Understanding the Impact of NFT Business Models on the Creator Economy

This paper explores the profound impact of Non-Fungible Token (NFT) business models on the creator economy. It investigates how NFT adoption reshapes the monetization strategies of online content creators and the coexistence of various business models alongside digital platforms. The study emphasizes the growing significance of NFTs as representations of digital asset ownership and their role in evolving the dynamic creator economy. The research employs mixed methods, integrating quantitative and qualitative data collection to analyze the distinguishing characteristics of NFT-based models and their implications for creator economics. Notably, NFT platforms offer creators the opportunity to earn royalties from secondary sales, providing a unique avenue for revenue generation. To capture diverse perspectives within the creator economy, the study conducts interviews with 30 individuals from different roles, including content creators, platform operators, digital agency owners, and other relevant stakeholders. These interviews offer valuable insights into the influence of NFT business models on the industry. The findings reveal that NFTs enable content creators to establish direct commercial relationships with their communities, potentially reducing their reliance on traditional platform intermediaries. However, the research underscores the continued relevance of digital agencies as intermediaries in the traditional creator economy. The paper concludes by offering practical and theoretical implications for content creators, advocating for the exploration of NFTs as supplementary revenue streams, emphasizing community cultivation for NFT initiatives, and promoting education and awareness about blockchain technology and NFT intricacies. Theoretical implications contribute to the understanding of evolving digital business models, innovation, community-centric models, and digital ownership and authenticity in the digital age.