We have only very recently experienced the power of the creator economy. What started out as a Youtube revolution about a decade ago created ripples in the market of ‘jobs’ that pushed what we know as traditional boundaries. But what started as just ripples came back to bite us in what’s known as the blockchain creator revolution.
Building the blocks
It all started on a very nondescript day, in March on the 11, 2021 when an NFT (non-fungible token) created by the digital artist Beeple managed to sell at Christie’s for $69 million dollars. So what? Millions of things sell in the Christie’s for even more. Except that this was no ordinary physical relic. This was what came to be known as an NFT.
Overnight, NFTs became the talking point amongst all of us. The fresh hot off the oven in the creator economy.
After the crypto-rich investors of the world surfed this new wave of eye-popping investments, the hype exposed something bigger. This hype brought the world to the opportunities that crypto offers artists. Thus emerging a new creator crypto economy.
Red pill, blue pill
Though this might be the mind-boggling concept that all of us like to pretend it is, monetisation of a direct-to-fan model has existed for some time now. By empowering creators to earn from their art, craft or service directly, you create what’s known as a sustainable revenue stream through direct engagement with their communities, thus decentralising the power that someone else earns from your creation, which puts you and you only control and ownership of what and how you manage your creation; which is the most beautiful part of the creator economy.
But for an artist to maximise the world of crypto, they will need to think bigger. Think beyond just NFTs. We all, for that matter, will have to think. For artists to maximize the benefits of crypto, they will need to think beyond NFTs and begin building a more cohesive and inclusive system which includes many more investors.
Are NFTs touching just the tip of the iceberg?
While the NFT craze seemingly exploded out of nowhere, this could be a gateway to something much bigger. Something on the lines of an enhanced system that finds its way to reward the creator even more. However, this concept, also called social tokens, isn't new. While social tokens and NFTs in today’s world are known as two independent developments, we are not too far away from a future where they merge into similar streams of income.
What could be the gold to Niffler here?
While we move to more fluid professions, podcasting, Youtubing and blogging, previously viewed as hobbies, are now entering mainstream sources of income. Companies, brands and products are looking for ways to grab the attention of their users thus opening up avenues for creators to become personal brands.
While this might just seem like a wave run on fomo, the potential of what this trend might hold for the future is undeniable and the waves it is making, unignorable. The rest? Only time will tell.
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