How to tokenize a facebook group or subreddit — wait what? Tokenize a group???
This is a how-to on selling access to a group (like a facebook group or a subreddit) via NFTs on the blockchain.
If you have a paid group — you can sell access via tokens on the blockchain
Now you can create and sell access via digital items as tokens (called NFTs) or non-fungible tokens. see more about these digital items here
Non-fungible tokens are powerful — from selling artwork, to cryptokitties, to access for a private group. Here is an example of how its done very simply
- Make your Smart Contract —3 mins
- Mint however many tokens you want — 3 mins
- Sell and advertise these tokens — (???) mins
- User buys token and redeems for access to your group
- You grant user access to group — and get the crypto for the token you sold them
Wait what? Sell access?
There are private discord groups, private facebook groups, private subreddit — and out of those — some are paid entry only. For example — maybe there is an industry facebook group that is paid only — or discord groups for traders who pay to be around better traders. All of these are membership only groups. If you have a membership only group — you can create a membership token — that allows for you to sell access to your group. This all takes place on the blockchain, so you can sell these tokens for ETH.
First off: “Why would we do this?”
- If your market is crypto related and this is a cheap easy way to target them in a new way
- You want to earn crypto from selling stuff — its super easy to do it now, so why not?
- If your membership needs to be tracked and you want it public on the blockchain.
Here is a seller example:
You run an industry only facebook group that provides marketing services and information — this facebook group normally costs $25 dollars a month per user.
You create a smart contract and some tokens (using Mintable it takes seconds and is free) that look like this:
Before you Start
If you are new to blockchain you will need to do a couple of things. If you already have this nailed you can jump to the next step:
- Install Metamask — Link or use a mobile wallet like Ambo or Coinbase Wallet
- Set up your wallet and load it with ETH — You can buy ETH directly via metamask via https://coinbase.com — guide to set up your wallet
Step 1: Create a Smart Contract on Ethereum (time: ~3 min)
Using the UI on Mintable you can create your contract without needing to know how to code. Here is how I would set up my Smart Contract if I was running a private facebook group and wanted to tokenize access.
Go through and add any information you think is related or relevant for your group or users to know. You have 20 fields of data that could include:
- group information
- instructions on redeeming
- terms and services
- Time limit
- Cost of purchase, etc etc.
After you’ve confirmed its looking good — submit your transaction via metamask an Ethereum wallet in your browser.
If you don’t have Metamask or If your on mobile — use Coinbase Wallet or Trust wallet on iOS/Android
You just made a smart contract in this step — that contract has a unique address that no other contract will ever have — this is called the contract address — you can manage your token at anytime by going to: https://mintable.app/manager/-YourContractAddressHere-
Step 2: Mint your tokens (time: ~2mins)
After you have confirmed your ethereum transaction you will have an email copy — and also a screen that presents a receipt page
Load your token in the manager by either:
- going directly to it via the url style above (mintable.app/manager/address)
- going to your profile and seeing your history then pressing view
- Finding it via the contract address on the manager page
Once loaded you’ll be able to do this…
Here is where you make your special tokens for each user or month of access. If you want 1 token to sell for $25 dollars — you would make that token look something like this:
These are also automatically added on OpenSea.io — the leading exchange to buy and sell NFTs (digital items)
Step 3: Go to Opensea and sell away! (time: ~5mins)
Now that you are done minting tokens — you can go to opensea.io and search for your contract’s name — or go directly to your contract using a link like this: https://opensea.io/assets/-contractAddressHere-/0
Here you can set the price for the sale — and then share the link to buy it. Thats it. Your done.
Its that simple within 8 minutes you’ve created a smart contract and tokens a digital items on the blockchain. How cool!
How do I accept these tokens now and give access??
There are a few ways you can accept these tokens — first your buyer needs to get/buy these, so you need to sell them on OpenSea.io or transfer them to user’s ethereum wallets manually. (It’s easier to sell them)
Then once a customer has your token you can either:
- Have them transfer the token BACK to you — therefore ‘redeeming’ the coupon — in which you already know the person since they have contacted you for an address
- Prove they own the token and let them keep it — whilst still applying their membership and track when it runs out.
- Proof of burn — if they can prove they own an address that has sent it to the 0x00000000000… address
- Have another unique way — that you list inside the token so buyers can see it.
What Else Can You Create Using Mintable?
Mintable lets you create a digital item that you can sell for cryptocurrencies on NFT (digital items like ERC-721s) marketplaces. So you can take a picture, some characteristics, give it a name, make it rare, and sell away for a profit. With each smart contract you can create multiple tokens and these tokens can be used to represent your digital items.
Here is another example: You are a graphic designer and you can make really cute or scary monsters. You make 50 of these unique cute things, and create a smart contract using Mintable called “My Scary Monsters — Limited Edition 2019”.
Then each token, is actually a picture of each one of your monsters. You can sell each token for whatever price you’d like, and if someone wants it — they can buy it!
See our full listicle of 20 top items you can tokenize right now and sell for ETH here:
The top items to mint as NFTs to sell for Ether | Mintable
What are the best items to tokenize and sell for crypto? Check out how you can tokenize parts of your business or…
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What to make as an NFT?: https://blog.mintable.app
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