To explore how Web3 business models are revolutionizing the creative industry, we’ve gathered insights from five experts, including a Creative Director and a CEO. From monetizing digital content with blockchain to empowering creators with Web3’s benefits, discover the transformative impact of true digital asset ownership for these thought leaders.
- Monetizing Digital Content with Blockchain
- Profit-Sharing with Blockchain Concert Tickets
- Guaranteeing Monetization through Web3
- Transforming Creative Power Dynamics
- Empowering Creators with Web3’s Benefits
Monetizing Digital Content with Blockchain
Blockchain technology and NFTs enable creators to directly monetize and retain ownership of their digital content, versus relinquishing rights to publishers or platforms. For example, artists can sell limited-edition NFTs of their artwork and collect royalties on secondary sales. This disintermediation provides creators of all kinds – photographers, musicians, videographers, etc.—far more control and earning potential from their work. It’s a true game-changer, democratizing the creator economy.
If more details on the industry-shifting impacts of Web3 and NFTs for digital creators are needed, I’m happy to provide them.
Mike Vannelli, Creative Director, Envy Creative
Profit-Sharing with Blockchain Concert Tickets
As a professor who has taught Blockchain Law and Policy, and having advised companies that create asset-backed NFTs, I can say that Web3 enables content creators to own and profit from their digital works without intermediaries.
Consider the example of concert tickets. The business models Web3 creators have proposed for this space are tools to enable artists to mint concert tickets as NFTs, which can include terms like profit-sharing on resale. These details, written directly to the blockchain, mean that when a fan resells a ticket, a portion of that resale price automatically goes back to the artist.
For instance, if a Taylor Swift concert ticket initially sold for $100 and is resold for $2000, Swift would automatically receive a predefined percentage of that secondary sale—something that most, if not all, artists don’t benefit from under current ticket sales arrangements.
Gregory McNeal, Entrepreneur and Professor, Pepperdine University
Guaranteeing Monetization through Web3
Finally, content creators can monetize with guarantees.
Web3 business models are set to revolutionize the earning power of creatives, as blockchain technology proves ownership rights.
This is because the decentralized nature of Web3 guarantees unchangeable ownership records, even in secondary markets. These advancements will also eliminate the potential for tampering risks and unauthorized digital duplication.
Smart contracts will enable automated and transparent royalty payments, empowering creators with a fair share of revenue.
This is a real win for content creators in the digital age.
Katharine Gallagher, Professional Growth Specialist- Education, Career, Recruitment, Productivity, Business, katharinegallagher.com
Transforming Creative Power Dynamics
In the blockchain space, I’ve seen how Web3’s model profoundly impacts the creative industry. NFTs provide creators with immutable proof of ownership, paving the way for a new era of digital rights and royalties. This not only ensures fair compensation but also upholds the integrity of their work against unauthorized use.
The result is a transformative shift in power dynamics, with creators enjoying unprecedented control over their content. Such empowerment leads to a more equitable landscape, encouraging a surge of innovation and diversity in the arts as creators are incentivized to produce unique, boundary-pushing work without traditional gatekeeper constraints. This is the dawn of a more creator-centric economy in the digital realm.
Laura Jouve, CEO, Slava Communication SL
Empowering Creators with Web3’s Benefits
Web3 is the third generation of the World Wide Web. It offers a decentralized platform for transactions and interactions using blockchain ledger technologies. It has opened up new possibilities for content creators by providing a secure platform for distributing their content. It offers several benefits to content creators that traditional web technologies cannot provide.
Overall, Web3 can empower content creators by giving them control and ownership, new ways to monetize their work, greater transparency and authenticity, and new community-building opportunities. This decentralized platform continues to evolve and mature. One of its impacts on the creative industry is providing complete ownership of content and fair compensation to content creators.
Fahad Khan, Digital Marketing Manager, Ubuy India
