How NFTs Created An Economy for Digital Creators
Non-fungible tokens (NFTs) have revolutionized the art world in 2021. The market has seen groundbreaking sales, with collectors having spent over $2 billion on NFTs in the past month alone, compared to only $250 million in the entire year of 2020, according to NonFungible.com. The staggering statistic can, in part, be attributed to artists like Beeple making record-breaking sales this year, when the artist sold a singular artwork for $69 million at Christies, the third-highest price of art on record. By definition, NFTs are digital files that provide buyers with proof of ownership and....
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Artists and content creators are expanding the creator economy past the $100 billion mark by taking control of their brands through NFTs. Nonfungible tokens (NFT) have created an environment where artists can take control of their work and finances. Experts agree that artists and creators that tokenize their work and issue it as NFTs no longer have to deal with third-party intermediaries. Although galleries have traditionally done the leg work in attracting buyers, they are seeing their utility diminish as cheaper decentralized apps (DApps) make it easy for investors to connect directly....
The internet has provided a remarkable stage for creativity and innovation. However, there is a problem: conventional content creators are not appropriately compensated for their efforts. Despite its best efforts to propel artists to new heights, the level of competition is so high that creators have little room to expand efficiently. The oversupply of content and creators has annihilated the whole Web 2 universe. Though things are beginning to change, and there is light at the end of the tunnel. Blockchain, and in particular NFTs, are paving the way for content creators to enter the Web 3....
From NFTs to the metaverse, decentralization is making its way across the creator economy. With the rise of Web3, what lies ahead for creators in 2022? From video game enthusiasts monetizing their passions as shout casters to fashion influencers supercharging their careers into livestreamers on e-commerce platforms, the creator economy flourished, evolved and matured in the past year. Largely catalyzed by the ongoing COVID-19 pandemic, contemporary creators benefited from the gradual shift in consumer behaviors as more people came online across the globe. Now valued at over $100 billion,....
The Visa Creator Program is the latest in a string of initiatives that Visa has carried out as it targets the digital creator economy. Visa announced the official launch of the Visa Creator Program, a one-year product strategy and mentorship program for entrepreneurs working in art, music, fashion and film who seek to accelerate their small business through nonfungible tokens, or NFTs. According to Visa, the goal of the Creator Program is to bring together a global cohort of digital creators and empower them via education of blockchain technology and NFT commerce. Originally announced in....
Non-fungible tokens (NFTs) are all the rage right now, and for good reason; these digital tokens offer verifiable certificates of authenticity for just about anything virtually imaginable. From your favourite sports collectibles to artwork and even real estate! One year ago, Beeple’s “Everydays: The First 5000 Days” sold for over USD 69 million as an NFT at the prestigious auction house Christie’s. Since then, NFTs have undergone a radical paradigm shift from being an obscure tech phenomenon to a mainstream one. The NFT industry has continued to expand at an astounding rate, with....