3 Principles for Selling a Digital Product |
Read Time: 3 Minutes Jack Butcher made 105 ETH (~$165,000) in 24 hours from his NFT project ‘Checks’. Since the minting, ‘Checks’ has done an additional $7 Million in sales volume. What can we learn from his success? Let’s break it down and explore the 3 principles that any creator looking to sell a digital product can use. Who is Jack Butcher?Jack Butcher is an entrepreneur and a graphic designer. He is the creator of Visualize Value, a successful membership and product platform that teaches people how to create the perfect visual representation for their businesses. On January 3rd, he released an NFT project entitled ‘Checks’. This project was a social commentary on Twitter’s recent change to the verified checkmark and Elon Musk’s decision to make it accessible for all for $8 per month.
Also priced at $8, the NFT piece was open for anyone to mint for a 24 hour period. The final numbers were impressive.
In the secondary market 'Checks' became one of the most popular NFT collections in the space. This all resulted from Jack’s unique approach to selling his digital product. Underpromise and OverdeliverMost NFT projects follow a similar pattern when launching:
This often results in a highly-hyped launch, but a disappointing outcome. When creators make grand promises about NFTs and fail to deliver, it leaves a negative impression on their audience. Although Jack already has a large social media following, he kept the launch simple. One tweet. 24 hours to mint. That was it.
Post-mint, Jack ramped up the iterations of the project and has continued to provide value to collectors. The lesson here is to under-promise and over-deliver. Be TransparentAny exchange of value starts with communication. In Web3, creators and their audience have a unique relationship. Your fans like you and want to hear from you on a regular basis. The worst thing you can do after selling an NFT is go radio silent, or provide occasional updates. Jack has provided nearly daily updates since the mint date. He has an entire thread dedicated to the iterations and changes happening with ‘Checks’.
He used Twitter to introduce a new burn feature to create more value for his collectors and receive feedback from his audience. Once again, he is delivering value to his collectors and is doing so in a transparent way. Embrace the CommunityA key difference between Web2 and Web3 digital products is the community. In Web2, the relationship between creator and consumer is one-sided. The creator shares a product and the customer consumes it, with little interaction between the two. In Web3, consumers own the digital product they buy, and often become co-creators with the original creators. Jack has enabled his community to build upon the ‘Checks’ project by using CC0 licensing and sharing new projects on his Twitter.
This has led to the creation of an entirely new universe based on the ‘Checks’ artwork. Had Jack been restrictive with who could use his artwork and failed to share new projects with his audience, it is unlikely that ‘Checks’ would have achieved the same level of success. SummaryJack has built a wildly successful project with ‘Checks’. He did so in three ways:
Keep these three tactics in mind when you are ready to sell a digital product. You will be surprised by the results. Thanks for reading and I will see you next week! |
