• Language & Exchange Rate Switch
  • Preference Settings
    Rise/fall colour
    Start-End Time of the Change
Web3 Exchange
Gate Blog

Your Gateway to crypto news and insights

Gate.io Blog NFT for Content Creators

NFT for Content Creators

05 February 16:28





[TL; DR]
An NFT is a unique digital asset that is stored on a blockchain.

The types of NFTs include art, music, video game pieces, GIFs, memes, collectibles, etc.

NFTs enable creators to have control of their content and monetize it.

However, the utility of an NFT is highly unstable because it depends on buyer demands.

You can invest in NFT using your Gate.io cryptocurrency wallet.

Cryptocurrency tokens that exist on blockchain networks such as BTC, ETH, DOGE enable trade, i.e., they are "fungible." They can be exchanged, bought, and sold at a high value. But there is another type of token, and this one does not facilitate trade, i.e., it is "non-fungible."

It is referred to as NFT.


What is an NFT?
An NFT, an acronym for a non-fungible token, is a distinctive personal digital asset that denotes ownership. It is accessible publicly and is stored on a blockchain network.
There is a myriad of digital content in supply, all of which can be copied and traded. An NFT is the original digital content that was created.
NFT can represent any form of a digital asset. It depicts the content itself and the right to own it, and a right that is backed publicly on the blockchain. NFTs come in different types, as denoted below.


Types of NFTs
NFTs are simply digital assets. Therefore, they take different forms, but ultimately they are all the same.

These are the major types of NFTs:

Music
Music has been a fungible token; it has been bought and sold for money.

It involved record labels distributing the said music via cassettes, CDs, and digital formats. Through this medium, some middlemen profited from the musician's work.

Today, musicians can directly sell their music as NFT to their audience, and this gives the musician 100% control and profit over their work.

Visual Art
The biggest challenge for visual artists is getting their art exhibited in galleries and getting paid for it.

With NFT, they can digitally upload their art, retain control, and sell it online. The most expensive NFTs today are artworks, proof of their immense value.

Video game items
Each video game has a special collectible that makes playing it enjoyable. In-game content such as characters and skins can now be purchased as NFTs by users.

Unlike traditional games, where any in-app purchase can become null once you stop playing, with NFTs, your in-game purchases will always remain accessible.

Memes
Memes can also be traded as NFTs. Often, they are sold by the person who's the meme.

One of the most popular memes is “Disaster Girl,” a meme of Zoe Roth, who made almost $500,000 off selling it.

Collectibles
Collectibles range from various valuable items, such as sport, games, music, etc. Anyone can be a collector, and anything can be a collectible as an NFT.

Contribution of NFTs to Content Creators

The internet is the largest global marketplace, and it thrives on creativity.

Content creation is what keeps everything and everyone ticking. It ranges from technology to arts to sports down to food. Everyone feeds on some form of content when they browse the internet.

Therefore, content creators should make a killing off their creations, right? Well, the reality is that is not often the case.

Due to traditional business models, some intermediaries profit from the works of these creators. Also, anyone can efficiently plagiarize anything on the internet and pass it off as theirs.
The above reasons are why NFT is essential for content creators, and it is an absolute game-changer.

NFTs enable content creators to sell their content directly on a dedicated digital marketplace. They have control over their content, and when they sell it, they transfer ownership rights to the buyer.

Every NFT is unique - there is only one copy of it. This feature makes it appealing for potential buyers, who can buy to own them or sell them off later on.

Different content creators have defined how they want their NFTs to be sold, each in their distinct way.

Beeple, a visual artist, had an NFT of his work sold for $69 million. He had amassed a large fan base of almost 3 million followers on social media. Also quite productive, for the project, “Everydays,” he created digital art every day.

For musicians, Daniel Allan, an electronic-pop artist, has been trading digital replicas of his songs as NFTs for thousands of dollars.

Tom Bilyeu, a businessman, has a podcast called “Impact Theory.” He sold NFTs as merchandise, tickets to live events, and access to some deals.

Generally, every content creator can monetize their content at 100% profit through NFTs, and they can directly sell their content to buyers without hassles or cuts.

Once a sale occurs, the creator transfers their intellectual property right to the buyer, and this ownership right is verified on the blockchain network.


Downsides of NFTs for Content Creators
NFTs have many benefits for content creators. However, there are some downsides it comes with.

Naturally, sales are a numbers game. That being said, selling your NFT quickly or for vast amounts as a content creator often depends on how large your following is.

People can only want to buy your NFT if they've heard about you or seen your content.

Therefore, content creators often have to market their NFTs. Marketing strategies for NFTs include Search Engine Optimization (SEO), community associations, influencer marketing, campaigns, email marketing, etc.

Such procedures can be expensive, stressful, or time tasking, all without guaranteeing that the NFTs would get sold.

Another issue with NFTs that might affect content creators is price instability. Many issues affect the price of NFTs, with the most important one being FUD (fear, uncertainty, and doubt.)
Content creators should also ensure not to infringe any intellectual property laws. Abiding by the rules of the NFT marketplace is essential, as any violation can result in legal action against them.


Conclusion
Content creators are well placed to immensely benefit from NFTs. This is because it gives them complete control over their work and total returns on the profit when sold.

Nonetheless, NFT remains a relatively new concept which means it still has some flaws.

Every content creator who wants to enjoy the benefits of NFTs has to be equipped with the necessary information and do sufficient market research.




Author: Valentine. A, Gate.io Researcher
This article represents only the views of the researcher and does not constitute any investment suggestions.
Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.



Gate.io Featured Articles of the Week
With Jordan Launching his NFT Platform, What Impact will Web 3.0 have in Reconstructing the Fan Economy?
From Metaverse to Hyperverse: the Evolving NFT Space
Into the Metaverse, Where Sci-fi Meets the Reality
Unbox Your Luck and Get a $6666 Prize
Register Now
Claim 20 Points now
New User Exclusive: complete 2 steps to claim Points immediately!

🔑 Register an account with Gate.io

👨‍💼 Complete KYC within 24 hours

🎁 Claim Points Rewards

Claim now
Language and Region
Exchange Rate
Go to Gate.TR?
Gate.TR is online now.
You can click and go to Gate.TR or stay at Gate.io.