TLDR:
The advent of Non-Fungible Tokens (NFTs) has introduced a new, powerful medium of digital ownership. NFTs offer a decentralized, trusted form of ownership and authenticity which was previously not possible.
Focusing on individual creators, specifically digital artists, NFTs have now offered artists the ability to mint a limited amount of their artwork, enabling buyers to buy their art, in a secure and trusted manner. The artists now have a new monetary incentive, to help support their work.
At the same time, supporters have the ability to purchase minted NFT tokens of artwork, along with having the ability to easily verify the authenticity of each token. Each transaction can easily be traced back on the blockchain, providing transparency and a verifiable history of ownership.
Emerging NFT Marketplaces have predominantly enabled artists a new monetary incentive (for an otherwise digital good), along with their fans being able to own publicly verifiable digital collectibles.
CreatorCoin aims to extend this concept beyond art, embracing all types of creators. Musicians, writers, researchers could all theoretically benefit from minting an NFT for their work. By doing so, it enables creators new monetary opportunities and fosters unique social experiences with their supporters. Creators could also provide additional perks or benefits for NFT holders.
As an example, creators could implement NFT-gated Discord channels or physical events. Supporters could securely claim they were among the first buyers of their favorite creator’s NFT, showcase their collection, and enjoy the associated digital and physical perks. Additionally, supporters have the flexibility to sell their NFTs at any time.
Consider the following example:
Imagine you are a huge fan of a famous musician named Sarah. Sarah decides to release a new song, but instead of just uploading it to a streaming platform, she also creates 100 limited edition digital copies of the song as NFTs. Each NFT is a unique digital asset that proves you own one of these special editions.
When you buy one of these NFTs, you receive a unique digital certificate that says you own this particular version of Sarah's song. This certificate is stored on a blockchain, a digital ledger that everyone can see and trust.
Now, because there are only 100 copies of the song, owning one of these NFTs makes you part of an exclusive group of fans. Sarah could even offer special perks to you, like access to a private online chat, an exclusive concert, a meet-and-greet, or early access to her new releases. You could also choose to sell your NFT to someone else in the future, potentially at a higher price, because of its limited availability and the added perks.
This way, Sarah benefits by earning money directly from her fans without needing a middleman, and you, as a fan, get a unique and verifiable piece of her work, along with special benefits that make your experience more personal and rewarding.
I hope this can demonstrate the potential new opportunity that is created for creators and their supporters, with this emerging technology!
CreatorCoin's goal is to be the core platform that will help support individual creators by providing them with user-friendly tools and resources, so they can leverage the benefits of the emerging digital economy.