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 universe. These tokens are powering the new creator economy of the future. NFTs are giving content creators more autonomy on monetization and content rights, therefore enabling them to maximize their earnings.
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The Rising Trend Towards Creator NFTs
NFTs have grown at a breakneck pace in the last year. According to DappRadar’s NFT marketplace tracker, the total NFT 30-day trading volume for the top five markets reached more than $2.8 billion in 2021. Although these tokens have been touted for a long time, the trend has been shifting every few months. At first, NFTs were dominated by sports highlights and trade cards, and GIF-animated artwork. Then came the trend for digital collectibles and this year NFT-linked craze has started with movies, music, fashion, virtual property, gaming assets, avatars, virtual pets…
Even though there are exceptional discoveries in the ecosystem, one area of NFT utilities is slowly emerging which is the NFT powered creator economy. Content creators are the new audience that is now utilizing NFTs as a means to create and market their skills. From video to music, all these niche creators are now employing NFTs from their content plans.
Solving Key Problems with Digital Content
Digital content is the most consumed content type. Facebook, Instagram, and Twitter have made fortunes leveraging this idea of digitized content. Yet, there is one issue with this sort of content i.e, it can easily be replicated, especially on open platforms. In fact, this has been observed across all major content channels, with people plagiarizing the same content across the board.
Presently, NFTs are solving these issues by identifying the source digital item, making a finite number of duplicates from that source, and uniquely tracking each replica. And, an account or wallet that owns a specific numbered replica will know how many other similar replicas were created, allowing it to estimate the relative rarity. For example, if there is replica #107 out of 5000 total generated, it implies only 4999 other people in the globe have a registered clone of the material. This allows improving content integrity even further.
Furthermore, NFTs are resolving the secondary sales conundrum, in which third-party sellers have been traditionally able to profit from selling items and content at the expense of the original content providers. Ultimately, these tokens are solving every problem that a creator has been facing in the Web 2 world. In fact, many NFT projects are providing various utilities to create a better future for the creator economy. Some projects are going way beyond imagination providing creators all the support needed to grow their brand.
MetaKawn is one such project creating a direct relationship between content creators and their audience. The platform is providing direct funding of the content creator’s projects from the community instead of relying on social media platforms and sponsorships along with lifetime royalties on copyrights ownership.
To spice things up, the project will be based on Islamic societal ideals promoting equality, fairness, solidarity, and freedom of choice. It will promote a brotherly mindset by giving content producers tools and a network to aid one another, as well as by promoting them for sharing their creations. The project will make its debut with its Huffaz NFT collection, which will include utilities within its ecosystem. It will represent modern Muslims from different and various communities, with a primary focus on gender equality.
NFT Powered Creator Economy is the Future
NFTs are one of the greatest inventions and their lasting strength stems from the fact that it addresses problems for creators, users, and distributors alike by offering immutable provenance, real content ownership, and conditional constraints. By connecting content domains with crypto marketplaces, they are laying the groundwork for a thriving creator economy. NFTs are more likely to represent the future of content than a passing fad. The technology inspires content producers, improves networks and markets, and, most crucially, empowers customers and fan communities.