In life, every thing is worth what someone is willing to pay for it.
Take this jpg image here for example. It’s just a picture, right? You can save it to your computer. Nothing is preventing you. However, there is technology in place on the internet that can write these images to a public ledger that is used to verify copies that exist uniquely and who owns them. You may have heard of this Blockchain Technology.
Okay, images can be owned, but how is it worth $1000?
If you agree to pay me $5 then it is worth $5. If you agree to pay me $1000 then it is worth $1000. Why would you do that? What is this image worth to you? What value beyond being an image can this image bring to you?
Adding Utility to Simple Images Brings Value
You like the image, you are just going to right-click-save-as and call it a day. I get it, but you don’t. You don’t get the added utility because you don’t own the image.
Imagine a community of like-minded people. A place where learning is happening, collaborations are happening, money is being made. Would you like to go there? Well it is not free to enter. You need access.
Your first level of access is called a Supporter Role and it costs 1 GARY coin. GARY is a crypto currency. At this moment it is worth about 8 cents. So you learn what that means and how to obtain 1 GARY coin and you come back. You don’t have to pay your coin, instead you just need to hold your coin in your digital wallet. For as long as you have 1 GARY coin in your wallet you will keep your access. You browse the community. You meet people. You want to learn more and participate more.
$1,000 per year?!!!
Can JPG = Access?
Yes, that is what I have been trying to explain. There is technology that exists that will verify if you own a particular jpg image (based on a public record that you are the current owner) and then grant you access into the gated areas of a community.
Who sets the price?
The owner of the community sets the price of their access levels. In this example, if you want to have Creator Role access in the Gary Club Community then you have to pay $1,000/yr or you can be the owner of a jpg image that belongs to the Giraffe Tower NFT Collection on the Solana Blockchain, which is verifiable.
I happened to purchase my giraffe NFT back when they could be bought for around $10. They are sold out now. 10,000 NFT images of a random cute giraffe are all sold out, and the only way you can buy one is if you pay what someone is selling theirs for. In the Magic Eden Marketplace the current cheapest one is selling for $162. I am not willing to sell mine for less than $1,000 because that is how much I value it at. If you want the community access you can pay me $1,000 one time and have lifetime access or you can pay Gary $1,000 every year for access. The choice is yours.
This concept is not unlike a membership to a country club. If you want to be a member at a private country club then you pay annual dues. When you stop paying dues you stop being a member. You leave with nothing more.
Now imagine if your membership was based on a card or deed, something where ownership is verifiable, and when you no longer wanted to be a member you could sell that card to someone else and walk away with money in your pocket. That is what we have with NFTs and the gated access technology I have been talking about.
I bought my access for $10 and the $1,000/yr fee has been waived. One day I might decide I no longer need this community membership and I will sell my last NFT at a profit.
Remember, it is not about the image itself. It is about the access it gives you. At what price do you value that access?
Meir is a web developer who has been writing code since 2000. He enjoys his family, movies, cooking, golf, and bowling.