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With the implementation of blockchain technology and Web3, businesses and individuals are rapidly seeing the value in what NFTs and digital asset ownership can offer their customers. Industries that previously had to rely on external distributors to reach their consumer base are now finding that this challenge is eliminated, as they use blockchain technology to bypass this step of the traditional business model.
Take a look at the literary industry, for example. Even large-scale novel collections such as Harry Potter have been slow to infiltrate the market, going beyond the sale of books and eventually encompassing consumer products. What NFTs and Web3 do is allow individual creators to bypass the middleman; assume the role of distribution channel themselves and create more jobs internally.
Blockchain technology: developing art and creating jobs
This new model of vertical integration has given authors the opportunity to build a world-class team of diverse people who are fairly compensated and further incentivized based directly on the success of the project. As BIPOC/LGBT CreativeI am a great example of the growing market benefits that the metaverse offers to historically marginalized voices.
The value and opportunity of independent artists leveraging Web3 has shown promise. This is made possible by a revolutionary new technology based on blockchain and smart contracts. By using Web3 to collaborate with and uplift other creators, I have been able to grow my craft using technology that creates opportunities for job growth and bridges the gap between creator and consumer.
Bridging the gap between creator and consumer
One of the most difficult and risky facets of production and consumption markets is return on investment (ROI). Individual creators must make the difficult decision to outsource their project and hope that there will be enough consumer interest to realize a positive gross profit margin. This element of financial risk is minimized when a creator proves the worth of their own project, putting themselves and their product on the radar of private global NFT collectives such as beetsDAO, who seek 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 driving a wedge between the two. Consumers looking to immerse themselves in Andromeda’s Lost Childrenfor example, now have the ability to own some of the intellectual property, which is made possible only through Web3 technologies.
The value of investments
“We’re in a creative renaissance as big as the advent of digital media,” says Jordan Garbis, co-founder of beetsDAO, one of Web3’s most prestigious creator collectives, “Creators can self-fund anything and earn both initial sales and royalties from collectors trading on marketplaces.
Imagine fans having the opportunity to become part of Harry Potter, the Marvel Universe, or Star Wars as they first launched 20, 40, or even 50 years ago by collecting assets digital and by interacting with the community as a whole. This is now a reality for artists who are proving to be pioneers in the Web3 sphere. Creators can now take advantage of higher levels of exposure, collaborative benefits, etc., and the investors in this scenario are collectors: those early adopters who get a piece of a growing franchise before it does not come to market. And as a bonus, they become part of the journey in an intimate and empowering way. Retaining a diverse community of collectors, especially 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 earn may be a model to explore 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 dramatically as the traditional business model changes before our eyes. Ownership of digital assets is just another aspect of the metaverse that proves to be a benefit for many industries and businesses. Creators are now setting a precedent for what the Metaverse can offer both the average consumer and artists looking to take their project to the next level.
Jason Primrose is a pioneer of speculative fiction, notably for his multimedia series, Andromeda’s Lost Children.
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