NFTs and Their Impact on the Creative Industry
Aaron McDonald is a New Zealand-based NFT content creator building projects that will revolutionize the arts and creative industry.
NFTs are everywhere at the moment. Emerging relatively under the radar in 2015 as a new application for web3 technology, NFTs spiraled from fringe digital art projects to a now burgeoning, multi-billion dollar industry that it seems everyone is eager to get a piece of.
From start-ups to new announcements by brands like Nike, Pixar, and Disney, the NFT market is poised for exponential growth as applications beyond authentication of pfp digital art are realised and embraced.
The potential of NFTs
While the space is exciting, the rapid growth and attractiveness of the money flowing into the space has birthed an abundance of 2d art projects that while having kick-started the popular culture, have barely scratched the surface on the potential NFTs have to revolutionise digital collecting, gaming, social media and property rights in immersive virtual spaces.
One of the possible futures of NFTs is that communities will take place in the metaverse, in spaces shaped around shared ideas, character avatars, experiences and intentions.
NFTs in the Metaverse
The heart of the metaverse is personal ownership of the creative economy, a wholesale change from the previous tech paradigm where companies exploited user-generated content for their own sole benefit.
This change is a vehicle for empowering artists, digital art, communities and creating equitable, inclusive spaces for people to inhabit and build together. The belief in this future is what has shaped my work with Altered State Machine, Centrality, Sylo and FLUF World and what drove us to build what we have over the last 5 years.
Because the metaverse is built and owned by communities, it should be a place built with diversity of thought, identity and opinion. It evolves from the inside out rather than the top-down tech world of the past.
New to NFTs? Be sure to read our guide to get started.
NFT and the creative industry
As we move forward to a more digital world and one where labour is increasingly automated, the creative economy will represent the largest work sector in the world. It is important that the foundations of this economy are owned by communities.
NFTs and web3 are essential to this goal. As a crucial technology, they’re helping to democratise creative industries in unprecedented fashion; we have seen the internet democratise connectivity and access to audiences and now decentralised finance systems connected to decentralised content ownership and distribution, are bringing increased economic power, management and autonomy to creators.
I have a few guiding principles for how I look at this space. A mini-manifesto, and way for me to direct my focus, time and choice of projects that are genuinely trying to build revolutionary change, will stand the test of time and survive through the hype cycles.
- Community over Influencers
- Co-Creation over Roadmaps
- BUIDL over Hype
- Depth over Pump
- Partners over Shills
- Frens over $$
- Decentralisation over “Performance”
- Adoption over Wealth
- Memes over Marketing
- Co-operation over Competition
- Collaborating over Investing
- “gm” over “not gm”
The future for NFTs
A day feels like a year in the web3 world with exciting new developments happening constantly. From seeing projects incorporate charitable initiatives into their work, to stories we hear daily about how NFTs have changed people’s lives financially, socially, or by giving them a new purpose, I think this will only grow as more people are welcomed into the space.
Me and my team work hard every day to make sure the metaverse we all want, the open one, the inclusive one, the community-owned one, comes to fruition. We can see it happening already in our communities and we are stoked to be on this journey with them.
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Disclaimer: Information is current as at the date of publication. This is general information only and is not intended to be advice. Crypto is volatile, carries risk and the value can go up and down. Past performance is not an indicator of future returns. Please do your own research.
Last updated June 28, 2022