NFTs and a Thousand True Fans
27th February 2021
In his classic 2008 essay “1000 True Fans,” Kevin Kelly predicted that the internet would transform the economics of creative activities:
To be a successful creator you don’t need millions. You don’t need millions of dollars or millions of customers, millions of clients or millions of fans. To make a living as a craftsperson, photographer, musician, designer, author, animator, app maker, entrepreneur, or inventor you need only thousands of true fans.
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But the internet took a detour. Centralized social platforms became the dominant way for creators and fans to connect. The platforms used this power to become the new intermediaries — inserting ads and algorithmic recommendations between creators and users while keeping most of the revenue for themselves.
The good news is that the internet is trending back to Kelly’s vision. For example, many top writers on Substack earn far more than they did at salaried jobs. The economics of low take rates plus enthusiastic fandom does wonders. On Substack, 1,000 newsletter subscribers paying $10/month nets over $100K/year to the writer.