If you’re a creative from any background, you’ll know all too well the issues with monetizing your work.
In an ever-evolving industry, staying ahead of the curve and standing out from the crowd is one way to ensure you’re giving yourself the best chance. When the second iteration of the internet arrived, creatives took the opportunity to connect, market themselves, and showcase their work. Instagram for example is one such tool that helps creators connect with fans of their work and even reach beyond their existing audience.
But what’s next? Web3, of course. In previous entries, we discussed the barriers of entry - pun intended - preventing creatives and non-crypto natives from dipping their toes into the world of NFTs. Fair.xyz is working towards breaking those barriers down and opening the doors to anyone regardless of your level of technical expertise.
Recently, there’s been a great deal of buzz around the dipping price of Ethereum (ETH). It’s got a lot of people concerned but there are always several sides to every story. Is the dipping price of ETH the worst thing in the world? And what are the long-term implications of this development?
Utility vs investment is a concept that runs deep in NFT communities. For example, the increase in individuals rocking PFPs that exceed $100k is a symbol of status and a marker of wealth; it’s an investment when you peel back the layers. We believe people using PFPs far under $100K is the key to the next wave of NFT adoption. Cheaper NFTs will be key to helping help us move from buying for investment to buying for utility. In turn, people showcase for appreciation rather than its price tag.
Recently, we discussed the Ropsten Testnet network successfully migrating to proof-of-stake (PoS). ‘The Merge’ - a suitable sci-fi, digital moniker - will increase liquidity, paving the way for cheaper, and increased volumes of NFTs. High prices, in particular, gas fees, have been a barrier to entry for creatives wishing to enter the NFT space. Removing this issue from the equation makes NFTs a far more attractive prospect for artists.
Historically, as new technologies were introduced, they needed to cross certain thresholds to achieve mainstream adoption. When personal computers were first introduced as consumer electronic devices, they were inaccessible to much of the population due to the incredibly high cost. This was a major hurdle preventing mainstream adoption by the masses. After some tinkering and the development of microprocessors, the cost of a personal computer was finally low enough in cost for adoption as a consumer good.
There are countless examples of lower costs leading to greater adoption and utility. Look at the rise of affordable smartphones. In 1984, the world’s first portable mobile phone, the Motorola DynaTAC 8000X would set you back $4,000 - rising to $10,000 when adjusted for inflation - a big hurdle for the mass adoption.
Today, everyone and their grandma has a smartphone, that’s largely down to the plummeting costs of the devices on offer. A Motorola Moto G31 smartphone will set you back a considerably cheaper £157 - you can now have a digital camera in your back pocket - enter the amateur photographer. Ultimately, the recent dip in the price of ETH, coupled with the switch to PoS is set to pave the way for mainstream adoption of NFTs.
Adapting and moving with the times is a tool every creative needs to wield. Despite Web2 not being a technological leap per se, it saw a huge shift in how people engaged and interacted with the internet. The arrival of Web3 is the next chapter in the story, a canvas on which artists and creatives can imprint their digital legacy.
Digital art has a new frontier; sign up on https://fair.xyz now and build your digital legacy.