On March 11, 2021, a piece of art was sold for a record of $69 million in a Christie’s auction. Interestingly, this work is not a tangible artwork by famous contemporary artists such as Damien Hirst and Jeff Koons but is a digital work, an NFT created by Mike Winkelmann, also called Beeple. This proves that NFTs is playing an increasingly important role in the global creative economy.
However, rampant copyright Infringement rampant has challenged the art market for centuries. But it’s optimistic that piracy is facing a strong competitor right now which is the creative economy — a conglomeration of people living in the digital world, those who produce all types of content. By monetizing creative content across a variety of channels, the community of payers can have access to creative, unique, and engaging media. And the reason why the creative economy is so appealing is that they provide a way to make money from the sale of digital content for content creators.
Read more: Money-making effective ways on NFTs
Changing the model from an attention economy (advertising provided by big companies like Facebook, Google …) to a creative economy has really helped creators, as well as ordinary people like us to take control of various online platforms to interact with their audience. Despite not being an entirely new concept, this model has greatly democratized the way content is created and shared, in order to decentralize different platforms. It also allows creators to build on their passion and gives audiences more autonomy in choosing what they really want to consume.
While there are a variety of platforms for showing off creativity, NFTs are now proving to be a tool of choice for both unknown and well-known artists. NFTs have the right format in the modern world and can keep pace with the ever-evolving creative context. NFTs are for all types of art, even including physical works. NFTs can be memes, priceless artwork, music albums or even cars, ownership of NFTs poker. Blockchain acts as a guarantor, allowing creators to focus on what they do best – creating, expressing personality, emotions, and producing works for audiences. The technology also prevents the loss of income due to piracy that discourages creators’ motivations and steals their legal earnings. The nature of NFTs is focused on ownership, the idea of making a particular item more valuable simply because it is owned. Based on the innate human perception that owning things is a value itself, NFT allows fans to associate this experience with value.
NFTs have become a popular trend since 2021, but thanks to the crazy interest surrounding them, the popularity of NFTs will continue to rise even further in the future. The creative economy is rapidly catching up with traditional media, as the number of mobile viewers surpassed 50% of total global traffic in Q3 2020, reaching 54% in Q1 2021 (*data source quoted from statin.com).
The role of NFTs makes a significant contribution to the growth of mobile audiences, as next-generation mobile systems implement the NFT mechanism. We now live in a world of collectible games and other apps that appeal to young audiences who prefer a high social standing, leading to their full effort to possess a unique item. As a result, creators and collectors are in a win-win situation where market dynamics are clearly illustrated.
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