/178603/why-nft-royalties-are-almost-impossible-to-enforce-on-chain), these challenges include the ease with which users can bypass royalties by moving NFTs between wallets, and the lack of consensus on standardization across different blockchains and marketplaces.
2. Legal complexities: [CoinDesk](https://www.coindesk.com/layer2/2022/11/07/why-nft-artists-shouldnt-expect-royalties/) emphasized the legal intricacies surrounding NFT royalties. Intellectual property rights and enforcement mechanisms vary significantly between jurisdictions, making it challenging to establish a unified, global approach to royalties. But here’s the thing: code isn’t law.
3. Conflicting interests: [Decrypt](https://decrypt.co/107482/why-nft-creators-collectors-artist-royalties) underscored the differing perspectives among creators, collectors, and platforms. While creators seek fair compensation, collectors may be hesitant to accept royalties that could reduce their profits. Furthermore, platforms might resist implementing royalties due to the added complexity and potential impact on user experience.
4. Lack of standardization: The absence of an industry-wide standard for NFT royalties creates inconsistencies across platforms and complicates enforcement efforts. As a result, artists may struggle to navigate various royalty systems and secure their fair share of revenue.

## **Leading the Way to a Living Wage**

Digital artists are increasingly finding greater financial success through web3 platforms as NFT sales and royalties from secondary sales offer a more lucrative revenue stream compared to traditional web2 platforms.

<a target="_blank" href="https://app.aspenft.io/storefronts/dusks-reign"><img title="Square CTA" src="/images/blog/CTA/4_Calculate-Your-Royalty-Leakage2@3x-2.png" /></a>

A royalties solution is an essential step forward in ensuring that individuals are fairly compensated for their creative contributions.

Let's examine some telling statistics:

* In 2021, NFTs generated $3.9 billion for 22,400 web3 creators, resulting in an average revenue per creator of $174,000.

* Comparatively, Spotify paid $7 billion to 11 million artists, translating to a per capita income of $636.

* YouTube, the world's most popular video publishing platform, paid $15 billion to 37 million channels, equating to an average revenue of $405 per channel.

* Meanwhile, Meta Platforms (formerly Facebook) distributed $300 million to more than 2.9 billion users, averaging a meager $0.10 per user.

These figures indicate that NFTs are quickly becoming a far more effective means of monetizing creative work compared to established web2 platforms for generating income from intellectual properties.

By championing a robust royalties solution, web3 has the potential to pave the way for a living wage for digital artists and creators. This shift towards equitable compensation can not only attract more talent to the web3 space but also empower creators to focus on their creative endeavors and produce innovative, groundbreaking work.

## **Now What?**

The ongoing debate surrounding NFT royalties highlights the complexity of balancing creators' rights with the practicalities of enforcement and implementation. Nevertheless, it is crucial for web3 creators to actively participate in the discourse and advocate for a royalties solution that protects their interests and sustains the growth of the creator ecosystem.

By uniting in the pursuit of a fair and effective royalties framework, the web3 community can establish a solid foundation for the future of digital art, creativity, and innovation. In doing so, web3 creators will be better equipped to generate sustainable income, secure their intellectual property rights, and contribute to a thriving, equitable creative landscape.&nbsp;

Sounds good to us.

<a target="_blank" href="https://app.aspenft.io/storefronts/dusks-reign"><img title="Footer CTA" src="/images/blog/CTA/4_Calculate-Your-Royalty-Leakage3@3x-2.png" /></a>

