Business

Content creators introducing a new paradigm with NFTs

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Nonfungible tokens (NFT) have created an environment where artists can take control of their work and their finances. Experts agree that artists and creators who tokenize their work and issue it as NFTs no longer have to deal with third-party intermediaries.

Though galleries have traditionally done the legwork to attract buyers, they’re seeing their utility wane as cheaper decentralized apps (DApps) make it easier for investors to connect directly with their favorite artists. This creates a new paradigm in the creator economy powered by NFTs.

With the creator economy surpassing $100 billion with many benefits, and NFT marketplaces OpenSea and LooksRare generating over $100 million in daily volume according to market tracker DappRadar, it makes a lot of sense for creators to find out how they make so much Can extract value for the work they do.

Australian NFT artist Danielle Weber believes that more artists should symbolize their work and take control of their personal branding. In an email to Cointelegraph, the 10-year-old artist outlined the many flaws she sees in the traditional arts industry and how NFTs have helped her circumvent them. She is a strong proponent of NFTs as a new tool for developers.

“I definitely encourage all artists to tokenize their work. What really drew me to the prospect of entering the NFT art scene is that it has made art more accessible to everyone.”

Accessibility is an important consideration for artists as they increase their chances of selling when more people see their work. The NFT space facilitates direct interaction between artists and fans without the need for intermediaries. This created what Weber called a “beautiful cycle”.

Former senior engineer at blogging site Medium Julien Genestoux agrees that artists and content creators should take control of their products through NFTs, including how they interact with fans. He told Cointelegraph in an April 6 interview that the NFT space will help “break up arbitrary divides” between artists and fans.

Genestoux believes that creators are free to advertise as they please, but that it comes with an added burden. He said before creators act as their own managers on their platform, “they should ask themselves what kind of relationship they want with their fans and what they can offer themselves.”

“Once you figure out what you can offer yourself, use the NFTs as a contract that you still control.”

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He acknowledges that traditional platforms like YouTube and Facebook are easy for people to use and have huge distribution advantages over smaller platforms, but that the direct connection to fans is more important.

“I think you should be your own platform. That’s one of the values ​​of your relationship with your fans.”

Genestoux added that creator NFTs don’t have to be limited to artists. Entertainers on the social networking app Only Fans will be able to view NFT profile pictures starting this February. CEO Amrapali Gan said the new feature is just the “first step in exploring the role that NFTs can play on our platform.”