NFTs Creator

· 4 min read
NFTs Creator is for sale!

Non-fungible tokens (NFTs) are all the rave as of the moment, particularly in digital art. NFT collectors and traders spent $22 billion on NFTs in 2021 alone.

OpenSea co-founder and chief technology officer Alex Atallah stated that the Ethereum NFT market in February 2021 generated sales 7450% higher than the same month in 2020. The aggregated sales per month, was roughly $77.5 million. Even popular culture got in on the act in Saturday Night Live, recognizing that NFTs were popular enough to be worth a parody.

Crypto Art has compiled lists relating to NFT sales, both top-selling NFT creators and the most expensive artworks. This list is based on artworks sold by NFT creators on the following marketplaces: Nifty Gateway, SuperRare, Foundation, MakersPlace, KnownOrigin, and Async Art.

In addition to influencer marketing, agencies like NeoReach and others are branching into NFT marketing, taking charge of this new industry development and the space it provides for creative digital campaigns.

As of May 1, 2022, collectors around the world have spent more than $37 billion in NFT marketplaces, quickly surpassing last year’s total transaction activity — and we are yet to enter the second half of the year!

by Werner Geyser

NFTs or Non-fungible   Tokens have been gaining a lot of attention lately, both from investors and creators. They are crypto tokens tied to artwork on a blockchain. To buy the artwork, one must buy the token as well. The non-fungibility of these tokens is what renders them unique, just like a Monet or Van Gogh. The advantages of NFTs are embedded in their code which ensures transparency and the immutability of ownership. A new asset class like this going mainstream could be a game changer not only for individual creators but also the whole creator economy.

Contrary to what some skeptics may say, NFTs is more than just a passing fad. The NFT market has experienced a significant rise in 2021, reaching USD 2.4 billion by the second quarter. The number of active wallets also rose 151.89% at around the same time signifying more potential buyers and thus more sale prospects for NFT creators.

The rise of blockchain technology and cryptocurrency propelled the NFT market into the limelight. With ample media attention and celebrity power added to that, we are now at the inception of a potent new market. This is evident from the fact that auction houses like Christie’s have chosen to launch their own NFT marketplaces while luxury fashion brands like Louis Vuitton, D&G, Gucci, Cartier, Bulgari, Hublot, and Prada are also following suit. As several NFT platforms are now entering the market, creators are exploring opportunities that never existed before.

Rise of Creator Economy and Its Significance

The term ‘creator economy’ is rather new in the modern economic lingo. It refers to a new financial system comprised mostly of independent creators (artists and influencers) who no longer depend on traditional modes for funding i.e., big corporations, media houses, and agencies as they have been able to generate finances by reaching out directly to their audience. The pandemic boosted this kind of creator economy, bringing forth many new creators.

The Creator Earnings, Benchmark Report 2021 highlights that nearly 50 million people have joined the creator economy bringing the total creator economy market size close to USD 104.2 billion, a figure that could touch the trillion-dollar mark by 2023. While the larger part of the revenue (77%) comes from brand endorsements, other sources such as ad share revenues and affiliate links also contributed to it. All this while, it must be noted that the creator income correlates highly with the size of their audiences. In other words, developing an audience is still the key.

The rise of the creator economy has encouraged creators from all walks of life and corners of the world to bypass the traditional system of talent recognition. This dynamic shift puts the control in the creators’ hands by empowering them to create the content of their choice and direct their own narratives. The two most critical factors in enabling this shift were technology and social media, and they continue to pave the path for this industry.

NFTs and Creator Economy: A Match Made on Blockchain

The real benefits of NFTs rarely make it to the front page due to the glitz and glamour of celebrity engagement and sky-high biddings. These benefits include:

Ownership: The inherent human tendency to perceive owned things as valuable has helped high art stay relevant over centuries. The same tendency helps NFTs bring value to the ownership of content. The value of NFTs increases with time since ownership can be proven, an aspect rarely acknowledged by social platforms.

Resilience to Forging: NFTs are also resistant to issues such as counterfeiting or forgery. The underlying blockchain technology acts as a sort of underwriting for the creators, protecting the ownership of the content and allowing them to focus on their creativity.

Traceability: Blockchain technology also helps track the ownership, something that can help creators see how their artwork is being used.

No Intermediaries: The NFT space is one that can ensure better profits as it cuts out intermediaries, helping creators earn better for every single creation.

Such promise of transparency and authenticity of ownership along with the openness and flexibility to monetize art is unlike anything experienced by creators before, especially given that it applies to both digital and physical assets. NFT platforms are playing a vital role in bridging the gap between blockchain technology and the wider creator economy. These platforms also help to democratize art ownership by enabling fans to ‘own’ the art of their choice in a legal manner. With such profound gains, NFTs is redefining the creator economy as we write.

A New World for Creators

We live in an era where the boundaries between the real and virtual world are fading fast. With interest in the metaverse, cryptocurrency, and digital collectibles growing by the day, NFTs offers a befitting space for new-age creators that benefits not only them but the collectors as well. More dynamic shifts are expected in near future, especially in the financial aspect of this hybrid creator economy that has already begun to take shape.