Chapter 1: The current state of digital content creation.
Digital Content today
We live in a world where content creation is one of the key engines of our digital society. A society in which the people who create content become opinion leaders and influencers based on what they think, say, or do.
The way that creators monetize their content is highly dependent on the guidelines and regulations imposed by the large media player in the global tech market. In most cases, the creators end up having their creativity taken away by the platform managing, promoting, or selling their content. They end up being either demonetized or having restrictions and limitations imposed by the technology providers if they don’t fit the criteria established by the providers. However, there is hope for a better, more optimistic, and fair world in the context of digital content creators. There is hope that technology is working as an enabler and not as a wall.
Recent years have shown that the development of blockchain technology is empowering creators to expand their horizons and audiences beyond the existing platforms, and explore a new way to express their freedom and creativity. A new formal of presenting and attaching value to digital content is happening under the format of NFTs, which are non-fungible tokens belonging to the creator and being unique.
One of the most iconic and still most expensive NFTs created and sold is the artwork of Michael Winkelmann, known as beeple. His NFT sold for $69m at an auction over at Christie's in early 2021.
“Everydays — The First 5000 Days” by beeple.
Technology is designed to help speed up the process of selling or purchasing art, however, sometimes works against its designed purpose. More and more people end up purchasing fake NFTs, costing millions of dollars, which go away in seconds. A more fortunate case was the one of “PranksY”, a collector who presumably bought one of Banksy’s first NFT for $300,000.
However, the buyer soon realized that it was a scam and found that the money was already gone. In an unexpected matter, the owner of the NFT has refunded the buyer, which was very unexpected, making the headlines of global media.
This is an extremely big problem in the NFT space, and very few companies tackle this issue. However, more and more companies are considering the different ways in which creators and traders can be protected, in order to enhance the global adoption of NFTs.