This links to my last post on the giver/taker concept.
Most businesses are value extractive (VE), they're takers. VE doesn't build customer loyalty, there's no reason for a customer to pay attention to the business. VE is the least the business can do.
In VE mode, the customer sees the business as a taker. The business wants customers to follow them on social media, social media sucks - it's extractive, a time killer. The business wants customers' time – "please post a review" – but offers nothing of value in return. More extraction. So why should the customer care about the business? They don't.
Value extractive is surely profitable. So what. In the long run, it's a losing way to do business. Because customers never cared enough to tell you about holes in your product, how you could improve your product, or other valuable feedback great businesses rely on. When they left you had no idea why - they just vanished into the ether.
You can be a great business and make money. The path there is for businesses to be value additive (VA). NFT technology is the glue.
One discontinuous innovation of NFT technology is that it enables businesses to operate in VA mode. Using NFT technology creatively allows a business to dish out beaucoup value to their customers. Here's a great example.
https://303magazine.com/2022/11/denver-saxophonist-sells-out-of-nft-collection/
Using NFT technology Bradon Theis's fans get unique access to him they otherwise didn't have. Now his fans not only get first access to Brandon's new tracks and what not, they get "access to certain benefits like concert tickets, merchandise, and in his case, royalties from events and music".
Brandon found an artist his fans like to create an NFT. This is VA for the artist, because the artist has new connections they didn't otherwise have. It's VA for Brandon's customers, because they have an NFT they dig.
Brandon wants to bring cannabis into the mix. So maybe Brandon's fans get first dibs on a new strain of ganja, or flavor of edibles - more VA for Brandon's customers. The cannabis company gets VA, because of new connections they didn't otherwise have.
What's the hub of all the VA Brandon created? NFT technology, baby! Bradon, whether he knows it or not, is all about VA. He's a giver.
Next.
Today the stock market is up.
Rex Nutting
Today, there's great economic news. The consumer price index rose less than Wall Street's expectations. This gives hope that inflation might be peaking and that the Fed can back off from aggressive interest rate hikes.
How does the mind of a great entrepreneur process today's market news? Yes, today's news is great. Great to see markets up. But it's just today. They don't cash checks that haven't cleared the bank - and neither should you. Tomorrow? Who knows? Focus on today.
Great entrepreneurs know that the old sayings like this one are still true – "Yesterday is a cancelled check, tomorrow never comes. All we have is today". You should too.
One more:
I want readers of my blog to think of me as VA, I'm creating value. Please lmk either way, in a comment. Gracias,
tty next time,
