What do Jack Dorsey, Beeple and Kings of Leon have in common? They all trade in so-called non-fungible tokens (NFTs) and have already raised several million dollars for their purely digital products.
Similar to Bitcoin, NFTS are also encrypted (=crypto) tokens, but with the decisive difference that they are unchangeable and thus completely unique. This means that the exact copyrights can now be assigned flawlessly for all (!) conceivable digital goods. An NFT always represents a concrete value. So when you buy the first digital tweet, you buy the associated token that represents exactly that and thus also clarifies the exact ownership rights.
Back to the old world - Twitter founder Jack Dorsey was thus able to sell a digital version of his first tweet for $2.9 million. The artist Beeple even sold one of his digital pictures entitled "Everydays - The First 5000 Days" as an NFT for the equivalent of 69 million dollars, and the band Kings of Leon was one of the first to release its album "When You See Yourself" as an NFT. This new technology is by no means reserved for (American) celebrities - in the German-speaking world, for example, Fynn Kliemann already sold his own limited-edition tunes via NFTs. Ultimately, on platforms like OpenSea or Rarible, really anyone can sell their own creations as NFTs.
A Coin to Serve Them.
The demand for combining audio content and blockchain technology in particular seems enormously promising in this regard, so that in addition to the pure allocation of unique copyrights, there are now already other crypto projects that could revolutionize the entire music industry.
The streaming platform "Audius" primarily wants to use blockchain technology to increase transparency between stakeholders in the industry by reducing the number of middlemen in the entire music supply chain. Artists can thus monetize their music via the platform's own currency in direct contact with their fans - freely according to the motto: F**k the labels! This decentralized democratization of payment models has the potential to revolutionize not only the entire music industry, but also any form of digital creativity.
It will be 🔥 for the ears!
And it doesn't just have to be about classical art or music by a long shot. Due to the simple, fair and direct monetization possibilities, NFTs and other cryptos are also interesting for the less professional "creator market".
Especially in the area of social audio, new high-quality content formats are just emerging in which amateur and semi-professional storytellers (e.g. Clubhouse, Dive or audienz.app) put a lot of time and love, and thus alternative payment models in the form of tokenized micro-donations or similar would be forward-looking for all involved.
On a visual level, similar micro-payment models have long been successfully implemented. However, gaming (Twitch.tv) and erotic services (OnlyFans; Chaturbate) have dominated here to date. So it's hardly surprising that the porn industry is also moving forward in the usual manner and is already actively looking at NFTs to monetize existing video content in a contemporary, secure and simple way (after all, it was already possible to pay with cryptocurrencies on Pornhub in 2018).
As a co-founder of a social voice platform (www.audienz.app) that is all about love, sex & relationships, I am of course watching these developments very closely. Despite our early-stage development, the topic of monetization is becoming more and more relevant - and thanks to NFTs now also a good bit more tangible for us and our 🔥 Voices.