Non-fungible tokens (NFTs) make it possible for creative people to talk directly to their audience. This makes them less reliant on middlemen. Through Single, a blockchain, music, and video startup from Solana, creatives can now sell non-fungible tokens (NFTs) on Shopify, which is one of the biggest digital e-commerce platforms.
Even though there was a “crypto cold,” Chainanalysis found that NFTs were much more popular in 2021, with $40 billion in sales, and even more popular in 2022, with $42 billion in sales.
From musicians to YouTube influencers, many people make products as a way to grow their communities. But it takes a full-time job just to keep track of inventory and find supplies. Since 2006, Shopify has been a key part of the creative economy, making it possible for artists to sell goods to their fans without having to worry about the logistics.
Tommy Stalknecht, the founder and CEO of Single, says that“More than 50 million individuals worldwide are creators online, and more than two million of those people are using their creativity to make a full time living, but there’s still a massively fragmented ecosystem when you look at the tools available for creatives, artists and musicians to reach fans with their art and make a living at the same time,”
Creators can upload any file to the Single Platform and mint it as an NFT on the Solana blockchain. This is possible because the Single app lets users tokenize content and commerce. The NFT will then appear instantly in their Shopify store, where it can be bought along with regular goods. Stalknecht also said “It shouldn’t be any more difficult for anyone to collect digital merchandise as it is physical, so we want to make sure that people can purchase NFTs just as easily, creating an instant value to fans,”
“Tokengated commerce offers creators the ability to engage with their true fans by unlocking unique commerce experiences via NFTs. Shopify sees NFTs as tools for community building and engagement. The launch of Single’s new artist and creator-focused features in their Shopify App helps more merchants unlock new and engaging commerce experiences. Our investment in Single and our growing blockchain ecosystem demonstrates our commitment to further grow participation in Web 3.0 and expand commerce possibilities for creatives, artists and musicians,” Walcott said.
Web3 natives often say that NFTs have “utility,” which means that they have benefits that go beyond what the NFT is worth on its own. But artists don’t have as many tools as they’d like, which makes it hard to fully take advantage of the Web3 economy’s benefits. The news that Single told us is a big deal. Now, a musician who makes a music NFT and sells it to followers not only gets immediate value, which is the music, but also other benefits, like discounts on shop goods.
Other Web3 businesses are also setting the pace in order to boost the creative economy. With Audius, artists can make money from their streams. Also, unlike Spotify and other streaming services, musicians keep 90% of the money they earn and can use the $AUDIO token to their advantage.
Roneil Rumburg, CEO and co-founder of Audius, says, “Direct engagement and commerce between artists and their fans, and the significant revenues this can bring, are upending the business of music as we know it today.” Rumburg says that this year, the Audius community is focusing on making the technologies that will let artists offer new kinds of paid goods and experiences directly to their fans.
The change will make it easier for authors to make money, connect with their fans on Web3, and increase their level of freedom.
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