In the article, Laurence explains how NFTs bring a positive change in the arts/cultural/creative economy. NFTs will ensure that artists and creatives will have their products copyrighted hence will eliminate the duplication and use of their work without consent. NFTs are transactions that take place under block chain technology, which offered a credible way of tracking one’s work. The use block chain means that artists will have knowledge on the people who have purchased their work and the price they paid to get access to the work. The ease of tracking works posted NFT marketplace means that creatives and artists will be compensated for their work. The elimination of duplication means that producers of work will get fair compensation for selling their work and for any reselling that takes place. Hence, creatives are bound to make significant income from the sale of NFTs. With increased income, artists and creatives will be incentivized to produce more art, which will grow the industry. For example, musicians will no longer have to sign up with record labels, which take cuts from their earnings. They can share their music on NFT marketplaces where listeners can purchase their albums. They will have full ownership of their work, meaning they will have more control of their careers. NFTs also increase the number of platforms where artists can share and sell their works. This will increase the outreach and visibility of artists, hence will increase the earnings and promote career growth for artists and creatives. Laurence highlights that NFTs are a revolutionary change in the cultural/art/creative economy.
The argument about the positive impact of NFTs is well founded, as they have become mainstream ventures with backing from wealthy individuals. Venture Capitalists are heavily invested in NFTs, which shows the viability of selling and purchasing NFTs. Laurence provides examples of artists who have made expensive sells on NFT marketplace, which shows that NFTs are credible ways of dealing in art and creative works. The example of Mike Winkelmann selling art for $69.3 million and $6.6 million shows that artists can create huge income streams by selling their work as NFTs (Laurence). Laurence’s argument about copyright for creative work is well founded. NFTs use block chain technology can be easily tracked and the owner of certain works is known. This eliminates theft that is experienced by artists where their work is stolen online or downloaded without payments. NFTs will thus eliminate piracy of art works, which is a big challenge for the creative industry.
Laurence’s article makes sense as it provides a simplified explanation of how NFTs will affect the creative industry. She highlights how people have adopted the use of NFTs and are selling different types of items on their available marketplaces. She also explains how NFTs challenge the conventional ownership and copyright issues surrounding art and creative works. The article also provides other examples of the benefits that NFTs bring, which are visible and verifiable. After reading the article, one gets a clear understanding of the financial benefits that NFTs provide to artists and creatives. The author also highlights the lack of regulatory and legal applications for NFTs, which shows she lacks any bias when promoting NFTs. She acknowledges the existence of this gap in the particular industry, which informs the reader about the various obstacles that they will face when dealing with NFTs. Laurence uses her understanding of investment to enlighten readers about the possible opportunities that lie in NFTs, especially for people in the cultural, creative, and art industry.
The article could have been more insightful if it highlighted what NFTs are and how they are created. Most individuals lack an understanding of what NFTs are and how they are created and sold online. Laurence could have started the article by explaining what is block chain and the impact it has on buying and selling of products online. Understanding block chain is important in making people understand how to sell and buy products on block chain technology. This understanding will help users understand how NFTs bring ownership and copyright advantages. Readers should understand how block chain limits the theft and replication of digital products. This will increase the number of people using NFTs as platforms for selling their artworks online.
Although NFTs have become mainstream news, most people lack understanding of the platforms where they are sold and one can access these platforms. Laurence could have highlighted the various platforms where people can sell and buy NFTs. This could spark curiosity and encourage people to learn how to sell their products on these platforms. Readers also need to understand how NFTs are created and sold on the platforms. Some individuals may possess digital art, but lack the technical capacity and knowledge to sell on block chain platforms. Providing a link to some of the auction will encourage people to search the platforms and see the different pricing and profits that people selling NFTs are making. Such understanding is important since NFTs are new products that have not reached most people. Some people still lack enough knowledge that they can use to create and sell the creative works they possess. The author could have also highlighted some of the legal issues when dealing with art and creative work. Although the article provides insight into the benefits that NFTs provide to creatives, it lacks explanation on what NFTs are, block chain, and how to use NFT marketplace and sell artworks.
Works Cited
Laurence, Tiana. “Why NFTs Are One Of The Best Economic Innovations Of 2020.” Forbes, 19 Oct. 2021, www.forbes.com/sites/theyec/2021/10/19/why-nfts-are-one-of-the-best-economic-innovations-of-2020/?sh=33a41fb87548.
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