Non-fungible tokens (NFTs) allow creatives to speak directly to their audience. This makes them less reliant on intermediaries. Through Solana’s Single, blockchain, music and video platform, creators can now sell non-volatile tokens (NFTs) on Shopify, one of the largest digital e-commerce platforms.
Even though it was “crypto cool”, Chain analysis 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 create 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 component of the creative economy, allowing artists to sell products to their fans without having to worry about logistics.
Tommy Stalknecht, founder and CEO of Single, says that “More than 50 million people worldwide are online creators, and more than two million of them use their creativity for a full-time living, but it’s still a hugely fragmented ecosystem when you look at them a tool available to creatives, artists and musicians to reach fans with their art and make money at the same time,”
Authors can upload any file to the Single Platform and post it as an NFT on the Solana blockchain. This is possible because the Single app allows users to represent content and transactions. The NFT will then instantly appear in their Shopify store, where it can be purchased alongside regular products. Stalknecht also said “It shouldn’t be harder for anyone to collect digital merchandise than it is physical, so we want to make sure people can buy NFTs just as easily and create instant value for fans.”
“Tokengated store offers creators the ability to interact with their true fans by unlocking a unique trading experience through NFT. Shopify sees NFT as a tool to build community and engage. Introducing Single’s new artist and author-centric features in their Shopify app helps more merchants unlock new and engaging shopping experiences. Our investment in Single and our growing blockchain ecosystem demonstrates our commitment to further increase participation in Web 3.0 and expand business opportunities for creatives, artists and musicians,” said Walcott.
Web3 natives often say that NFTs have “utility,” meaning they have benefits beyond what the NFT is worth on its own. But artists don’t have as many tools as they’d like, making it difficult to take full advantage of the Web3 economy. The news Single told us is big news. Now, a musician who makes music NFT and sells followers not only gets value, which is the music, but also other benefits, such as discounts on merchandise.
Other Web3 companies are also setting the pace to boost the creative economy. With Audius, artists can monetize 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: “The direct connection and commerce between artists and their fans, and the significant revenue this can generate, is expanding the business of music as we know it today. Rumburg says that this year the Audius community is focusing on creating the technology that allows artists to offer new types of paid products and experiences directly to their fans.
The change will make it easier for creators to make money, connect with their fans on Web3, and increase their freedom.
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