Creative industries have always led innovation because they’re fundamentally exploratory and hungry for ways to help create sustainably.
Hip Hop, for example, pushed the envelope in about every possible way during its rise from the streets to becoming the dominant form of music in the world. DJ Kool Herc, its normally acknowledged progenitor, birthed a new art class when he extended dance-friendly breaks by combining multiple records across turntables in the ‘ 70s and others in the diligence have driven initiation ever since .
merely like that first technological experiment to make better dance parties in the Bronx started a rotation in music production, today we ’ ra seeing the emergence of a new place of tools with the same power to enable artists to engage their fans and change the universe .
In this mail, I ’ ll walk through some of the problems that creators and communities face nowadays and how a new blockchain-enabled toolkit will make them more align, engaged and sustainable .
The Creator Economy
The advent of the Internet in the late ’ 90s usher in an earned run average where people around the global could both create and consume much more well than ever before. You can do more with a Macbook today than a whole studio apartment could 20 years ago.
Reading: The Creator Economy on NEAR Protocol
It besides became substantially easier to find communities of common pastime careless of geography, and a larger dowry of all our lives migrated into the digital kingdom. New hardware and software tools made it much easier to produce contentedness — whether multi-platinum albums or just micro-niche blog posts — while the web ’ s scale made it much easier to distribute this contentedness .
unfortunately, the smash in creation and the massive expansion of platforms to support large fanbases wasn ’ triiodothyronine matched by a similar boom in the sustainability of creators. In fact, while the increased size of audiences allowed top creators to reach a expansive scale, the infinite reproduction of contented and the ability of distributors as middlemen made it more difficult for most other creators to benefit from their intellectual place ( “ IP ” ) .
The kinship between creators and their communities drives the alleged Creator Economy, which is a dynamic between 3 factors :
- Creators who produce something of value
- Communities who support these creators
- Financial tools and platforms to help make creators and their communities sustainable
The note between creators and communities can be blurry, for model when users generate contentedness, but ultimately person has to pay for something in order to create a sustainable economy .
today, this economy is by and large a one-way way where the creator produces something ( eg an album ), gets fans to consume it ( typically losing most of the proceeds to the middlemen who control their relationship with fans ) and tries to earn actual income from secondary tax income streams like concerts or trade or sponsorships. This system is overabundant with problems and it ’ s only sustainable for creators with enormous or highly engaged fan bases, particularly if they ’ ve given away their IP rights along the way. This leaves the alleged “ long dock ” of smaller creators underserved and makes things bully flush for the larger ones due to all the middlemen who have their hands in the proto-indo european .
What’s changing today?
therefore how do we make the godhead economy more sustainable for everyone ?
It requires improving the underlying engineering of the vane to unlock new tools for both creators and their communities to build stronger, more sustainable bonds. specifically, it means merging the technological revolution which started with Bitcoin in 2008 with today ’ s Internet to create newly tools like NFTs, DAOs, Fungible Tokens and Open Finance ( “ defi ” ) .
hera ’ s how it all fits in concert .
If you go back to the Creator Economy Triangle from ahead, each corner has needs that weren ’ t met before :
- Creators haven’t been able to sustainably benefit from their IP because of the commodification of content in the digital world which devalues their creativity and which leaves them at the mercy of their distribution partners and the platforms holding their fanbases.
- Communities haven’t been able to effectively self-organize outside of existing social platforms, make themselves sustainable or align their interests with those of the creators they support.
- Financial tooling has limited the economy itself to one-time or recurring payments for goods or services because the tooling has been anchored in a world of bank accounts and Paypal-like providers. Royalty schemes and payments are also notoriously arcane, inconsistent and exploitative to creators.
In 2021, blockchain technology has finally arrived at the charge where it can solve all three of these issues and unblock the Creator Economy .
This is because each of the key aspects of the Creator Economy is served by a particular jell of tools which weren ’ t possible to combine like this before a platform like NEAR was available. This gives us a new Creator Economy Triangle, which shows how these tools — NFTs, DAOs, Fungible Tokens and Open Finance ( “ defi ” ) — interact :
At a high level, it breaks down like this:
NFTs ( Non-fungible Tokens ) are basically digital containers that can hold IP but which liberated it to be owned and traded therefore creators have a worldly concern of new ways to produce, distribute, remix and monetize content .
Learn more about NFTs
DAOs ( Decentralized Autonomous Orgs ) are basically like shared bank accounts for communities that are wholly digital so it ’ sulfur actually easy for communities to act about like official co-ops or companies and build sustainable models for themselves. They can issue fungible tokens which are basically membership cards with a lot more potential superpowers to drive more betrothal .
Learn more about DAOs
Open Finance ( aka DeFi – Decentralized Finance ) is an entire toolkit that allows creators, communities, NFTs, DAOs, fungible tokens, and all the other pieces of the digital economy to plug into each other in ways that no one has ever done ahead, allowing entirely newfangled ways of earning income for creators or benefitting from the top of membership for community members.
Learn more about DeFi
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