070. Eric Tippets on Tokenization, Monetization of Content, and Lessons from China
Everything changed for Eric Tippets when he went to China about 10 years ago. He started to see what business looked like in a country with 1.3 billion people. And he could see how technology increased efficiency, scaling and opportunity.
“In China, the velocity of things just moves extremely quick, but their technology… it's funny how the culture was behind, but the technology was way advanced. And they were way, way ahead of us.”
Eric talked about how processes were so streamlined that whether he was seeing huge numbers of people go through the airport or walk through a café to grab a bagel, everything ran smoothly and efficiently, with the help of technology.
In January of 2015 Eric and a partner launched a microlending platform that facilitated crowd-funding for entrepreneurs, and they learned very quickly what running a business on a massive scale looked like.
“Within six months, we had 3.5 million people, and $3 billion USD come through that platform. People talk about doing big numbers. It's amazing to me, unless you’ve done it, you can't even remotely begin to understand all the difficulty of it. And all the complexity between getting hacked nine times between bank accounts getting shut down, because they thought we were money laundering, (Hackers) would do a complete replica of our site and have people come over and take their money. We over 100 of those.”
As they worked through the bugs, working at this scale paid off. “We got to the point after those six months, we were doing 35 to 40 million dollars a minute.”
Now Eric is working on helping entrepreneurs to tokenize their business with NASGO and the NSG token. They’ve giving startups a way to use a working utility token within their community.
One of the artists they’re working with to facilitate tokenizing and monetizing his content is Jaafar Jackson (Jermaine Jackson’s son) who uses their VAPR app and his tokens to incentivize fans to purchase like, follow, comment, and share content and he rewards them with experiences like a studio visit when he records his next song.
I met Eric at the Blockchain for Impact summit in NYC in early June and we talk about one of the contributions he’s been making with the NASGO blockchain. One of the delegates in their DPOS structure goes to charitable donations, so every 17 minutes when a block reward gets paid out, one of them goes to their charitable contributuions.
Jaafar Jackson, JUSIC token
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