Can NFTs Still Empower Marginalized Creators?
Ravi Singh, Ph.D. – Founder, SocialPayMe
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When Covid sabotaged the world in 2020, another dynamic started that was much kinder to humans – especially those “starving artists.” Artists and other creatives suddenly had a new tool at their disposal to help them with their finances: “Smart” contracts, via (blockchain) Non-Fungible Tokens or NFTs, which guaranteed them lifelong royalty payments from their contributions to wealthy brands.
Unfortunately, the early success of NFTs attracted investors looking for a quick buck, and it wasn’t long before that market collapsed. Today, with leaders like Dr. Singh, the market is steadying itself for a more sustainable trajectory – and returning its focus to rewarding creators who deserve to profit from their work.
In the NFT heyday, examples like Bored Ape Yacht Club became household names, countless celebrities jumped on the bandwagon, and stories of overnight NFT millionaires seemed to spring up every other day. Jack Dorsey, CEO of Twitter, sold his first tweet for $2.9 million, a Beeple work of art sold for more than $69 million at a Christie’s auction, and Zoë Roth, whom many know as “Disaster Girl,” paid off her student debt with a $500,000 photo — all via NFTs.
Reports suggest that the NFT market could be worth $231 billion by 2030. The selling prices may have dropped significantly from their 2021 highs, but due to continued adoption within the video game, music, art, and digital collectible industries, there’s still a lot of activity in the NFT space, and that means opportunity for marketers everywhere.
Dr. Singh, known for decades for his political marketing, has taken social media networking by fire. His Social PayMe is an all-in-one platform for social media management and fintech solutions for influencers, brands, and fans. Across the globe, NFTs are highly publicized, popular with multiple demographics, and seen as a fresh, modern technology. This makes them an excellent way to stand out from the competition, get attention, build engagement, and grow a business.
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