'How Blockchain and NFTs Can Change The Creative Industries' blockchain nfts
The article presents an attempt to conceptualize the features of communication in the context of digital transformation mediated by distributed ledger technologies, blockchain, and non-fungible tokens in particular. The main hypothesis is that communication now takes place directly, without the mediation of third parties.PhD, an artist & a researcher by vocation interested in synergistic relationships between modern tech & culture.
What are the potential and benefits of distributed ledger technologies, blockchain, and NFTs for creative industries?Creative industries: approaches to definition and communication models Non-fungible tokens were originally created as special token standards to support the use of blockchain in computer games, which include the Ethereum ERC-721 standard and the more recent ERC-1155 standard . The first prototypes of NFTs were experimental assets created on the Bitcoin network in 2012 named Colored coins. The pioneer of NFTs based on the Ethereum blockchain was the CryptoPunks project.
Due to blockchain technology, it became possible to create large distributed databases of digital rights, allowing participants in the creative industries to interact with each other and with materials protected by copyright, as well as with all their own metadata. It is now possible to manage tokenized rights with the deployment of smart contracts that actually manage them and maximize their value.
Nevertheless, some issues still remain unsolved. For example, there are still no official public registers of copyright, and no global standards of licenses, since different rules apply in different regions. Also, for the audience and consumers, it is still more common to use familiar major services, and many representatives of the creative industries have yet to meet the basic advantages of blockchain platforms and thus understand the benefits that NFTs can offer them.
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