Jun 1, 2022
Why Video Content Creators should start accepting crypto payments.
In a world of limitless connectivity and effortless shareability, one would think that the creator-to-consumer network would be a little less brokered. In such a world — which is, from the standpoint of creative industry, somewhat ideal — the artists would be rewarded for their creative labour directly. But things are not always what they seem.
The blockchain technology is changing this as we speak, bringing new and exciting opportunities for video content creators and their fellow artists to produce, protect, and monetize their creations.
Here’s how.
What is Blockchain Technology?
Photo credit: Pixabay.com
Named the new Web 3.0, the blockchain technology adds another layer of functionality to the internet. At the same time, blockchain serves as a public database and a data protector — being a decentralized version of the web, it guarantees both transparency and proper rights management.
Here’s how.
What is Blockchain Technology?
Photo credit: Pixabay.com
Named the new Web 3.0, the blockchain technology adds another layer of functionality to the internet. At the same time, blockchain serves as a public database and a data protector — being a decentralized version of the web, it guarantees both transparency and proper rights management.Save your money and get paid from anywhere in the world on Reel Mood.
In a world of limitless connectivity and effortless shareability, one would think that the creator-to-consumer network would be a little less brokered. In such a world — which is, from the standpoint of creative industry, somewhat ideal — the artists would be rewarded for their creative labour directly. But things are not always what they seem.
What Does Blockchain Mean for the Creative Industry?
The implications of both blockchain technology and smart contracts reach far beyond their original use in financial transactions. Speaking of the creative industry, blockchain offers an ideal solution for all video content creators, from YouTube stars and influencers to vloggers and podcasters to freelance reporters and marketing experts. Here are 6 ways video content creators are going to benefit from the blockchian technology and smart contracts.
1. Better Digital and Intellectual Rights Management
The fact that blockchain serves as a distributed ledger, making content public and available to all network participants, doesn’t at all mean that it operates on a “free-for-all” basis. On the contrary, it accounts for its digital goods and transactions by regulating and managing the sharing economy.
Creator.ai, for instance, acts as a blockchain-based platform that helps artists protect their intellectual property by time stamping and storing content with a unique ID. Once this metadata is saved, it cannot be changed by any other content user. Even if repurposed, your video creation is still marked as yours.
2. Conflict-Free Transactions, Regulated by Video Content Creators Themselves
Photo credit: Pixabay.com
Not only do smart contracts eliminate intermediaries, thus allowing video content creators full control over their compensation, but they also make transactions refreshingly transparent. This enables both the content creator and the stakeholder to track revenue and gain insight into the overall value of the creation.
But, blockchain technology decentralizes the market as well. With supply and demand being more obvious, video content creators can set value to their work themselves, and make pricing far more dynamic. This leaves room for flexible pricing and discounts to benefit artists and consumers alike.
3. Micro-metering and Micro-monetizing
When digital and intellectual rights are properly managed, and pricing is in control of artists themselves, video content creators can choose to sell their work not in its entirety, but in snippets. The practice, called “micro-metering”, enables “micro-monetizing” as well, allowing artists to monetize even the smallest consumable units of their content and benefit from their work in more ways than one.
4. Trackable Reputation System
Returning back to digital rights management and non-brokered peer-to-peer transactions, the blockchain technology can change the creative industry for the better by establishing a reputation system as well. Just like metadata, reputations can be linked to specific participants in the blockchain.
For the creative economy, this means two things. First, the video content creator could choose to sell or not to sell their work to another user after verifying their previous transaction behavior, and vice versa. Second, such a reputation system can encourage collaborations between artists themselves.
5. Searchable Metadata
The blockchain technology seems like a hassle-free way to regulate the creative economy, but its implications go beyond technical issues like intellectual rights management and conflict-free monetization. While changing how content is distributed, blockchain slowly, but steadily changes how content is produced too. In a long run, the distributed ledger might transform the industry itself.
More blockchain-based artists are starting to use metadata not only as copyright information, but also as super-specific creative work tags. In terms of video content, the work could be tagged with metadata that indicates all kinds of information that is typically not processed by other databases. It transcends typical keywords used for better discoverability, as well as usual info such as the genre.
6. Dynamic Industry Flow
Photo credit: Shutterstock
By allowing video content creators to attach particular tags to their work — information on creative or cultural influences and collaborations, filming equipment and props, editing styles, montage directors, or sound engineers, for instance — metadata certainly contributes to searchability, but not only that.
It’s obvious then that blockchain will have a much greater impact on the creative industry than its creators initially intended to. Sooner rather than later, smart contracts could bring back the real meaning of the phrase “creative freedom”, and spark changes that, we must all agree, are long due.
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