<h2>Why Creators Should Care About a Royalties Solution</h2>
In the Web3-is-the-internet-you-own era, NFT royalties have become a critical aspect of the creator ecosystem. Ensuring a robust solution for NFT royalties is vital for artists to generate sustainable income from their creative pursuits. 
But finding a solution hasn’t been easy.
The ongoing debate surrounding NFT royalties and emphasize the importance of finding a solution to protect the interests of web3 creators.
<a target="_blank" href="https://app.aspenft.io/storefronts/dusks-reign"><img title="Header CTA" src="/images/blog/CTA/4_Calculate-Your-Royalty-Leakage1@3x-1.png" /></a>
<h2>The NFT royalties conundrum</h2>
As the web3 community continues to wrestle with the challenge of establishing a fair and effective NFT royalties solution, several points of contention have arisen.
<ol>
<li>Technical limitations: Enforcing royalties on-chain presents numerous technical obstacles. As highlighted by <a href="https://www.theblock.co/post/178603/why-nft-royalties-are-almost-impossible-to-enforce-on-chain">The Block</a>, these challenges include the ease with which users can bypass royalties by moving NFTs between wallets, and the lack of consensus on standardization across different blockchains and marketplaces.</li>
<li>Legal complexities: <a href="https://www.coindesk.com/layer2/2022/11/07/why-nft-artists-shouldnt-expect-royalties/">CoinDesk</a> emphasized the legal intricacies surrounding NFT royalties. Intellectual property rights and enforcement mechanisms vary significantly between jurisdictions, making it challenging to establish a unified, global approach to royalties. But here’s the thing: code isn’t law.</li>
<li>Conflicting interests: <a href="https://decrypt.co/107482/why-nft-creators-collectors-artist-royalties">Decrypt</a> underscored the differing perspectives among creators, collectors, and platforms. While creators seek fair compensation, collectors may be hesitant to accept royalties that could reduce their profits. Furthermore, platforms might resist implementing royalties due to the added complexity and potential impact on user experience.</li>
<li>Lack of standardization: The absence of an industry-wide standard for NFT royalties creates inconsistencies across platforms and complicates enforcement efforts. As a result, artists may struggle to navigate various royalty systems and secure their fair share of revenue.</li>
</ol>
<h2>Leading the Way to a Living Wage</h2>
Digital artists are increasingly finding greater financial success through web3 platforms as NFT sales and royalties from secondary sales offer a more lucrative revenue stream compared to traditional web2 platforms.
<a target="_blank" href="https://app.aspenft.io/storefronts/dusks-reign"><img title="Square CTA" src="/images/blog/CTA/4_Calculate-Your-Royalty-Leakage2@3x-2.png" /></a>
A royalties solution is an essential step forward in ensuring that individuals are fairly compensated for their creative contributions.
Let's examine some telling statistics:
<ul>
<li>
In 2021, NFTs generated $3.9 billion for 22,400 web3 creators, resulting in an average revenue per creator of $174,000.
</li>
<li>
Comparatively, Spotify paid $7 billion to 11 million artists, translating to a per capita income of $636.
</li>
<li>
YouTube, the world's most popular video publishing platform, paid $15 billion to 37 million channels, equating to an average revenue of $405 per channel.
</li>
<li>
Meanwhile, Meta Platforms (formerly Facebook) distributed $300 million to more than 2.9 billion users, averaging a meager $0.10 per user.
</li>
</ul>
These figures indicate that NFTs are quickly becoming a far more effective means of monetizing creative work compared to established web2 platforms for generating income from intellectual properties.
By championing a robust royalties solution, web3 has the potential to pave the way for a living wage for digital artists and creators. This shift towards equitable compensation can not only attract more talent to the web3 space but also empower creators to focus on their creative endeavors and produce innovative, groundbreaking work.
<h2>Now What?</h2>
The ongoing debate surrounding NFT royalties highlights the complexity of balancing creators' rights with the practicalities of enforcement and implementation. Nevertheless, it is crucial for web3 creators to actively participate in the discourse and advocate for a royalties solution that protects their interests and sustains the growth of the creator ecosystem.
By uniting in the pursuit of a fair and effective royalties framework, the web3 community can establish a solid foundation for the future of digital art, creativity, and innovation. In doing so, web3 creators will be better equipped to generate sustainable income, secure their intellectual property rights, and contribute to a thriving, equitable creative landscape. 
Sounds good to us.
<a target="_blank" href="https://app.aspenft.io/storefronts/dusks-reign"><img title="Footer CTA" src="/images/blog/CTA/4_Calculate-Your-Royalty-Leakage3@3x-2.png" /></a>

Why Creators Should Care About a Royalties Solution

## Unraveling the Significance of NFT Royalties in the Web3 Ecosystem

The digital revolution has significantly transformed the way artists, musicians, and creators generate income. Royalties, a long-standing pillar of creative revenue, are evolving in fascinating ways with the advent of web3.

This article delves into the importance of safeguarding royalties in the web3 and creative community.

