Experts believe that NFTs provide a way for content creators to receive payment for their work
The problem of content monetisation is a complex and challenging one that affects content creators in all forms of media, from writing and photography to music and video. The internet has enabled the creation and distribution of vast amounts of content, but it has also made it increasingly difficult for creators to generate a fair and sustainable income from their work.
Popular short video app, Tiktok launched a $200 million Creator fund in 2020 to support content creators in generating income from the $200 million pool. Funding creators is an excellent idea, but over the long run, it is not feasible considering the fund remains static with an increasing number of creators. This is due to TikTok still being a Web2 app.
One of the biggest challenges is the problem of copyright infringement. This occurs when someone uses or distributes someone else’s work without permission, and it is a major issue for content creators. They often struggle to enforce their rights and get paid for their work, as it can be difficult to identify who is using it and where it is being used.
Another issue is the lack of control that content creators have over their work. Once a piece of content is published online, it can be easily copied, shared, and even modified without the creator’s permission. This means that they may not be able to control the way that their work is used or receive payment for it.
A further issue is the problem of revenue sharing. In many cases, content creators are only paid a fraction of the revenue generated by their work, with the rest going to platforms, publishers, and other intermediaries. This leaves creators with very little control over the financial success of their work.
NFTs (non-fungible tokens) have the potential to solve many of these problems by giving content creators a new way to monetise their work. An NFT is a unique digital asset that is stored on a blockchain, which makes it almost impossible to copy or modify. This means that content creators can have full control over their work, and be confident that it is being used in the way that they intended.
NFTs also provide a new way for content creators to receive payment for their work. Rather than relying on revenue sharing with intermediaries, they can sell their NFTs directly to collectors and fans. This allows them to receive a much larger share of the revenue generated by their work, and to be in control of their financial success.
Beeple, also known as Mike Winkelmann, made history in March 2021 by selling a digital artwork called “Everydays: The First 5000 Days” for $69 million at a Christie’s auction. The young artist Fewocious, who is still a teenager, has made over $16 million by selling NFTs since 2020. Fewocious’s colorful and expressive digital artworks have become extremely popular among collectors. New Delhi based Amrit Pal Singh made $1 million by selling his several NFTs.
Video NFTs take this concept a step further by allowing content creators to monetise their video content in a new and innovative way. By using blockchain technology, they can create unique, collectible versions of their videos that can be bought, sold, and traded like other NFTs. This gives them complete control over their work and the way that it is used, and enables them to receive a fair and sustainable income from their work.
It is to be noted that the problems with content monetisation are complex and wide-ranging, but NFTs and video NFTs offer a new and exciting solution. By providing content creators with a new way to monetise their work, they can receive a fair and sustainable income and have complete control over their creations. As the use of NFTs continues to grow, it is likely that we will see more and more content creators turning to this technology as a way to overcome the challenges of content monetisation.
The author is co-founder and CEO, Chingari