The Rundown: Why CES panelists believe the blockchain will benefit the creator economy

By Kayleigh Barber

It only makes sense that the Consumer Electronics Show would add in a few sessions about the blockchain after the year this emerging technology had in 2021. A large surge of people bought their first NFTs or invested in cryptocurrencies, while brands, publications, celebrities and sports organizations started thinking about how these assets could fit into their business models and goals.

But many questions still remain in the early days of the blockchain, such as how to get more mass adoption from consumers, whose audiences are most likely to engage with blockchain products and what else can be done with NFTs and smart contracts. Those are some of the inquiries that the sessions “NFT, WTF” and “Creator Economy in the Context of Crypto” sought to answer during the first day of programming at CES.

A big theme that came out of these conversations was that in 2022 there will be a significant focus on transforming fan bases into active consumers and participants of the blockchain, who are not solely investing their money and time for the monetary payout, but for the utility of being closer to the artists and celebrities that they love. And as that happens, a mutually beneficial relationship between the two parties.

The key details:

NFTs in the form of digital art are not only the most popular iteration of the software right now, but they also have the least amount of friction when it comes to how NFTs are used and sold to consumers, according to Erick Calderon, founder and CEO of art-based NFT marketplace Art Blocks, who spoke in the “NFT, WTF” session on Wednesday. But one of the most significant impacts that NFTs have had on the art world is giving control back to the artist when it comes to secondary markets. By embedding royalty structures into the smart contract of digital art NFT pieces, the artist or creator will earn a percentage of all secondary (and so on) sales. In a traditional art transaction, the artist loses out on the revenue generated from any future sales after the initial one.
In the entertainment industry, NFTs are able to solve a lot of the content distribution challenges that have been caused by the streaming wars, according to Scott Greenberg, CEO of Blockchain Creative Labs, which is owned by Fox Entertainment. Turning everything from video frames to full episodes into NFTs gives fans the social value of boasting their love of the show, but it also solves a distribution problem where they can actually own the content. Streaming prevents viewers from owning the program. Instead, they buy a license from a distributor.
This summer, actors and investors Ashton Kutcher and Mila Kunis partnered with the Ethereum blockchain creator Vitalik Buterin to create a digital animated show called “Stoner Cats” that is only accessible to viewers who bought the show’s NFTs. Those NFTs holders also got to have their input on the show. Greenberg, who is also CEO at …read more
Source:: Digiday

Author: Aaron