In a world increasingly dominated by digital art and assets, artists and creators face numerous challenges, from the speculative nature of non-fungible tokens (NFTs) to the inequitable distribution of profits in the stock industry. Amidst the excitement and skepticism surrounding NFTs, many are left wondering if they are indeed the game-changers they are touted to be or if there is a better way to monetize creative work.
This article delves into the complexities of the current digital landscape and presents a groundbreaking solution: Ordinals and the BSV blockchain. As the digital age evolves, so too must the ways in which artists protect, transfer, and profit from their work. Ordinals and the BSV blockchain offer a revolutionary approach that could change the game for all creators. From the challenges with the traditional stock industry to the speculative nature of JPG NFTs and the dependencies on platforms that may disappear, this article explores it all, ultimately offering a brighter and more stable future for creators worldwide. Don’t miss out on this deep dive into a game-changing solution that could redefine the world of creativity, digital assets, including art, film, and music.
In today’s digital age, creative minds have a host of opportunities and challenges to navigate when monetizing their work, whether it be digital art, videos, films or music. The recent rise of NFTs has brought a wave of excitement but also a fair share of skepticism. Are NFTs truly the game-changer they are made out to be? How does this affect the traditional stock industry that many rely on to monetize their work? Is there a better way?
The challenges faced by creators
The digital landscape presents several challenges for creators. The speculative nature of JPG NFTs, dependency on platforms that may disappear, and the inequitable distribution of profits in the stock industry are just a few. Buying and selling JPGs as NFTs, especially when traded for thousands or even millions of dollars, seems nonsensical unless the creators are famous artists. Even then, how can one verify the authenticity and rarity of such purchases? JPGs can be copied and duplicated, so how can you be certain your NFT is unique and not a replica? How can you verify if it’s marketed as a Limited Edition? And if you’ve been deceived, who can you hold accountable?
A theory suggested posits that the trading of JPGs might be a facade for transferring money in exchange for illegal goods or services. This is a possibility, but there is no certainty. The trading of JPG NFTs seems like a speculative bubble, driven by the Greater Fool’s Theory, which means people buy something they know is useless simply because they hope to resell it at a higher price later. This leads to speculative bubbles, which inevitably burst when no more buyers are willing to pay higher prices.
Another concern with NFTs is that on almost every NFT platform, the NFTs disappeared when the website did because they were stored on a server. This doesn’t make sense as an investment. If the asset isn’t stored on-chain, there should be off-chain documentation of the transfer of ownership of a JPG in case the platform disappears.
The groundbreaking solution: Ordinals and BSV blockchain
Ordinals change the game because, unlike most NFTs stored on a server owned by a private entity, Ordinals are stored on a public blockchain. As long as the blockchain is maintained by anybody around the planet, the Ordinal exists.
The stock industry is a thriving business model that profits from selling or licensing rights to use creative digital assets like photos, illustrations, images, videos, and music.
However, a common complaint about many of these sites is that they retain a larger share of the profits than they distribute to the creators.
Ordinals and the BSV blockchain offer solutions to some of these challenges, enabling you to monetize your work without intermediaries. Before engaging in buying and selling digital assets like JPG, MP3, or MP4 files, we need to ask several questions:
- How will the digital asset benefit the buyer or owner?
- Are the identities of the trading parties known? Does the buyer have legal recourse if the seller misrepresented or lied about the item?
- Do the digital assets rely on a business, website, or server that could disappear?
The power of Ordinals and the BSV blockchain
Ordinals solve these issues because they are stored on the blockchain. The BSV blockchain acts as a timestamp server, evidencing the creation of your work once the final product is complete. This verifies your copyright, a crucial first step before monetization. It also stores your creative works, ensuring accessibility even if all devices are lost. Lastly, it allows the easy transfer of ownership, possession, and control of your creative works, minimizing reliance and the need for middlemen.
This article has discussed the problems artists and creators face in today’s digital world, focusing on the issues with buying and selling digital art as NFTs, relying on platforms that might shut down, and the unfair sharing of profits on stock websites.
We examined the current NFT market and discussed how Ordinals and the BSV blockchain offer a game-changing solution by helping creators make money from their work, minimizing the need for middlemen, and providing a secure way to record, store, and transfer digital art and digital assets.
In a follow-up article, we will provide practical demonstrations of inscribing a creative work as an Ordinal and test out different platforms that cater to Ordinals to determine their advantages and disadvantages. This will help us understand which platform to use depending on our purpose. Stay tuned for more insightful content on this game-changing technology.
Watch: CoinGeek Roundtable Episode 7 – 1Sat Ordinals on Bitcoin
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