Tell us about yourself. What is your background and what is it that you currently do?
My entrepreneurial journey began in my early 20’s upon entering the financial industry at Merrill Lynch in Washington, DC. Once I was a series-7 licensed stockbroker, the nuances of successful businesses and I learned first-hand how to generate wealth from global leaders. Over the years, thousands of business owners and entrepreneurs consult with me. With this unique access and inspiration, I became fascinated with innovation and trendsetting along with high-level collaboration.
Because of my passion for connecting with international innovators making a positive impact on the planet, I launched the Global Leaders Collective, a company focused on educating and training entrepreneurs on NFT innovation and implementation. Along the way, we share insights and business acumen inspiring global leaders into action.
The Global Leaders Collective launched an NFT Course, NFTs 101, and it can be accessed at www.NFTsWithLee.com. There you can subscribe to the podcast series dedicated to NFTs as well. In Spring 2022, a special collaboration with “Blockchain Life” will be launched, so stay tuned. In addition, Global Leaders Collective is forming collaborations and partnerships with business leaders in the NFT community by supporting them in launching their own NFTs.
How did you get into NFTs?
NFT’s became a center focus for my life and my business starting in 2019 when one of my clients and I created a strategy to integrate NFT’s into the future of his business and into the client experience. Instantly, the entrepreneur in me was fascinated with this creative new world and pioneering way of thinking and we could see the potential and positive impact it could have in the global marketplace. Since that conversation, my team and I have spent time educating ourselves and other business owners about NFT opportunities. In addition, we have designed NFT product launches and we have collected and produced more than 150 NFTs and digital assets.
Why are NFTs so important?
As a business leader, entrepreneur, and visionary, NFTs are transforming our world in many ways. First, Global leaders are adding NFTs into their existing brand model because they see this connection point as a powerful way of connecting to their fans in the future. This is the innovative way that things are being traded, bought and sold… transactions from real estate to event tickets. Also, NFTs are extremely important for artists since their brands can monetize and protect their IP for both physical assets and digital assets.
Let’s use the house as an example; From the architect who designs it, the real estate agent that sells it, to the different owners who buy it, NFT’s will impact the transaction and transfer of ownership. The Smart Contract built into the NFT adds in transparency and layers of protection (like a code) that records the details needed to know about the transaction and protects the seller and the buyer.
How are NFTs revolutionizing the digital world?
Think of it this way, if you want to buy an original piece of art by artist, Andy Warhol, you’re likely going to need deep connections and deep pockets to participate in fine art auction houses. With NFTs, the playing field gets a bit more level and more collectors globally have an opportunity to own unique artwork or content from artists or brands. The Blockchain gives proof of ownership of a particular asset – which is uniquely identified and verified by blockchain technology.
The appeal with this is that anyone can buy or create NFTs. Artists have another unique avenue to monetize their work, musicians have a new avenue to showcase their music and benefit from repeat sales, and business owners can add NFTs into their business model to attract new customers and to showcase products.
How can people use NFTs to elevate their existing business?
Thanks to the global interest they’ve generated, NFTs have opened up new ways of brand storytelling and consumer interaction, which, as you know, are the two main pillars of an effective marketing strategy. There are many opportunities with NFTs that businesses and brands can take advantage of and these are just a few:
1.) Utilizing the metaverse to interact with your customers, advertise and sell.
2.) NFTs can be used for memberships and subscriptions, with access to special offers, voting rights, and digital assets.
3.) Have an event for your business coming up? Sell the tickets as NFTs, giving your customers an interactive digital ticket that they can keep forever, giving them access to photos and videos from the event, and even discounts on future purchases.
4.) Use NFTs to advertise your business and benefit a local charity.
5.) Have a new product coming out? Create an NFT along with the physical product and sell the product through the NFT.
6.) Any type of supply chain or Middle man will have streamlined options to track their items.
7.) The gaming world is already buzzing with ideas around NFTs. Turning items you collect in the game value. Also, to eventually move a sword you get from Zelda, and wield it in World of Warcraft. Imagine when you can start earning income or collectables for GeoCashing.
What are the 3 steps to selling an NFT?
