From artists to musicians to podcasters, creatives have enjoyed a renaissance over the past decade with the rise of social media and other digital tools. But outside of word of mouth, making a living as a creative wasn’t easy.
Non-fungible tokens (NFTs) have provided a way for creators to connect directly with fans, reducing reliance on middlemen.for first timecreatives can now sell NFTs on Shopify, one of the largest digital ecommerce platforms. singleSolana is a blockchain, music, and video company.
NFTs surged to $40 billion in revenue in 2021, surpassing that with $42 billion in 2022 despite a “crypto winter.” according to To analysis by Chainanalysis.
From musicians to YouTube influencers, many creators often create products as a way to build their community. But managing inventory and sourcing supplies is a full-time job in itself. Since 2006, Shopify has served as a pillar of the creative economy, connecting fans with products without the burden of all the logistics associated with locality.
“With more than 50 million individuals worldwide being creators online, and more than 2 million of them making a full-time life out of their creativity, there are tools available to creatives, artists and musicians. If you look at it, there is still a very fragmented ecosystem: reaching fans with art and making a living at the same time.”
With the release of token-gating content and commerce on the Single app, creators can upload any file to the Single Platform and have it made as an NFT on the Solana blockchain, instantly appearing on the Shopify storefront and offering traditional products can be purchased with “Collecting physical digital goods shouldn’t be more difficult for anyone, which is why we want to make it as easy for people to purchase his NFTs to create instant value for fans. I think, ”he said Stalknecht.
“Tokengate Commerce gives creators the ability to engage with true fans by unlocking unique commerce experiences through NFTs. Shopify sees NFTs as a tool for community building and engagement. “By launching new artist and creator-focused features on Single’s Shopify app, we are enabling more merchants to unlock new and engaging commerce experiences.” Said Chevy Walcott, Corporate Development Manager at Shopify. “Our investment in Single and our growing blockchain ecosystem demonstrates our commitment to further expanding participation in Web 3.0 and expanding commerce possibilities for creatives, artists and musicians,” he said. Walcott said.
Web3 natives often refer to NFTs that hold a “utility” or advantage apart from the NFT’s intrinsic value. However, the limited tools available for authors to provide utility make it difficult to take advantage of all the benefits of the Web3 economy. The announcement by Single is a game changer. Today, musicians who create and sell music NFTs to their fans generate not only immediate value (i.e. music), but also additional benefits (such as store merchandise perks).
Other Web3 companies are also leading the way in empowering the creative economy. Audius offers artists the opportunity to earn money from their streams. Also, unlike Spotify and traditional streaming services, the artist keeps his 90% of the revenue and gets rewarded from $AUDIO tokens.
Audius CEO and co-founder Roneil Rumburg said: “This year, the Audius community is focused on fleshing out the tools available to artists on the platform to bring new types of paid products and experiences directly to fans,” he said. .
This transition means creators will have a direct way to generate revenue, connect with fans via Web3 technology, and increase their independence.