One of the topics that has attracted a lot of attention for several years and at the same time raises many questions is blockchain technology.
It is predicted to have a great future and the opportunity to change the balance of power in the creative industry due to her main qualities to increase the efficiency, profitability and transparency of business schemes. In addition, this technology has great potential for use in data protection and marketing cost management. In this article, we will analyze the impact of Blockchain on culture, based on data from http://buidlbee.com.
Blockchain Technology
The technology has received practical application in the field of content distribution: it is used by online platforms, distributing the so-called blockchain video on demand (BVOD). The system does not require any billing or reporting of royalties – the platform provides access only to licensed content, has well-defined boundaries and distribution rules.
The idea of using blockchain technology has also found practical application in the field of film production, where it helps independent film producers to automatically distribute financial flows among all participants in the process. Another good example concerns the search for funding sources.
The creators of the biopic set a goal of raising three-quarters of the production budget (which is $40 million) by issuing tokens specifically for their project. This case is very interesting and revealing, because it concerns really large projects and symbolizes the transition from the use of blockchain technology by independent producers in the low-budget sphere to its use in large-scale projects with solid budgets.
Blockchain and Art
In March 2021, Christie’s held an auction selling a collage of 500,000 digital images created since 2007 by an artist known as Beeple. The result of 13 years of work, he managed to sell for $69 million. It was the largest deal in the digital art market and the first digital lot of this magnitude, exhibited and sold at Christie’s.
The buyer, who wished to remain anonymous, did not receive the painting. He got the code. Unique and unique. It cannot be touched, hung on the wall, put in a safe or worn around the neck. What happened to the art market if even one of the most reputable auction houses, Christie, recognized the power of NFT art.
In general, any artist or celebrity can issue tokens on one of the specialized platforms and link them to an art object or some event.
Artists use NFT most often because sales are fast, cash is available almost immediately, and NFT itself protects their authorship. In addition, the authors are paid a percentage for each subsequent sale of NFTs – a kind of “automatic copyright”.
Based on what art objects are put up for auction, it becomes clear that anyone can become an “artist”. Is it good or not. It is difficult to give an answer, because everyone will have their own opinion on this matter. In relation to art, there are two opinions:
● This is good, because anyone can try to realize themselves if such an opportunity has not been provided in life;
● This is bad, because the years of work of artists such as Salvador Dali or Monet are simply depreciated. But even though this medal has two sides, their work can be immortalized simply by digitizing it.
The Impact of Blockchain on the World
Blockchain technology can also have a significant global influence by defending property rights, upholding the rule of law, thwarting corruption, and increasing political accountability. Lack of resources is not the primary factor in poverty around the world; rather, it is corruption, bad leadership, and a lax application of the law.
Blockchain allows you to create persistent, immutable and verifiable records. This ensures transparency and holds all parties accountable. Imagine the case of a large government concession, such as the construction of a highway, a hospital, or a school. Since every transaction in this process will be recorded on a blockchain, it will be impossible to hide any misuse, appropriation, or inefficiency of funds.
Accurate records that are impossible to forge will get rid of the massive amount of corruption and thievery that has halted the proper development of many regions of the world.
The development of crypto art was largely influenced by the creation of the Ethereum network in 2015. This blockchain made it possible for young startups to sell their ideas, bypassing government and other regulatory schemes. In art, blockchain has become a direction for experimentation. But along with this, there was a big problem related to verification. Thanks to NFT, we got a tool that allowed us to verify the authenticity of a digital object and the number of copies of it.