<a target="_blank" href="https://app.aspenft.io/storefronts/dusks-reign"><img title="Header CTA" src="/images/blog/CTA/3_Calculate-Your-Royalty-Leakage1@3x.png" /></a>

### Understanding Royalties in the Web3 Context

Royalties are compensations paid to creators for the use or sale of their work. In the web2 era, royalties have been instrumental in ensuring fair compensation for creative endeavors. For instance, Dolly Parton earned over U.S. $20 million in royalties from Whitney Houston’s 1992 cover of ‘I Will Always Love You’. Similarly, The Happy Birthday song generated over U.S. $50 million in royalties.

It’s not just the songs that get stuck in our head that are making money, either. In fact, authors wholly depend on royalties from their publishers and it’s how patent holders make a living from their inventions or filings.

These payments can be one-time, recurring, or a combination of both, providing a predictable and stable source of income for creators.

### **Royalties: A Roadmap for Creator Revenue in Web3**

As we transition to the decentralized world of web3, the concept of royalties is undergoing a transformation.&nbsp;

An important distinction to make is the difference between NFT royalties and traditional royalty payments. NFT royalties represent compensation to the original creator for each subsequent sale of their digital assets.

NFT royalties, facilitated by smart contracts on blockchain networks, are encoded into the digital asset itself. During the minting process, creators can specify the royalty percentage they wish to receive. Upon the completion of a secondary NFT sale, the smart contract allocates the predetermined percentage from the transaction to the creator as a royalty payment.

A prime illustration of the potential for passive income through NFT royalties can be found in Beeple's "Crossroads" NFT. The piece was resold on the secondary market for a [staggering $6.6 million](https://cointelegraph.com/news/beeple-nft-sells-for-record-6-6m-as-bidding-for-everydays-at-christie-s-hits-2-2m), with the artist receiving 10% of the transaction as a royalty payment. This example highlights the potency of NFT royalties as a monetization tool for various forms of art.

While blockchain technology and smart contracts have revolutionized the way royalties are managed, distributed, and tracked, ironically, there’s still quite a few speed bumps when it comes to them as a reliable revenue source for web3 enthusiasts.&nbsp;&nbsp;

### The Impact of Optional Royalties on Creators' Revenue

At the end of last year, NFT marketplaces, [suffering significant drops in volume](https://www.bloomberg.com/news/articles/2022-09-28/nft-volumes-tumble-97-from-2022-highs-as-frenzy-fades-chart#xj4y7vzkg), shifted their focus from Creators to Traders, enacting optional and zero royalties policies to attract traffic back to their platforms.

The result of giants like [OpenSea](https://www.coindesk.com/web3/2023/02/17/opensea-goes-zero-fee-creator-royalties-optional/), [LooksRare](https://decrypt.co/113021/nft-marketplace-looksrare-zero-royalties), and [Magic Eden](https://nftnow.com/features/magic-eden-makes-creator-royalties-optional/) eliminating Creator revenue pathways?

The top 10 projects alone missed out on $26 million in royalties JUST in Q4’22.&nbsp;

With each technological breakthrough, it's essential to understand the driving forces behind its emergence. As the creative world embraces NFT royalties, many are still asking: who requires NFT royalties and why?&nbsp;

*Here’s the deal*

While social media and digital platforms have expanded artists' reach, it's crucial to recognize the ongoing challenges faced by creators to maintain sustainable livelihoods through their work.

<a target="_blank" href="https://app.aspenft.io/storefronts/dusks-reign"><img title="Square CTA" src="/images/blog/CTA/3_Calculate-Your-Royalty-Leakage2@3x.png" /></a>

NFT royalties emerged as a solution for artists seeking a more viable business model for their future endeavors. Creatives across various industries, including composers, songwriters, authors, producers, and others involved in the creative process, often struggle to secure fair compensation.&nbsp;

For instance, many artists must allow streaming services to utilize their work in exchange for meager royalty fees. In fact, [one million people](https://www.musicgateway.com/royalties-calculator) could listen to a song on Spotify and the artist would only earn $4,000. [That won’t even cover one month in a New York apartment.&nbsp;](https://www.dailymail.co.uk/news/article-11845019/NYC-rents-surge-February-average-Manhattan-apartment-5-186-month.html)

Once a creation is sold, artists typically lose control over secondary sales and any associated royalties. NFT royalties present an opportunity to address these challenges and reshape the creative landscape.

