In January of 2022, a Bored Ape of Bored Ape Yacht Club sold for a record high 1080.69 ETH, or $2.85million. Whilst this is a further indication of the financial success that can come from participation in the NFT space, it is also important to note the culture that is encoded into it. In a paper outlining the Bored Ape business model, Edward Lee stated that, “One underappreciated aspect of the business model adopted in the Bored Ape licenses is its use of decentralized collaboration or De-Collab.” Here, it becomes clear that community and a shared culture is a vital aspect of not only the Bored Ape model, but NFTs in general. Lee goes on further to say, “The Bored Ape license’s adoption of a De-Collab approach presents tantalizing possibilities for the Creator Economy.” Creators who buy into the NFT space are given the, albeit risky, option of contributing to a decentralized, and collaborative market.
Sai Karra is a TikTok influencer and entrepreneur. Karra has built not only a successful marketing company, BuiltGen, but has now initiated a NFT project titled ‘Metaversity.’ It is interesting to track Karra’s movement from influential creator, to community ambassador and NFT player.
Social Media: A Community and a Career
Influencers have become a normal part of the online community. Similarly, making money off of social media has also become integrated into the online experience. Influencers are now a viable, and often more beneficial, form of digital marketing. As a result, many social media users have attempted to break into the space, and make a career out of their platforms.
Social media platforms like TikTok and Youtube have created incentives for users to generate content. TikTok formed the Creator Fund to continue to encourage creators to produce quality content. Through this fund, creators can earn through their work. In a similar way, Youtube allows creators to receive ad revenue on their videos.
In addition to platform based revenue streams, influencers can also earn through paid sponsorships, brand deals, and product placement. This is an area where creators can earn a significant amount. Brands place this value on influencers as a result of their platform and following. Influencers are known to hold a following that is centered around both community, and shared interests. As a result, when an influencer shares information on brands, or products that they enjoy, the following is likely to invest in them, as they trust the creator that they follow.
Influencers are an interesting aspect of the online experience, as they are indicative of a new, online career, but also the ability to create a community within the online space.
Sai Karra is an example of an influencer who has benefitted from the communal nature of social media. Karra, having amassed a significant following, used his success to build spaces for other youthful entrepreneurs. In doing this, he also founded business ventures that allow him to expand his career and network.
Metaversity and Community
Sai Karra founded Metaversity as a further way of contributing to youthful entrepreneurship and his community. Karra, who saw success from his own entrepreneurial pursuits, wanted to enable other like-minded individuals to pursue financial freedom, without the burden of nine-to-five careers.
Metaversity currently operates as a Discord server, where members can join together in sharing entrepreneurial ideas, as well as discuss and trade NFTs. The NFT space was appealing to Karra as a result of its decentralized nature. The layout of the blockchain and the general crypto space pushes the idea of a wealth distribution, and a reimagination of individual economic power. This is appealing to many consumers, as it separates them from the traditional economic system, where many are left feeling disenfranchised.
Karra is fueled by the idea of community. Possessing a tremendous following on TikTok, Karra understands the value of community enrichment, and what a following can do for success. As a result, Metaversity is primarily set up as a community. In this space, Karra and its members share a common goal of financial security within the broader scheme of the metaverse.
Final Thoughts
NFTs and the crypto space are fueled by the sensation of community. This is experienced in a similar way to social media, where an interior economy is supported by community based feedback and participation. Sai Karra is a new participant in the NFT space, as well as an active social media influencer. Using his entrepreneurial skills, as well as his knowledge from networking on social media, Karra founded Metaversity to empower other link-minded people.
