This article will delve into the 6 top NFT projects that were funded by their community of followers. Ever since NFTs gained remarkable attention from the wider public, a lot of community driven NFT projects arose on the scene. This helped the organizers achieve their goals, requiring less intermediaries, leading to more efficiencies in the fundraising process.
NFTs are increasingly used as an alternative solution to overcome the challenges of funding projects as well as to create an additional source of income. In the creative industry, NFTs are primarily used to fund projects in order to achieve creative freedom
As NFTs offer fractionalization, funds can be raised from a much broader range of investors. Besides, NFTs are predominantly used by influencers to strengthen their communities and to have an additional stream of income.
If you’re interested in kickstarting your own NFT funded project, check out how to easily create an NFT guide.
Top NFT projects funded by their community
1. NFT-Backed Film “Project Iceman”
“Project Iceman” is a NFT financed documentary about Andres Hofman’s attempt to complete the first long-distance triathlon in Antarctica. Yes Theory, the producer of the documentary, turned down a $1.25 million offer from a major streaming platform and switched to NFT funding to not be subject to “limited creative freedom”.
In addition, Yes Theory aimed at building a community around the production of “ Project Iceman” as participants of the NFT sale are not only investors but also digital owners. There are four NFT tiers available: The World’s Coldest Movie Tickets, The Ice Squad, The Owner’s Table and the Executive producer. They decided for it to be an NFT project as it provided them much more freedom over the production process, as well as in making it accessible to their fanbase independently of streaming providers that may have restrictions.
The World’s Coldest Movie Tickets was minted on Polygon, the initial sale was facilitated via Paper as an onramp payment infrastructure provider for NFT purchases. It can be purchased via OpenSea for 0.1 ETH. Depending on the NFT tier, investors are granted access to the movie’s virtual and physical premiers, future events, further NFT launches and ownership of 10-second clips of the documentary itself.
As seen in the “Project Iceman” use case, NFTs are a great tool to facilitate community-driven funding of projects. Investors do not only contribute to the production of “Project Iceman” by paying for the production but they also partially own the documentary. Additionally, the producers benefit from increased creative freedom and are not limited to a predefined contract with a large streaming company.
2. NFT-Backed Hollywood Movie “A Wing and a Prayer”
Similar to “Project Iceman”, “A Wing and a Prayer” is an NFT-backed Hollywood movie. The production of the comedy-drama is funded by NFTs to “democratize the process of filmmaking” and to motivate an engaged audience. By launching this project, the producers of “A Wing and a Prayer” intended to be the first feature firm that is solely funded by minting NFT tokens.
Investors of “A Wing and a Prayer” NFTs are entitled to a share of the movie’s profits. Besides, the NFT drops come with executive producer-like perks, including going to the set for a day, meeting some of the talent and going to both physical and digital premiers. The NFT sale was created in cooperation with the platform NFT Studios.
3. Pplpleasr’s Shibuya Video Platform
Pplpleasr’s Video Platform uses NFT sales to fund their interactive series “White Rabbit” in cooperation with Shibuya. Each NFT entitles holders to vote and thus shape the creative direction and storyline of Emily Yang’s project. According to Pplpleasr, the intention behind funding their project with NFT sales was that Hollywood is “very political and difficult” and includes extensive paperwork.
In order to cast a vote for either path, a Producer Pass NFT needs to be minted and staked. Users that vote by staking their Producer Pass NFT will also receive a WRAB ERC-20 token that represents fractional ownership of the “White Rabbit” series. Each chapter of the video has its own NFT passes that allow users to decide on the course of the series. For every chapter, 5,000 NFT passes are sold at 0.08 ETH each with a maximum of five per wallet.
Thus, the set-up of the interactive “White Rabbit” illustrates how NFTs can be used to involve a community in one’s creative project. As investors are able to vote, they do not only own part of the series but also decide over its course of action.
4.Podcast “5 Minutes of Fame”
Another top NFT project is 5 Minutes of Fame. In their podcast “My First Million”, Sam Parr and Shaan Puri brainstorm new business ideas, trends and opportunities in the market. The podcast often invites famous guests to be on air. Now, the creators of “My First Million” launched an NFT collection to sell five minutes of airtime.
The NFTs “5 Minutes of Fame” grant holders five minutes of airtime on Sam Parr and Shaan Puri’s podcast. However, the airtime can also be resold and redeemed at a later point in time which makes airtime on the podcast “My First Million” a tradable and investable asset. The “My First Million” NFT Collection was minted in September 2021 on the Ethereum blockchain and an experimental NFT is available on OpenSea.
Therefore, NFTs allow content creators to sell advertisements on a standardized level avoiding contract discussions. Tokenization also transforms assets that were previously untradable on secondary markets into tradable assets available on retail investor market places.
Autograph.io is a digital marketplace that is focused on sports, entertainment and unique experiences. The project was co-founded by Tom Brady and has backing from Naomi Osaka, Wayne Gretzky, Tiger Woods, and Usian Bolt.
The NFT drops of Autograph.io include the professional’s authentic signature, future NFT drop access rights and private Discord channel entry.
Additionally, Autograph.io also minted Forest Hills Stadium Access Pass 2022 NFT to grant holder’s access to a token-gated virtual community and attend an Autograph.io private event in 2023.
Selling NFTs is a great way for influencers and celebrities to engage with their community as they can give back to their communities by selling exclusive event tickets or merchandise. As NFT drops are accessible to a large investor base, influencers can reach a greater audience.
6. Logan Paul Digital Collectibles Store
Logan Paul’s project is another example of how influencers can use NFTs as an additional source of income. The popular influencer and professional boxer minted his own “99 Originals” NFT collection. The idea behind his project was to take the craziest and coolest he could for 99 days with a polaroid camera.
Each NFT holder receives a physical photo of the 1/1 NFT, PSA sealed and certified. Additionally, investors receive membership to @originalDAO which grants them access to exclusive events, topic suggestions or guests for IMPAULSIVE as well as one vote for each Original.
NFT-backed movie productions like “Project Iceman”, “A Wing and a Prayer” and “White Rabbit” show how NFT technology is facilitated to effortlessly raise funds. Thus, NFTs are a great tool to easily and independently fund one’s project.
Besides being highly community driven, NFT drops are available to a large investor base overcoming the challenges of financing one’s project.Funding your project using NFTs can be another complex process. With Token Tool you can easily create an NFT and offer it to the public, empowering you on your community funded project. It is very easy to use and does not require any coding, relying on years of expertise in the field.