Web3 and the creative industries: how blockchains are reshaping business models

Potts, Jason; Rennie, Ellie

doi:10.4337/9781788118583.00013

Cited by 25 publications

(21 citation statements)

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“…The creators can directly sell their artwork to interested buyers without any intermediaries. Web3 based businesses for creators focus on the artists and by enabling payments, licensing, intellectual property, storage, ownership, and digital asset management on the blockchain develop a value-based economy for the artists [9]. The digital assets are called the NFTs, and smart contracts are used on blockchains to track ownership of the NFTs.…”

Section: Creator Economymentioning

confidence: 99%

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Perspective Chapter: eCommerce in the Web3 Era

Krishnan¹

2024

Business, Management and Economics

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eCommerce merchants anticipate adoption of cryptocurrencies in a vast scale in the coming years. While the concepts of Web3 are being adopted, business leaders and decision makers need to understand key the elements of Web3 and technological constructs behind the evolution of Web3. This study focuses on defining these constructs of Web3 and explain technological differences as compared to Web 2.0. Using extensive academic, industry, and online information, the study defines major characteristics of Web3, show cases early adopters, use cases, and opportunities in the area. Web3 is still evolving and there are many challenges which needs to be addressed. eCommerce businesses who are going to sustainably change the business models or disrupt with a new Web3 business is likely to succeed in the coming years. The findings of this study are also validated with an expert interview.

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Section: Creator Economymentioning

confidence: 99%

“…NFT marketplaces, such as opensea (opensea. io) or foundation (foundation.app) has created an entirely new artist-centric business model dismantling the regular agency-centered art business models [9] -including art galleries who generally takes a large part of the proceeds. This is an example of disruptive change.…”

Section: Relevance Of Web3 In Ecommercementioning

confidence: 99%

Perspective Chapter: eCommerce in the Web3 Era

Krishnan¹

2024

Business, Management and Economics

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“…Artists often see blockchains as a possible means to bring about a re-centering of the market around and in support of their creative processes, with a sustainable and inclusive outlook (Bollier, 2015;Catlow et al, 2017), where "artists set the terms of their market participation" (Potts and Rennie, 2019).…”

Section: Related Work 21 Blockchainsmentioning

confidence: 99%

Seller-buyer networks in NFT art are driven by preferential ties

Colavizza

2023

Front. Blockchain

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Non-Fungible Tokens (NFTs) have recently surged to mainstream attention by allowing the exchange of digital assets via blockchains. NFTs have also been adopted by artists to sell digital art. One of the promises of NFTs is broadening participation to the art market, a traditionally closed and opaque system, to sustain a wider and more diverse set of artists and collectors. A key sign of this effect would be the disappearance or at least reduction in importance of seller-buyer preferential ties, whereby the success of an artist is strongly dependent on the patronage of a single collector. We investigate NFT art seller-buyer networks considering several galleries and a large set of nearly 40,000 sales for over 230 M USD in total volume. We find that NFT art is a highly concentrated market driven by few successful sellers and even fewer systematic buyers. High concentration is present in both the number of sales and, even more strongly, in their priced volume. Furthermore, we show that, while a broader-participation market was present in the early phase of NFT art adoption, preferential ties have dominated during market growth, peak and recent decline. We consistently find that the top buyer accounts on average for over 80% of buys for a given seller. Similar trends apply to buyers and their top seller. We conclude that NFT art constitutes, at the present, a highly concentrated market driven by preferential seller-buyer ties.

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“…Given a novel social problem presented by XR-like what rights should be afforded to intelligent yet entirely virtual people-it may be that private social entrepreneurship is more knowledgeable, agile and context-sensitive than public social entrepreneurship in solving such a problem. As such, I expect a new infrastructure to arise to address social challenges presented by XR, built by social entrepreneurs in XR, where novel private channels of social entrepreneurship are used as alternatives to traditional public instantiations of governance, what some are calling "Web3" (Potts and Rennie, 2019).…”

Section: Introductionmentioning

confidence: 99%

The digital Wild West: on social entrepreneurship in extended reality

Devereaux

2020

JEPP

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PurposeOur central thesis is that the dynamic, immersive and agile nature of extended reality (XR) both provides an unusually fertile ground for the development of alternative forms of governance and essentially necessitates this development by contrast with relatively inagile institutions of public governance.Design/methodology/approachI take an epistemologically aware, systems-theoretic perspective in my analysis to properly tease out the relevant micro-, meso- and macro-structures; their direct interactions; and their entanglements.FindingsThe challenges presented by rapidly advancing XR may require much more agile forms of governance than are available from public institutions, even under widespread algorithmic governance. Social entrepreneurship in blockchain solutions may very well be able to meet some of these challenges, as we show.Originality/valueThere are very few systems-aware, epistemological analyses of social entrepreneurship utilizing algorithms versus public algorithmic governance and none that focus on how these two channels of social action interact with developments in XR.

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Web3 and the creative industries: how blockchains are reshaping business models

Cited by 25 publications

References 0 publications

Perspective Chapter: eCommerce in the Web3 Era

Perspective Chapter: eCommerce in the Web3 Era

Seller-buyer networks in NFT art are driven by preferential ties

The digital Wild West: on social entrepreneurship in extended reality

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