On March 11, 2021, an NFT ( non-fungible token ) created by the digital artist Beeple sold at Christie’s for $69 million dollars. Overnight, NFTs became the No. 1 topic within the creator economy. After a wave of eye-popping sales to crypto-rich investors, the hype exposed the world to the opportunities that crypto offers artists. A new creator crypto economy has emerged. During my time at Patreon, I saw the potential of a direct-to-fan monetization model. By empowering creators to earn a steady, sustainable revenue stream through direct engagement with their communities, the system—which puts control and ownership into the hands of creators—will build a more beautiful and rewarding creator economy. For artists to maximize the benefits of crypto, they will need to think beyond NFTs and begin building a more cohesive and inclusive system where all fans (including the crypto whales) can participate. Artists can focus on what they love: releasing art and bringing value to their communities. NFTs are just one part of a larger crypto revolution While the NFT craze seemingly exploded out of nowhere, another blockchain development has been simmering in the background: the concept of social tokens. Social tokens are custom cryptocurrencies made by creators—artists, musicians, celebrities, and others—to foster deeper connections with their communities and to power financial transactions within their fan ecosystems.
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Beyond Beeple’s $69M NFT: How creators can (and will) thrive in the crypto economy