“Web3”, “creators’ economy” and “NFT” are all based on the same technological evolution, which is booming and that can be fruitful for creators.
Creators should be aware (and take profit) of all World Wide Webs : the original Web made content available to users of the internet, Web 2.0 invited internet users to exchange information (via social networks), and Web 3.0 is a decentralized internet.
Internet becomes decentralized because records of contents are encrypted and shared (via the technology of “blockchain”). This technology makes it possible to share secured contents of information, including transactional values : cryptocurrency (such as Bitcoin) and NFT. Exactly as one can sell and buy a bitcoin, one can sell and buy a “NFT” (Non Fungible Token). Since it is “Non Fungible”, it is unique, since it is a token, it is proof of ownership of anything (real or digital). It is linked to something (anything) but it is not the thing itself. It is proof of ownership of the NFT, not of the intellectual property : so artists and groups can create NFTs, link them to anything they want, physical or digital.
Artists and groups can create and sell NFTs (Non Fungible Tokens) giving them a new source of revenue. NFT can also bring a new kind of involvement (and investment) from the audience who can buy NFTs (not only albums, ticket concerts, songs, videos: some tokens can be linked to those or to something else, physical or not).
NFTs are a market growing exponentially (NFTs can now be sold for millions as are art works, and their market rose thousands of percent, from thousands to millions to billions of dollars).
NFT being based on decentralized technology cannot be deleted or suppressed. Thus they are linked to freedom of speech, intellectual property.
Many projects of music NFT are already going on, building a creators’ economy (made by and for creators).
– An article written by Charles Arden