Why NFT Marketplaces Need to Enhance Fan Exposure for Artists

Following the global pandemic, when the value and potential of most popular asset classes plummeted, digital assets, particularly non-fungible tokens (NFTs), rallied in the opposite direction. For a long time, NFTs were not a prominent part of blockchain technology. But there was no looking back once their potential came to light. 

By defining unique ownership of an underlying asset, they created the trend of digital collectibles. This, in turn, elevated the digital art industry and allowed artists to claim the spotlight. Beeple, a famous digital artist, sold his art as an NFT for a whopping $69 million. This is an extreme case, agreed. But artists commonly earn hundreds of thousands of dollars by tokenizing their creations as NFTs. 

NFTs introduce diverse opportunities for artists and creators to monetize their work.  And for investors, they mean a world of new investment ventures. NFTs are thus touted to be the foundation for the new virtual economy, and in 2021, people poured in $17.7 billion for their ownership globally. 

This success is monumental. NFT marketplaces played a significant role here, making these assets universally accessible. But recently, budding creators have struggled to find their place on popular NFT marketplaces. 

The Struggle for Recognition

As NFTs became increasingly popular and valuable, NFT marketplaces proliferated exponentially. Today, there are numerous marketplaces where creators can tokenize and sell their work as NFTs. But with the number of creators increasing steadily, many talents remain in the background without any exposure. It is tedious and almost impossible for new creators to feature in the trending section on these marketplaces. 

Getting their due recognition is thus tremendously difficult for most digital artists and creators. NFT marketplaces must provide efficient and accessible tools for creators to enhance their exposure. But most of the popular NFT marketplaces overlook this fundamental requirement, becoming playgrounds for the top players only. This contradicts the very essence of decentralization and creates a market owned and run by a few. NFT marketplaces should have robust mechanisms to avoid this, bringing upcoming creators to light and helping them leverage interactions with the collectors’ community. 

There are myriad ways to integrate such mechanisms into the marketplace. For instance, Mogul Productions facilitates email and social media notifications. This allows creators to send direct notifications to their fans whenever they drop new  NFTs. 

Moreover, marketplaces can offer built-in social media platforms, enabling the creator’s community to interact and collaborate seamlessly. An integrated social media is also a great way for creators to connect with NFT enthusiasts and fans. Fans get to know the creators behind projects, and creators get to know their most loyal fans. 

In the long run, this increases the creators’ exposure, enhancing their chances of selling NFTs. Marketplaces can also let users hold live streams, AMAs, polls, and giveaways directly on the platform to make their work more visible. These mechanisms do the fundamental job of ending monopoly in marketplaces and recognizing emergent creators’ work. This also provides investors with various options and the freedom to choose NFTs from a larger pool. 

Claiming the Spotlight

For decades, creators of art, music, and other types of content have largely remained in the dark, barring a few famous names in each industry. In this context, NFTs and NFT marketplaces provided new hope for all these creators to claim a share of the spotlight. But without proper exposure, these creators are again pushed into the dark without any official recognition. NFT marketplaces should thus have the means to accommodate new creators and give them a fighting chance at success. 

With popular marketplaces like Mogul Productions taking creator exposure seriously, it is only about time before other NFT-marketplaces get on board. This will create an NFT market that is truly decentralized and swarming with innovative NFT projects.

About the author:

Jamie El-Kaleh is the Head of Marketing at Mogul Productions, a DeFi and NFT marketplace platform for the film and entertainment industry. Jamie is an influencer with over 19 million views and has managed multiple marketing projects for several years.

Published By : Nasdaq

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