### **Why Creative Communities Should Care About Protecting Royalties in Web3 Spaces**

Royalties play a pivotal role in fostering a healthy creative economy within the web3 landscape.&nbsp;

Here’s just a short list of why the web3 and creative community should prioritize protecting royalties:

1. **Fair compensation**&nbsp;Royalties ensure that creators receive a fair share of the revenue generated by their work, promoting a more equitable and sustainable ecosystem.

2. \*\*Incentive for innovation \*\*With the assurance of recurring income, artists and creators are encouraged to continue producing high-quality, innovative work that contributes to the growth of the web3 community.

3. **Long-term sustainability**&nbsp;Royalties help support the ongoing financial stability of creators, allowing them to focus on their craft without worrying about immediate financial pressures. This stability can lead to a thriving creative community that continuously pushes the boundaries of what is possible in the web3 space.

4. **Intellectual property rights**&nbsp;Royalties serve as a tangible acknowledgement of creators' intellectual property rights. By protecting and valuing these rights, the web3 community encourages respect for the work and effort put into creating digital assets.

5. **Economic growth**&nbsp;A robust system of royalties can stimulate economic growth within the web3 ecosystem. As creators generate consistent income, they are more likely to reinvest in the space, fostering the development of new platforms, tools, and services that benefit the entire community.

The relationship between royalties and revenue is fundamental to the success of web3 platforms and the creative community they support. By prioritizing the protection of royalties, the web3 ecosystem can ensure fair compensation, incentivize innovation, and promote long-term sustainability for artists and creators.&nbsp;

Because if there wasn’t anything to worry about, would Taylor have gone through the trouble of [releasing ‘Taylor’s Version’?](https://www.forbes.com/sites/abigailfreeman/2021/04/09/taylor-swift-is-free-again-but-just-how-much-is-her-fearless-strategy-worth/?sh=78eccb187f05)

<a target="_blank" href="https://app.aspenft.io/storefronts/dusks-reign"><img title="Footer CTA" src="/images/blog/CTA/3_Calculate-Your-Royalty-Leakage3@3x.png" /></a>

