Commercial and Business Opportunities for Artists in Web3

Artistic autonomy has probably been a fraught issue since the dawn of time. Even artists like Raphael had to balance creative desires with the whims of his patrons, at times sacrificing artistic integrity for his livelihood. While the advent of the creator economy emboldens contemporary artists to create what they choose to (and how), the relationship between creators and the platforms that host them—like YouTube, Twitch and TikTok—can still be parasitic. Such platforms rely on digital talent to drive user engagement, yet creators receive only a small fraction of the revenue they generate. Web 3 changes all that and gives back control to users. Creators will have a say on what direction they intend to take their work, and the profit they’d like to generate. Let’s look at some of the benefits of web 3.0 in providing commercial opportunities to artists.

Community

Communities have become a household name in the blockchain space. They are particularly vital when building traction for new projects. Such communities are the new revolution for bringing customers, supporters, investors and founders together into a close-knit family. Web 2.0 social media platforms are the basis of web 3.0 communities. This is because they exist on either Telegram groups or channels, Discord servers or Reddit. However, the primary intention is to provide a platform where web 3.0 fans, curators and adopters can interact without friction.

According to Hollywood consultant Kevin Kelly’s vision for the web 3.0 future, creators will be able to earn £100,000 annually by having a community of nearly 1000 fans. These fans, he outlines, must be willing to invest at least £100 per year.

New monetization opportunities

Web 2.0 platforms such as Patreon allow creators to receive direct tokens from their audience. However, such platforms usually take a slice of the rewards. However, bringing web 3.0 into the picture means creators can directly get their rewards. This is without any costs associated with middlemen. Tokens, for example, unlock a whole new level of possibilities.

Think of a football club selling tickets through their fan token. The token increases in value over a period of let’s say 1 or 2 years. Such a monetization method is beneficial both in the long term and short term and would return value even to the fans.

Nonfungible tokens also offer ample monetization opportunities to artists. Artists will profit from resale royalties, as well as benefit from innumerable democracy across the art industry.

Ownership

Non-fungible tokens are changing how people purchase, own and sell digital artefacts. Take for instance Ex-Twitter owner Jack Dorsey selling his very first tweet for $3 Million. The New York Times also minted the screenshot of its article into an NFT and sold it for $600K.

There is a seemingly interesting appeal of purchasing and owning a non-fungible token. This appeal has even surpassed the need to tangibly buy and own the digital version of such an item. When one owns an NFT gif, they become the sole owner but cannot restrict other internet users from using, interacting and downloading that piece.

According to the Ethereum Official Blog, the value of owning an NFT depends on how the overall market perceives that item. The more people interact, grab and share a piece of digital art, the more value it gains.

Artists have more opportunities than ever

Artists have now more opportunities than ever. There are many different platforms where you can put your art. But nowadays it’s even more difficult to find something unique and new on the art market.

There are many platforms promoting digital art and it’s important to choose the right platform to promote your art.

For example, on TAEX you can find not only artists publishing their artworks but also curator’s projects. Artists, curators and collectors also interact through the platform, showcase their work and either buy/sell from each other. TAEX is a tech platform that blends well with classical art, architecture and art history. It is the kind of platform that the contemporary artist needs to remain relevant in today’s tech-driven art world.