Web3 Wonders: Free Art Education Initiatives
Let’s face it, emerging artists often struggle to gain recognition and support in traditional NFT markets. However, a significant change is becoming evident within the NFT ecosystem – some platforms and marketplaces are changing this narrative by launching creator rewards or funds and offering profit-sharing, providing creators with assistance to refine their craft and reach wider audiences. Examples are Zora, an NFT minting platform, that started a revenue split to help creators earn more, and of course, Drip_haus which launched creator rewards recently.
By engaging with this blog, the purpose is to gain a better understanding of the underlying concept of these initiatives, learn the potential impact they can bring, and recognize their role in how they can contribute to a more sustainable NFT environment.
Founded in 2020, The Zora NFT Marketplace is secured by Ethereum. Last August 3rd, Zora introduced Protocol Rewards, an initiative where creators and developers can now earn on-chain rewards. This innovation is made possible by the Mint Fee, which is now automatically divided between creators and developers. Creators releasing free mint projects and developers building on Zora’s platform will receive a portion of the fee on every mint. The Mint Fee itself will retain its value which is 0.000777 ETH per mint, while the remaining portion is allocated to empower creators and developers in crafting fresh experiences and tools.
Dee Goens, co-founder, and COO of Zora, further explained that Zora's approach involves an automatic division of funds generated from mint fees with creators, ensuring they receive a more substantial share. This strategy aims to motivate a greater number of creators to launch their projects on the platform. 100% of revenue generated from paid mints will go back to creators. Developers who contribute to Zora's protocol will continue to receive rewards for their contributions. "We didn't want to keep taking money out of creators' pockets,” Goens stated. This initiative is also aimed at expanding its market as platforms like OpenSea and Magic Eden continue to dominate.
Protocol Rewards mark the next phase for @ourZORA. Interested to learn more? click here: https://support.zora.co/en/articles/8192123-understanding-protocol-rewards-on-zora
DRiP is again sparking enthusiasm among a fresh wave of collectors and creators who envision digital collectibles as sources of enjoyment, fulfillment, and free!
Drip_haus is an NFT platform dedicated to promoting emerging artists and showcasing their talent. Last August 8th, DRiP introduced Creator Fund to qualifying artists and content creators. Monthly, they will divide the sum total of eligible collectibles dropped by the fund's balance to establish a PPC: Price Per Collectible. DRiP will compensate based on the established PPC for each release of collectibles (certain limitations may apply). This opportunity is accessible to eligible artists and content creators. Currently, Drip has a 2.5-month waitlist for new channels!
To apply, open a @drip_haus Discord ticket and visit their Twitter to learn more: https://twitter.com/drip_haus
These initiatives can offer several benefits to the NFT community and here are some:
Many NFT creators are emerging artists seeking exposure and recognition. Providing them with a share of profits or launching creator funds can help these artists gain support and resources, enabling them to focus on their craft and develop careers.
When creators are directly rewarded for their work, they are more likely to push the boundaries of their creativity. When creators are supported, they have more room to experiment and innovate with their work. This incentive can lead to a higher standard of creation, attracting more collectors and fostering healthy competition in the community.
Through these initiatives, NFT platforms can establish long-term relationships with creators. This encourages creators to stay engaged with the platform and continue producing new content, thus resulting in a self-sustaining cycle of mutual benefits.
Creators who benefit from profit-sharing or creator rewards are more likely to promote the platform and bring in their networks. This can increase user engagement and loyalty, ultimately driving more traffic and transactions on the platform.
When creators are rewarded for their contributions, it helps sustain a diverse range of content, leading to a more vibrant community. This sense of togetherness builds a stronger sense of community and shared purpose.
Nurturing a sustainable creator community contributes to empowering artists, where even small actions can make a significant difference, in which they are not just transient contributors but can be valuable long-term partners. This commitment can revolutionize the NFT ecosystem by fostering innovation and enhancing the overall experience for everyone.
How do you perceive this initiative by NFT platforms for Creators? Feel free to share your insights, we'd love to listen!
This content is not intended for promotion or financial advice. This is for educational purposes only.
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