How NFTs Can Shape the Future of Content Creation

It seems non-fungible tokens (NFTs) are the future. They have broken into just about every industry, offering solutions and a means to engage and earn.

How NFTs Can Shape the Future of Content Creation

Interestingly, the primary characteristics of NFTs make them an ideal fit for content creators and those who sell their work online. These tokens are still in their infancy, but there is no doubt they have massive implications for the content space that should be monitored.

Identity Verification and Uniqueness A Quick Recap of How NFTs Work

Simply put, NFTs are a way for creators to make their assets and introduce two much-needed monetization tools: scarcity and ownership verification.

As an artist, you could create an exclusive animation or image; however, that doesn’t necessarily stop others from copying and piracy. This applies to art, music, drawings, and just about everything else. With NFTs, however, you add that piece of scarcity to your work.

If you have a growing fanbase and others interested in your work, you could release your work as a one-for-one exclusive piece. This allows you to raise the price more since people are willing to buy it.

NFTs also have the identity verification benefit. Every NFT transaction occurs on the blockchain, and its data is available to anyone who would like to see it. The NFT’s data also shows the identity of the owner, allowing buyers to verify authenticity.

The NFT data will also show movement history. When you sell an NFT, the blockchain records the transaction and reflects that ownership has moved to the buyer. All in all, NFTs create transparency and avoid the possibility of counterfeiting.

It is worth noting that people who buy NFTs don’t necessarily buy the assets they represent per se. Instead, a buyer is purchasing a string of code unique to the piece. The string of code reflects ownership of the asset. This feature makes NFTs a particular game-changer.

For years, it was virtually impossible to verify the provenance and ownership of artistic assets. At the same time, artists couldn’t limit the supply of digital files to inflate value since people distrust that sellers make only one copy of an asset in question.

All of this made it difficult for artists to earn money for their work. With NFTs, things are changing for the better.

Breaking Away from Centralized Platforms

Currently, the creator landscape is incredibly centralized. Creators - whether authors, musicians, artists, or even vloggers - should head over to centralized platforms to sell their work. For videos, it’s platforms like Vimeo and YouTube. For content, it’s social media platforms like Twitter, Instagram, Facebook, and TikTok. For books, it’s probably Amazon.

These platforms take a massive portion of the revenue the creators get for offering their markets. Interestingly, most of the income these creators get comes from the platforms themselves in the form of ad revenue.

Creators can also make money from brand-exclusive deals, selling the brands’ products and making revenues in that form.

NFTs offer the potential to make money directly from content. At the same time, NFTs offer an opportunity for content creators to limit the availability and supply of their content. When content is more exclusive, its value rises significantly.

Content creators can earn infinitely using NFTs. By nature, NFTs are lines of code. Code can be hardwired in such a way that a commission can be earned when your NFT buyer sells it to someone else. Imagine you sell an NFT for $1,000 and program it to provide a 10%commission on each resale. If the buyer sells the NFT to someone else for $1,500, you get $150, and so on.

With NFTs, you need not rely on platforms to provide only a fraction of the actual value of your work; you need not work so hard to make money just because the content distribution platforms need, well, content.

NFTs allow creators to keep the biggest chunk of the value they create. The lack of reliance on any centralized platform offers the freedom you crave as a creator.

Your fans also benefit since you can attach rewards for NFT buyers. Beyond value or money, your fans get additional freebies when they purchase your NFTs. At the end of the day, everyone wins.

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