Calling All Artists – Khoa Le’s New NFT Project Is Just the Beginning of a Bright Future for Artists
In the past couple of years, NFTs have exploded onto the scene and become the hottest new investment opportunity. With what we know about NFTs, it looks as if they are here to stay. Khoa Le has taken notice and is using them to kickstart his Sutudu platform. The ground-breaking entrepreneur has created a new and simple way to fund projects for artists attempting to break into the entertainment industry. He sat down with us and explained the vision for his 2K Artists Exposure NFT Project. Here is what he had to say.
Thank you for sitting down with us today. Let’s talk about Sutudu and what’s on the horizon for you. What are your plans with Sutudu?
The first thing I want to jumpstart is the 2K Artists Exposure NFT Project. This will be the initiative that will get everything going and bring my vision to life. We’re collecting 2000 NFTs from 2000 artists. We are going to use these NFTs to help expose the artists’ projects and create unique utilities that benefit both artists and NFT buyers. With our Sutudu platform, we have a patent-pending payment and royalty system which will be a game-changer for artists, allowing them to drive value for their NFT projects.
The project is going to be a proof of concept where we tie the real-world issues and solve them with the NFT technology through the Sutudu platform. We believe the friction and process are the cause of so many issues in the entertainment industry. It’s been the same system for decades and it’s been benefiting companies first before the artists. One of Sutudu’s missions is to create a frictionless system for artists, companies, and the middleman that are part of the money flow process.
From an artist’s perspective, what benefits do NFTs offer compared with current industry profit models?
The idea is to create 2000 partners and eliminate the middleman. We want to prove to the world that this is possible without causing any financial friction after the NFT is sold, and show what this technology can do for the entertainment industry that has a complex money flow system.
Sutudu will also allow NFT artists to enable a first-time NFT buyer, or early adopter, to be a partner of the royalties. Meaning that if the artist has a 10% royalty that is paid directly back to them when the NFT is sold on the secondary market, the first-time NFT buyer will also be part of the royalty system. All of this is done automatically, without any manual input. The NFT artist has multiple opportunities to offer incentives and deliver a utility that investors are looking for as NFT owners, thus building value for their projects.
What about the short-term? What can artists and fans expect from Sutudu at launch?
By the time we launch the Sutudu platform, we will have 2000 NFTs ready to go. During that process, we want to help 2000 artists think about their projects – their long-term value, and the purpose of their NFT projects. They should be creating NFTs with a purpose, whether it’s raising funds to drive a new start-up that can potentially impact the world, creating awareness for a great cause, or making a difference in the community.
It shouldn’t be about making money, for the sake of making money. These NFTs should give the community a reason to support you: your film, event, worldwide tour, music project, company start-ups, etc. If it does hit those criteria to what we believe drives value for an NFT, the project has a great chance of success.
How do you picture your average user? Is Sutudu something my mom could use, or is it mainly a platform for artists on the tech-savvier end of the spectrum?
We want to make it as easy as possible for artists to jump right into the platform and execute their NFT projects. It’s already difficult being an artist and adding more technicalities to an emerging technology makes it challenging for most artists. So, it’s paramount that we continue to have that mindset of being a company that thinks about the path of least resistance at all times. Currently, access to this platform is as simple as connecting your meta mask to the platform, and with one click, you’re ready to shop or create.
So how do artists get involved?
The process to be part of the 2k NFT Artist Exposure Project is simple as well. You need to have your project title, explain to supporters why you have an NFT project, describe the project in 2 sentences, upload the artwork, add the public wallet, and then submit it. Once you upload the artwork, Sutudu sends you a digital contract of your artwork and a 1.5-page contract, just to ensure the originality of your artwork. Protecting NFT investments will always be a goal on our platform. That’s why we also license your artwork for NFT purposes only. And we do an 80/20 split of the uploaded artwork: 80% to the artist, 20% to us.
In recent years, entertainment has become a truly global industry, with audiences stretching across national boundaries. How does Sutudu help small artists prosper in a massive international marketplace?
The NFT is basically a portion of the artist’s pitch deck, and it will also facilitate the pitch process. Usually, when a new artist is creating a pitch deck, they have no real way of getting it in front of investors. But doing it on my NFT platform will change all that. And the good thing about NFTs is that you’re not going to be biased in your production because you’re going to sell it worldwide.
People in America think very differently from people in foreign territories. Most people in foreign countries can’t wait to support American artists. People from Vietnam, or Korea love American culture. If you’re putting out an American film, they get to be a part of American movies, so they will support you. My next goal would be to do an immigration project for Asians who came to America in the 80s. This NFT project is going to be a great test of how we create transparent partnerships for a single film.