How are NFTs changing the creator economy?
NFTs are growing day by day and are affecting all other industries in the process. It is said to affect the creator economy. Let us first understand what is the creator economy in detail.
The creator economy provides financial control to the content creators. It means creators can directly connect with their audience to raise funds. It can change the traditional ways creators used to make money. They needed brands, agencies, or advertisers for this purpose earlier. No matter how many followers the creator had, they had to turn to the companies who funded them. They were not in control of their creation.
The creator economy seems to provide creators with more agency. Instead of dealing with algorithm changes, they can depend on their reliable followers. The remuneration is paid directly to them.
In this model, creators use various online platforms to connect with their audience. This process has generalised how content should be made, promoted, and absorbed.
It has removed the brands and advertising agencies from the process and made it creator-friendly. All this provides creators with the capacity to collaborate with their favourite brands and companies. It gives the power of creativity in the hands of the creator.