Chapter 5: Creator Rewards and digital ownership
Value creation has changed dramatically over the last few decades, with the growth and massive adoption of blockchain technology and cryptocurrencies. People have understood that the means for storing value are evolving from traditional to modern, from centralized to decentralized, and from physical to digital.
The differences in creating and storing value have impacted the digital creators’ world as well, by creating new and accessible means for the creators to receive value in exchange for their creativity. NFTs are now turning into an official way of both accepting, and storing value in the digital creative world. Soon, it will become a milestone in the way that people perceive, create or relate to the value of a digital asset.
Historically, the artists’ work has been usually undergoing several layers of management and sales, in some cases, the artist makes 15–20% of the artwork created with the supply chain consuming the rest. With the help of blockchain technology, the artist is now in control of their artwork, using different providers to enhance their audiences, but keeping most of their revenues. It can be argued that the ratio has not changed, with the artist keeping 80% of the proceedings, and the supply chain or partners 20%.
The current shift of ownership and reward has dramatically helped the industry see more artists create, as the outcome of their inner beautify is now shared with global audiences. Today, creators around the world have access to platforms, tools, and communities created around enhancing their creativity and not stoping it like it happened many times throughout history.