Non-Fungible Tokens (NFTs) have created an environment where artists can take control of their work and finances. Experts agree that artists and creators who tokenize their work and release it as NFT no longer have to deal with third-party intermediaries.
Although galleries have traditionally done the work of attracting buyers, they are seeing their utility dwindle as cheaper decentralized applications (DApps) make it easy for investors to connect directly with their favorite artists. This creates a new paradigm in the NFT-driven creator economy.
While the creator economy has surpassed $100 billion with many benefits, and NFT Marketplaces OpenSea and LooksRare are generating over $100 million in daily volume according to market tracking DappRadarit makes a lot of sense for creators to figure out how they can extract so much value for the work they produce.
Australian NFT artist Danielle Weber believes more artists should symbolize their work and take control of their personal branding. In an email to Cointelegraph, the 10-year-old artist described the many gaps she perceives in the traditional art industry and how NFTs have helped her circumvent them. She is a strong proponent of NFTs as a new tool for creators.
“I definitely encourage all artists to tokenize their works. What really appealed to me about entering the NFT art scene is that it made art more accessible to everyone.
Accessibility is important for artists because they increase their chances of making a sale when more people see their work. The NFT space facilitates direct interaction between artists and fans without the need for intermediaries. This created what Weber called a “beautiful cycle”.
Former chief engineer of blogging site Medium Julien Genestoux agrees that artists and content creators should take control of their products through NFTs, including interaction with fans. He told Cointelegraph in an April 6 interview that the NFT space helps “remove arbitrary moats” between artists and fans.
Genestoux believes that creators have the opportunity to promote themselves however they wish, but there is an added burden in doing so. He said that before creators act as their own managers on their platform, “they should ask themselves what relationship they want with their fans and what special thing they can afford.”
“After discovering what you can offer on your own, use NFTs as a contract that you always control.”
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He recognizes that traditional platforms like YouTube and Facebook are easy to use and have huge distribution advantages over smaller platforms, but connecting directly with fans is more important.
“I think you should be your own platform. It’s one of the values to have your own relationship with your fans.
Genestoux added that creator NFTs need not be limited to artists. Artists on the Only Fans social networking app can post NFT profile pictures starting in February. CEO Amrapali Gan said the new feature was just the “first step in exploring the role NFTs can play in our platform.”