THE CREATORS OF THE TIP FOR TOKEN™ NFT
THE CREATORS OF THE TIP FOR TOKEN™ NFT
A TFT™ (tip for token) NFT is an NFT that is provided to a fan for tipping an artist using the R3V LIVE platform. Similar to a Proof of Attendance Protocol (POAP) or Proof of Presence (POP) NFT, it is a digital asset that says, "I was there!" But a TFT goes a step further by saying, "I was there, and I tipped the artist!"
Digital merch (short for merchandise) is a general term that refers to affordable & collectible digital assets that are created and secured on a public blockchain. NFTs (non-fungible tokens), which are what we sell here, are the most common kind of digital merch. You can think of our digital merch as a mashup of a digital ticket stub and a concert poster.
So you know when you get to the show and you wander over to the merch table to see what the shirts look like? Be on the lookout for a QR code (right there at the table and in various places throughout the venue) that you can scan to instantly to tip the artist and receive NFTs that commemorate the event. No waiting in line. It'll cost you less than $10 each, and you'll tip from your phone using Venmo, Paypal, or a credit card.
Non-Fungible Tokens (NFTs) are unique, digital items with blockchain-managed ownership. Examples of NFTs include digital art, collectibles, virtual reality items, crypto domain names, ownership records for physical assets, and more. Click here for a deeper dive into the future.
There are three big reasons.
We get this question a lot. Our digital merch NFTs are collectibles that are minted on the same blockchain as NBA Top Shot and CryptoKitties, so they are as legit as you can get. In fact, each NFT includes a link to view the blockchain data, so you can be confident that your merch is real. Also, our NFTs generally cost between $5 and $10, which makes them far too inexpensive to be a scam.
Not ours! NFTs created on the Ethereum blockchain are believed by many to be bad for the environment due to the amount of power required to operate the network. This is because the Ethereum blockchain uses a Proof of Work mechanism for securing the blockchain. The blockchain we use, however, is different. We use the Flow blockchain, which uses an entirely different mechanism, which is known as Proof of Stake. Proof of Stake blockchains are completely environmentally friendly.
Speculators drive prices and lure scammers into the NFT market. Digital Merch NFTs have an entirely different purpose that has nothing to offer scammers and everything to offer Collectors.
No! This has been one of the biggest hurdles to mainstream adoption of NFTs. With R3V Live, you can tip with Google Pay, Apple Pay, or a credit card.
If you're an at event that is participating in the R3V Live 'tip for token' program, just scan the QR code at the venue to see the merch that is available for that event. Or if you're not at an event, you can go to r3v.live and click on Events in the menu. You can then browse the Events page to see what Digital Merch is available. Click "Buy Now" or "Add To Cart" when you see an NFT you want to buy. When you're ready to check out, pick your payment method and complete your purchase. When the transaction clears, you will the see you NFT(s) in your R3V Live profile.
Btw - the first 5000 customers who receive NFTs through R3V Live will be airdropped the 'R3V Live Launch' NFT as thanks for being early adopters.
Merch from events happening tonight is only available at the event venue until the next day. This ensures that attendees of the events get first shot at the lowest serial number NFTs. You can scan the R3V Live QR code when you get to the venue to gain access to the Digital Merch for that show. Then, you just browse and 'tip for tokens'.
Digital Merch items that don't get taken the day/night of the event are released into the Events section so that people who were unable to attend have an opportunity to support the local artist community. You can 'tip for tokens' until they are sold out.
R3V Live creates and releases Digital Merch NFTs on behalf of the artists and/or venue owners. These NFTs are programmed using smart contracts to split the revenues between artists, venue owners, and anyone else they choose. These are the "payees." Every tip places revenue into the payees' accounts according to the smart contracts. After the event is over, each of the payees is paid out (directly to their bank account) in dollars according to the payment method they have designated in their R3V Live accounts. Depending on the payment method, this can be anywhere from 1-7 days.
The splits are negotiated between artists, venue owners, and anyone else they would like to pay. There are many factors that can impact these splits, but the key point is that it is the people who make the music happen that decide what happens with the money.This is just an example:
Yes! Shortly after our launch, you will be able to sell your R3V Live NFTs on a partner marketplace.
This is determined by the smart contract, which is configured when the Event NFTs are created. A typical arrangement is to mirror the splits from the initial sale and split them between 5-10% of the sale proceeds. For example:
If an NFT sells for $10 in the R3V Market and we use the splits from the example above:
Side Note: Our vision is to make it possible for artists and the people that enable them to be fairly compensated for the 'blood, sweat, and gear' they put into their work. We feel it is important to be up front about who gets paid what. R3V only succeeds if the artists succeed. Interests are aligned, but there's no way (yet) to get around credit card fees. They're the price of admission to this new way of memorializing our experiences while supporting the people who make them possible.