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With the implementation of blockchain and Web3 technology, businesses and individuals alike are rapidly seeing the value of what NFTs and digital asset ownership can offer their customers. Industries that previously had to rely on third-party distributors to reach their consumer base now find that challenge has been eliminated as they use blockchain technology to bypass this step in the traditional business model.
Take a look at the literary industry, for example. Even large-scale novel collections like Harry Potter were slow to infiltrate the market, moving beyond book sales and eventually encompassing consumer-oriented products. What NFTs and Web3 do is allow individual creators to bypass the middleman; assuming the role of distribution channel and opening more internal jobs.
Blockchain Technology: Expanding Art and Creating Jobs
This new vertical integration model has given authors the opportunity to build a world-class team of diverse people who receive fair compensation and increased incentive based directly on the success of the project. As a BIPOC/LGBT creative, I’m a prime example of the growing market advantage the metaverse offers historically marginalized voices.
The value and opportunity for independent artists leveraging Web3 has shown promise. It is possible thanks to the revolutionary new technology based on blockchain and smart contracts. By using Web3 to collaborate with and encourage other creators, I have been able to expand my art using technology that creates opportunities for career growth and bridges the gap between creator and consumer.
Bridging the gap between creator and consumer
One of the most challenging and risky facets of the consumer and production markets is ROI (return on investment). Individual creators have to make the difficult decision to outsource their project and hope that there is enough consumer interest to make a positive gross profit margin. This element of financial risk is minimized when a creator demonstrates the value of their own project, putting themselves and their product on the radar of private global NFT collectives like beetsDAO, who are looking to invest in the kinds of powerful stories that signal the next. Big project.
Digital assets and NFTs are bringing collectors and creators closer than ever after years of the internet and current business models creating a gap between the two. Consumers looking to immerse themselves in Lost Sons of Andromedafor example, they now have the opportunity to own a piece of intellectual property, which is only possible with Web3 technologies.
The value of investments
“We are in a creative renaissance as important as the advent of digital media,” says Jordan Garbis, co-founder of beetsDAO, one of the most prestigious Web3 creator collectives. “Creators can self-fund anything and earn from both initial sales and royalties. of collectors who trade in the markets.
Imagine fans having the opportunity to become a part of Harry Potter, the Marvel Universe, or Star Wars as they were first released 20, 40, or even 50 years ago, by collecting digital assets and trading with the community at large. This is now a reality for artists as they prove to be pioneers in the Web3 sphere. Creators can now reap the value of higher levels of exposure, collaboration perks, and more, and the investors in this scenario are collectors: early adopters who get a piece of a growing franchise before it hits the market. And as a bonus, they can be part of the journey in an intimate and empowering way. Curating a diverse community of collectors, specifically those from marginalized groups, provides instant equity and even prosperity as intellectual property grows. This can be done by creating multiple entry points for potential collectors. Reading to win may be a model worth exploring for other properties of literature as NFT utility becomes part of the larger conversation.
As creators and artists begin to see the merit of blockchain technologies and what Web3 can offer them and their consumers, the market will change tremendously as the traditional business model changes before our eyes. Digital asset ownership is just another aspect of the metaverse that is proving to be an advantage for numerous industries and businesses. Creators are now setting the precedent for what the metaverse can offer to both the average consumer and artists looking to take their project to the next level.
Jason Primrose is a pioneer in speculative fiction, most notably for his multimedia series, Lost Children of Andromeda..
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