<h2>Unraveling the Significance of NFT Royalties in the Web3 Ecosystem</h2>
The digital revolution has significantly transformed the way artists, musicians, and creators generate income. Royalties, a long-standing pillar of creative revenue, are evolving in fascinating ways with the advent of web3.
This article delves into the importance of safeguarding royalties in the web3 and creative community.
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<h3>Understanding Royalties in the Web3 Context</h3>
Royalties are compensations paid to creators for the use or sale of their work. In the web2 era, royalties have been instrumental in ensuring fair compensation for creative endeavors. For instance, Dolly Parton earned over U.S. $20 million in royalties from Whitney Houston’s 1992 cover of ‘I Will Always Love You’. Similarly, The Happy Birthday song generated over U.S. $50 million in royalties.
It’s not just the songs that get stuck in our head that are making money, either. In fact, authors wholly depend on royalties from their publishers and it’s how patent holders make a living from their inventions or filings.
These payments can be one-time, recurring, or a combination of both, providing a predictable and stable source of income for creators.
<h3>Royalties: A Roadmap for Creator Revenue in Web3</h3>
As we transition to the decentralized world of web3, the concept of royalties is undergoing a transformation. 
An important distinction to make is the difference between NFT royalties and traditional royalty payments. NFT royalties represent compensation to the original creator for each subsequent sale of their digital assets.
NFT royalties, facilitated by smart contracts on blockchain networks, are encoded into the digital asset itself. During the minting process, creators can specify the royalty percentage they wish to receive. Upon the completion of a secondary NFT sale, the smart contract allocates the predetermined percentage from the transaction to the creator as a royalty payment.
A prime illustration of the potential for passive income through NFT royalties can be found in Beeple's &quot;Crossroads&quot; NFT. The piece was resold on the secondary market for a <a href="https://cointelegraph.com/news/beeple-nft-sells-for-record-6-6m-as-bidding-for-everydays-at-christie-s-hits-2-2m">staggering $6.6 million</a>, with the artist receiving 10% of the transaction as a royalty payment. This example highlights the potency of NFT royalties as a monetization tool for various forms of art.
While blockchain technology and smart contracts have revolutionized the way royalties are managed, distributed, and tracked, ironically, there’s still quite a few speed bumps when it comes to them as a reliable revenue source for web3 enthusiasts.  
<h3>The Impact of Optional Royalties on Creators' Revenue</h3>
At the end of last year, NFT marketplaces, <a href="https://www.bloomberg.com/news/articles/2022-09-28/nft-volumes-tumble-97-from-2022-highs-as-frenzy-fades-chart#xj4y7vzkg">suffering significant drops in volume</a>, shifted their focus from Creators to Traders, enacting optional and zero royalties policies to attract traffic back to their platforms.
The result of giants like <a href="https://www.coindesk.com/web3/2023/02/17/opensea-goes-zero-fee-creator-royalties-optional/">OpenSea</a>, <a href="https://decrypt.co/113021/nft-marketplace-looksrare-zero-royalties">LooksRare</a>, and <a href="https://nftnow.com/features/magic-eden-makes-creator-royalties-optional/">Magic Eden</a> eliminating Creator revenue pathways?
The top 10 projects alone missed out on $26 million in royalties JUST in Q4’22. 
With each technological breakthrough, it's essential to understand the driving forces behind its emergence. As the creative world embraces NFT royalties, many are still asking: who requires NFT royalties and why? 
Here’s the deal
While social media and digital platforms have expanded artists' reach, it's crucial to recognize the ongoing challenges faced by creators to maintain sustainable livelihoods through their work.
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NFT royalties emerged as a solution for artists seeking a more viable business model for their future endeavors. Creatives across various industries, including composers, songwriters, authors, producers, and others involved in the creative process, often struggle to secure fair compensation. 
For instance, many artists must allow streaming services to utilize their work in exchange for meager royalty fees. In fact, <a href="https://www.musicgateway.com/royalties-calculator">one million people</a> could listen to a song on Spotify and the artist would only earn $4,000. <a href="https://www.dailymail.co.uk/news/article-11845019/NYC-rents-surge-February-average-Manhattan-apartment-5-186-month.html">That won’t even cover one month in a New York apartment. </a>
Once a creation is sold, artists typically lose control over secondary sales and any associated royalties. NFT royalties present an opportunity to address these challenges and reshape the creative landscape.
<h3>Why Creative Communities Should Care About Protecting Royalties in Web3 Spaces</h3>
Royalties play a pivotal role in fostering a healthy creative economy within the web3 landscape. 
Here’s just a short list of why the web3 and creative community should prioritize protecting royalties:
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Fair compensation Royalties ensure that creators receive a fair share of the revenue generated by their work, promoting a more equitable and sustainable ecosystem.
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**Incentive for innovation **With the assurance of recurring income, artists and creators are encouraged to continue producing high-quality, innovative work that contributes to the growth of the web3 community.
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Long-term sustainability Royalties help support the ongoing financial stability of creators, allowing them to focus on their craft without worrying about immediate financial pressures. This stability can lead to a thriving creative community that continuously pushes the boundaries of what is possible in the web3 space.
</li>
<li>
Intellectual property rights Royalties serve as a tangible acknowledgement of creators' intellectual property rights. By protecting and valuing these rights, the web3 community encourages respect for the work and effort put into creating digital assets.
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Economic growth A robust system of royalties can stimulate economic growth within the web3 ecosystem. As creators generate consistent income, they are more likely to reinvest in the space, fostering the development of new platforms, tools, and services that benefit the entire community.
</li>
</ol>
The relationship between royalties and revenue is fundamental to the success of web3 platforms and the creative community they support. By prioritizing the protection of royalties, the web3 ecosystem can ensure fair compensation, incentivize innovation, and promote long-term sustainability for artists and creators. 
Because if there wasn’t anything to worry about, would Taylor have gone through the trouble of <a href="https://www.forbes.com/sites/abigailfreeman/2021/04/09/taylor-swift-is-free-again-but-just-how-much-is-her-fearless-strategy-worth/?sh=78eccb187f05">releasing ‘Taylor’s Version’?</a>
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