1/Here is a thread about why the NFT-as-LICENSE view is completely disruptive to digital creation.
📝 🤯 👇
📷 A stock photographer might move prints for a few bucks on an online marketplace.
📖 A blogger might earn from some ads on her blog.
🎷 A musician might sell the rights to her songs to a record label, in exchange for money and a contract.
...but by and large, creators either don’t own the rights to their work (musicians) or monetizing those rights is very difficult (ad blogging).
And if you sprinkle in #blockchain, you get disruption.
-> NFTs + blockchains enable global, public 📈secondary markets📈 for all digital content LICENSES. <-
blog.coinfund.io/what-we-look-f…
- The right to own & keep
- The right to sell & lend
- The right to royalties
- The right to confer reuse
Today most such rights live on balance sheets of private corporations. NFTs allow them to be traded in public.
The music industry alone pulled in $11B in 2019, suggesting that the market of music rights might be worth hundreds of billions in perpetuity.
billboard.com/amp/articles/b…
Why would you buy the NFT to “Folklore” when you can listen to it on Spotify?
Because you also receive the royalties from the album’s 7-figure sales.
With secondary markets for visual art, they can transact directly with consumers.
behance.net
There’s still a lot more to be built, but this is one of the biggest opportunities blockchain technology brings to the Internet.