Step 1: The very first (and most fun) step to minting and selling an NFT is creating one!
Have a cool picture on your phone? Have a piece of art that you created on your computer or phone? Have a cool original video? Any of these can be turned into an NFT! Or you can simply start from scratch and create. The key is to get creative and have fun! (Hey, if clip art of a rock can sell for $1.3 million dollars you just might get lucky!)
Step 2: Now that you have your NFT created, the next step is to mint it and get it on the blockchain.
Most marketplaces have put infrastructure in place where the user just needs to follow the steps for that platform. There are several NFT Marketplaces that you can mint on, but for this guide, we are going to show you how to mint on OpenSea.
If you decide to use a different Marketplace, the steps will be slightly different, but mostly the same, so you can use this as a guideline.
1. Go to OpenSea and make sure you are logged in and your MetaMask wallet is connected.
2. Click on the “Create” tab and select “My Collections” and select “Create”
3. Choose what you are minting, whether an image, video, etc.
4. Add the necessary information such as name and description. (Once you are done, you can click the edit button to configure the commission you will get on sales, add social media links, and choose which tokens you will accept in your store.)
5. Upload the file of your NFT and then choose the scarcity, uniqueness, or other customizable options.
6. Click “Create” to start minting your NFT, you will need to sign the transactions and pay the gas fees and other fees from Opensea. (Keep in mind that OpenSea will take a 2.5 percent fee when your sale is successful. Also, when you sell an NFT for the first time on OpenSea, you will complete two transactions that will incur Ethereum gas costs. The first will initialize your account for sell orders. The second will allow the platform to access your item when the sale takes place. The gas cost is the network fee for adding your NFT to the Ethereum blockchain and deploying a smart contract.)
7. The NFT you created will then show up in your wallet and it can now be listed for sale.
8. Hit “Sell.” Sellers can set up a fixed or declining price, auction the NFT, or bundle it with other items for sale.
9. Enter the price of your NFT. Moreover, you can include an ending price if you prefer or create a private sale.
10. Once you are satisfied with your listing, post it or schedule it for sale at a later date. OpenSea will ask for your signature to finalize the listing.
Step 3: Congratulations! You now have an NFT for sale in the Marketplace!
Can you share a case study?
Movie Project : A movie being released earlier in the 2021 found that some of their IP did not belong to them. Causing a halt to the project. IP in the industry still has to abide by the laws of their land. This was a wake up call for a lot of people coming into the space. Originality is important – There will be a new sector of lawyers that are created just from this idea alone. Make sure your images are properly protected, or in the case of some, freely given to the buyer. Not all NFTS you buy give you rights to the artistry.
Gaming Project: Axie Infinity
Top 3 countries playing Axie Infinity Philippines 40% Venezuela : 6% USA 5%
The game, Axie Infinity, allows you to buy 3 NFT Axie Creatures that you and fight against The Computer or other ( A Decent creature costs about $300 USD). Winners collect a token called Smooth Love Potion (SLP). When earning enough you can “mate” two of your NFT’s.
SLP had an average value, during 2021, of about $0.06 USD per token. Players ended up making an average of $55 per day or $1665 a month for 2 hours a day of playtime. The average minimum wage in the Philippines is around $6. Which means pre-teens and teens can make income for the family and themselves by just sitting in a cafe for 2 hours using free wifi.
There are many ways to create more tokens. One of the more unique ways is that you can give out scholarships. You can buy as many Axies as you want. Then turn them over to other users who only have access to playing with your NFT. You both agree to a share split. So, there are “managers” that hire multiple Scholars to play and have created a business out of this.
What are your thoughts on the future of NFTs?
We’re going to see NFTs part of our everyday life in business transactions, real estate deals and entertainment offerings among other things; it will be intertwined, seamlessly over time. In the future … this is going to be just like a VCR was in the not so distant past, where it has its moment to be new and shiny, and over time, adopted as the new normal.
How can readers find out more about you?
To connect more, visit www.goasklee.com and www.thegloballeaderscollective.com
And tune into the podcast series “NFTs and Beyond” available at www.NFTsandBeyond.com