Artists engage themselves in creating artifacts. They create products and endow value to them through their creative engagement. The products are therefore the end result of their source of income. In this article we give insights into How Will Blockchain Ease Financial Risk In Creative Industry.
So, if you are an artist and your creation is the only means of earning, aren’t you?
Don’t you think YouTube or Spotify nibble your share of profits?
It is allegedly said that intermediaries like YouTube works to cut off the profits of the creators.
The present study would bring to the forefront the role of blockchain in protecting the future of creative instincts. So, you must start trading on meta profit right now, and get all the information that could be procured regarding Block Chain Technology and its role in Creative Industry.
Facts And Figures On The Decadence Of Creative Industry
It is seen that the Creator’s work, due to faulty registration, is misused by other individuals. Consequently, the Creators’ efforts go in vain. This is an example of poor contracting and copyright issues.
- According to the study conducted by the UNESCO, the Creative Industry is one of the most hard-hit industries like all other industries during the pandemic.
- The Creative Industry, around the world, based on Economy, is conjectured to have faced massive losses ranging from 20% to 40% during the pandemic. These figures are extremely catastrophic.
- In the USA alone around 2.7 million jobs were lost due to the pandemic.
- A massive 10 million jobs were lost around the world so far as the creative sector is concerned.
- This really paved way for the Acceleration of digital Technology so far as displaying creative arts is concerned.
- Seeing this opportunity Platforms like YouTube and Spotify tries to be a bridge between the Creator and Audience.
- They eat away profits insensibly from Creator’s hard work and dedication.
These facts highlight the wave of uncertainty that Creators go through during different phases of their creative Journey.
Blockchain Technology and Its Efficacy
Blockchain Technology in business involves reciprocating immutable ledger that is end to end encrypted. These can only be accessed by both parties of the ones getting access to it.
Blockchain Technology has some added benefits. Firstly, it is extremely Transparent because anyone cannot access the ledger network. Secondly, it is highly secure. The Traceability factor of the Blockchain provides it an added advantage against others.
Other than this BlockChain Technology has some other key features like Transparency Cost Saving and Speed. Using this technology important information could be shared without much grave concern of being copied or forged.
Safeguarding Creativity Using Blockchain Technology
Blockchain Technology has the potentialities in safeguarding the creator’s interests. There are different ways in which BlockChain Technologies can benefit the industry.
Creating Smart Contracts
Firstly, BlockChain Technology enables Smart Contracts. Using these contracts, the creator would be able to manage the digital rights. This, in turn, would create designing royalty systems for the creator. Thus, the Creator would get a lease in assimilating itself with a continual creative endeavor.
Helping The Gamers
Companies of varying sizes are involved in Game Making. This is intended to serve game enthusiasts. It could be observed that BlockChain Technology acts to provide developers with:
- Value of the Creators.
- Reduced Costs.
- Development of New Genres.
- Protection against unauthorized elements.
BlockChain helps the publishing industry too. Using BlockChain Technolgy information could be reciprocated between publisher and writer (IP protection). This relation would enable the player to develop the relationship between the creator and the publisher.
Because the Creator enters into a smart contract, they automatically enter into an ambience of Royalty. This might enable the creators to engage in better relation development and build an ambiance of Trust between both stakeholders.
Promotion Of Dynamic and Efficient Pricing
Creative Contents might be wrongly priced or underpriced. It is observed that prices of Creative Contents vary according to different factors. Here the creator would be able to control the prices. They could set the price as per their own will and discretion.
The creator, through its art form, defines a value system. Any act of creation minus value system would be detrimental to the financial health of a sector, especially the creative Sector.
In order to Conclude it was observed that BlockChain Technology functions under a decentralised network. Blockchain Technology works to provide financial stimulus to the creator and create a value system for its art.
BlockChain System establishes a value system of the artwork and thus protects the financial democracy of the creator. Smart Contracts, Smart Pricing helps the creator safeguard its artwork.
Hence, if you want more details on this, let us know in the comment section below.
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