Blockchain could be one solution that would go a long way toward solving trust and transparency issues. You can check http://bitcoin-prime.app/ to get an automated trading experience by accessing the best-in-class trading bots and trading strategies. Let’s explore how it can benefit creative industries like music, film, art, and publishing.
Blockchain technology is becoming an increasingly popular phenomenon in the world of tech startups and finance. It has the potential to revolutionize several industries, including creative arts and media platforms. In the below-mentioned portion, we will look at how blockchain is being used by creators worldwide, as well as some of its implications for the future.
1. Using Blockchain Technology to Enhance Fair Distribution of Income
In the film industry, there is always a concern that artists will not be paid fairly. By using the blockchain, artists can get paid securely and transparently. In addition, it can help eliminate the need for legal action against those who failed to pay artists wages and other actors in the same production process.
2. Helping Creators Protect Intellectual Property Rights
For an artist or business, copyright and intellectual property are essential assets they wish to protect carefully. With blockchain technology, it’s possible to verify and certify ownership over digital assets to prevent tampering with others with malicious intent. It can help buyers and clients ensure they are purchasing the assets they have purchased.
More interestingly, it also allows an artist or business person to choose which types of assets they want to let the public see in their possession at any given time. It will help them protect their assets in case of theft due to hacking or other security issues. They can also carry out a smart contract if they so wish, which is a legally binding agreement that can be executed based on conditions written into the terms of reference (TOR).
3. Allowing ‘micro metering’ or ‘micro monetizing’:
With the blockchain, an artist can independently receive payments for their work in real time. They can also sell their digital assets over the blockchain. It is a handy feature that can be used by creatives in many industries and not just them.
4. Regulating Fair Treatment of Work in the Digital Age
The fair distribution of income has become more challenging when it comes to artists’ working conditions and compensation, as defined through their work, which is readily available online. With blockchain, however, it is possible to regulate and monitor these things on a reliable platform because of the peer-to-peer nature (p2p) of transactions processed on it.
5. Making digital content available to a global audience immediately
Currently, a lot of digital content is only available to buyers from certain countries. It can be due to high fees imposed by payment platforms like Apple’s iTunes Store and issues faced by publishers who have difficulty initiating international sales independently. Blockchain technology will allow artists and creators to share their work easily with buyers worldwide via peer-to-peer transactions.
6. Protecting copyright from fraud and piracy
With blockchain technology, it’s possible to protect digital assets from piracy. Users can authenticate titling and ownership of digital assets via a reliable platform using a smart contract encrypted on the blockchain.
It can help prevent copyright infringement, where works are stolen for their data material and edited into new products without proper licensing or payment. In the creative and artwork industry, it’s essential to be able to pay artists without delays or fees. Blockchain technology can speed up such transactions by eliminating credit card fees imposed on payments made via sites like Apple Pay and Google Wallet.
How can NFTs benefit the creative industry?
NFTs are a type of smart contract on the blockchain that gives the holder a legal claim to an asset, which is helpful in creative industries like film and art, where protecting intellectual property rights is essential.
They are also reliable because the blockchain is a public ledger that no one can edit. It means users have absolute transparency into what their assets consist of at any given time, which is a significant advantage for artists who can use it to prove ownership in court if the need arises. In addition, because ownership rights are secured via blockchain technology, it’s possible to use NFTs to transfer ownership at any time.
It makes them ideal for digital content such as music, movies, and artwork. The NFT model can also be applied to other creative fields that protect copyrights, such as video games, software, e-books, and design. In fact, even though most creators are currently not using NFTs as part of their business model, this will be more likely to happen in the near future.
How does it work?
NFTs require a digital asset to hold the right to an intangible asset known as intellectual property. This property covers all types of things like music videos and film content, books, images, and even physical goods like clothing or artwork.