NFTs or Non-fungible tokens have
recently gained a lot of attention from investors and creators. These are
cryptocurrencies attached to a blockchain artwork. You must also purchase a
token to purchase artwork. The unmistakability of these tokens is what makes
them unique, such as Monet or Van Gogh. The benefits of NFTs are enshrined in
their code, which guarantees transparency and immutability of assets. A new
asset class like this, which will become mainstream, could be a substitute for
the game not only for individual creators, but also for the entire creative
economy.
The rise of blockchain and cryptocurrency technology is
pushing the NFT market to the forefront. Thanks to sufficient media attention
and the strength of celebrities, we are now in the process of launching a new
strong brand. This can be seen in the fact that auction houses such as
Christie's have decided to market their own NFT brands, while luxury fashion
brands such as Louis Vuitton, D&G, Gucci, Cartier, Bulgari, Hublot and
Prada are also following. As more NFT platforms enter the market, developers
are exploring opportunities like never before.
The concept of
"economics of creators" is completely new in the modern economic
week. It refers to the new financial system, which often consists of
independent creators (artists and influencers) who no longer rely on
traditional methods of financing, i.e. large corporations, media houses and
agencies, because they create finance by contacting their audiences directly.
The pandemic has stimulated this kind of creator economy and brought many new
creators.
Benchmark Report 2021,
sponsored by Creator Earnings, has contributed nearly 50 million people to the
creative economy, bringing the total size of the creative economy market to
close to $ 104.2 billion, a number that could reach $ 1 trillion by 2023.
Revenues (77%) come from market reviews, and other sources such as advertising
revenue and affiliate links also contribute to them. During all this time, it
should be noted that the creator's income is very much related to the size of
his audience. In other words, audience development is still key.
The rise of the creative
economy encourages creators from all walks of life and from around the world to
skip the traditional talent recognition system. This dynamic shift puts control
in the hands of creators by allowing them to create content of their choice and
manage their own accounts. The two most critical factors of this shift are
technology and social media, which continue to pave the way for this sector.
The real benefits of the NFT
rarely come to the fore due to the brilliance and charm of celebrity engagement
and skyrocketing offerings. These benefits include:
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Man's innate tendency to regard objects held as
valuable has contributed to the high art that has remained relevant for many
centuries. The same tendency helps the NFT to evaluate content ownership. The
value of the NFT will increase over time as ownership is proven, an aspect that
is rarely recognized on social platforms.
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NFTs can also withstand problems such as
counterfeiting or falsification. Basic blockchain technology acts as a form of
underwriting for creators, protecting content ownership and allowing them to
focus on their creativity.
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Blockchain technology can also help track
ownership, helping creators see how their artwork is being used.
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The NFT space provides better profits because it
reduces middlemen and helps creators become better for each creature.
Such a commitment to the
transparency and authenticity of ownership, combined with the openness and
flexibility of the monetization of art, is unlike anything creators have
experienced in the past, especially because it can be used in digital and
physical applications. NFT platforms
play an important role in bridging the gap between blockchain technology and
the wider creative economy. These platforms also help democratize art ownership
by legally "owning" the art of their choice. With such profound
profits, the NFT is transforming the creators' economy as we write.
We live in a time when the boundaries between
the real and virtual worlds are rapidly blurring. As interest in metaversion,
cryptocurrencies, and digital collectibles grows every day, NFTs offer the
perfect space for new-age creators who can benefit not only them but also collectors.
Many dynamic changes are expected in the near future, especially in the
financial aspect of the economy of this hybrid manufacturer, which is already
beginning to take shape.
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