Visual artists and musicians are harnessing NFTs to profit from their work more easily
Trend - NFTs ("non-fungible tokens") are units of currency in the Blockchain ecosystem that cannot be replicated. Within the art and entertainment industries, creatives are selling their works as NFTs to monetize their music or art.
Insight - Ownership in the digital environment is precarious as many users are prone to pirate content and sidetrack paywalls. This is particularly affecting creative practitioners and digital content creators financially. Accelerated by the COVID-19 pandemic which has ensured the economic stagnation of the industry, many individuals are looking for new and innovative ways to sell their work, while also gaining some control of it on the Internet.
Insight - Ownership in the digital environment is precarious as many users are prone to pirate content and sidetrack paywalls. This is particularly affecting creative practitioners and digital content creators financially. Accelerated by the COVID-19 pandemic which has ensured the economic stagnation of the industry, many individuals are looking for new and innovative ways to sell their work, while also gaining some control of it on the Internet.
Workshop Question - How can your brand help creatives monetize their work?
Trend Themes
1. NFT Monetization - In the art and entertainment industries, creatives are monetizing their music or art by selling works as NFTs.
2. Tokenization of Digital Assets - NFT technology is enabling the tokenization of digital assets, providing creatives and artists a means of monetizing exclusive content.
3. Cryptocurrency-based Monetization - NFTs are being utilized in creative industries for monetization, providing better control over licensing and payments made in cryptocurrency.
Industry Implications
1. Art Industry - NFTs provide an opportunity for artists to monetize their work in the digital space, enabling better ownership and protection of digital assets.
2. Entertainment Industry - NFTs are disrupting the entertainment industry, providing a means for musicians to monetize exclusive content and providing fans with new ways to own digital collectibles.
3. Blockchain Technology - The tokenization of digital assets using NFT technology is a novel use case for blockchain technology, providing opportunities for innovation in blockchain development and applications.
4 Featured, 21 Examples:
80,777 Total Clicks
Date Range:
Mar 21 — Mar 21
Trending:
Average
Consumer Insight Topics:
