NFTs For Art And Philanthropy Could Be Crypto’s Next Act. Article review
Non-fungible tokens (NFTs) have come under fire, even pronounced dead as a fading trend with fewer sales and OpenSea’s layoffs. This is the natural evolution of technology, the “hype cycle” of technology that rapidly comes onto the scene: a surge of interest from an “innovation trigger”, followed by a “trough of disillusionment,” until they settle on meaningful use-cases and value-creation. Even during this challenging time, there has been an explosion of creativity with open-minded leadership among several US states like Tennessee. Artists and entrepreneurs are looking at NFTs to solve real-world problems in the art, culture, and philanthropy domains.
In 2021, US arts and humanities organized received $23.5 billion in charitable donations. However, artists’ wages have continued to stagnate. Living Opera’s whitepaper based on Census Bureau data shows that US artists not only earn less than the average American, but have experienced a relative decline in their total earnings since 2009. Despite substantial funding for arts and cultural institutions, challenges for artists have only grown. “Although that might sound immaterial for people in non-arts sectors, it is gravely important: not only does the arts and culture sector constitute 4.2 percent of gross domestic product, notes the Bureau of Economic Analysis, but also the arts have a profound multiplier effect on creativity and innovation that is not easily reducible with available data,” notes Christos Makridis, the group’s CFO.
“Engaging with and utilizing web3 should not require a computer science degree. Solo’s mission is to make this technology available to everyone for the benefit of creators everywhere. By enabling the use of emails, credit cards and handling all blockchain based features automatically for our users, we will allow for anyone to onboard themselves and start to build in the Web3 space,” said Barron Solomon Solo Music CEO. This functionality is not just for musicians, but for any content creator. “We view NFTs as a natural offshoot for artists, as well as any types of content creators, because it provides a way for them to directly connect with their fans and build communities.”