I'll start by saying it will be some time before we see NFT's impacting this space; there will be a significant learning curve for general adoption like many new technologies.
However, NFT's do provide an exciting opportunity within the influencer marketing and creator space.
What can we learn from other projects?
Earlier this year, Ditto Music's blockchain-powered Bluebox platform pulled off a pioneering feat.
Two artists – UK rapper Big Zuu and US act Taylor Bennett – sold large stakes (50% and 75%) in the recorded music rights to a track that was yet to be realised. These stakes were themselves divided up into 1% portions as NFTs, selling for $100 each.
Following overwhelming demand, 125 individual buyers now own 1% stakes in one or other of these recordings.
In other words, each buyer should now share 1% of all digital royalty streams generated by the tracks for good (although they won't have the right to approve or deny a usage).
For fans of content creators, this provides an exciting opportunity to support their favourite creator's and share in their success.
Additionally, creators themselves can benefit from a crowdfunding type mechanic to fund and then execute more elaborate projects!
How might creators and brands utilise NFT's?
The availability of professional-quality videography and photography equipment means we will likely see creators content increasing utilised across TVC, OOH and Digital channels by brands.
NFT's offer a potential avenue for creators to own the IP they have created for a brand, receiving a recurring fee for years to come whenever the brand utilises creators assets.
These smart contracts will open up a vast array of possibilities for both brands and content creators to utilise creators as production houses.
Wide-scale adoption of these smart contacts will result from other industries further utilising smart contracts for ticketed events and much more.
How can creators currently utilise NFT's?
Finally, let's look at how creators can currently utilise NFT's to increase their revenue.
We've all seen the stories of Crypto punks selling for tens if not hundreds of millions of dollars. It is important not to get carried away, for 99% of creators, launching an NFT project will provide a small amount of additional revenue in comparison to other methods.
However, this shouldn't be discounted. With all of the hype around NFT's, it's highly possible that even with a small following, a content creator could generate revenue from releasing an NFT project.
With the creator landscape so highly competitive, creators are consistently looking for ways to grow revenue and further invest in their content output. NFT's do present a viable option to gain additional revenue to support creators on their journey to stardom.
Summary
Undoubtedly the NFT and smart contract space will have an impact on the creator economy.
Just how significant that impact is will be determined by pioneering companies like 'bluebox' and the services they offer to creators and brands.
I'm very excited to be involved in the progression of the creator economy and can't wait to see how NFT's impact the space!
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