ultural and creative entrepreneurs are being urged to explore and capitalise on the growing opportunities provided by new technologies to drive business.
The encouragement came from presenters at the recent Jamaica Business Development Corporation (JBDC) ‘In Concert’ series, where discussion was focused on the emerging opportunities presented by the metaverse, metadata, non-fungible tokens (NFTs) and blockchain technology, for the growth of cultural and creative industries.
JBDC’s Deputy Chief Executive Officer, Harold Davis, noted that technology has reshaped the creative industries in many ways, noting that the way music, visual and performing arts are marketed and shared has changed significantly.
“Digital innovation is here to stay, and the creative industry must leverage it so we can drive our business even further and internationalise our products even more. We at the JBDC see digital technology as business drivers and enablers,” he said.
Highlighting NFTs, which have become an increasingly popular way to trade digital artwork, Founder of StarApple AI, Adrian Dunkley, said “you can sell your art as an NFT but still preserve the rights to that piece of art”.
“You can also get revenue in perpetuity, so every time it is sold you get a percentage. This technology is also allowing your art to live longer than you do,” he pointed out.
Forbes Advisor explains NFT as a digital asset that represents real-world objects like art, music, in-game items and videos. They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos.
NFTs provide a secure record that is stamped with unique identifying code stored on blockchain. Owners are guaranteed deed of ownership, meaning that their virtual goods cannot be copied.
Senior Manager, Bond, Equity, and Digital Asset Trading, Victoria Mutual Wealth Management, Denise Marshall-Miller, said that NFTs can be considered an alternative investment option to stocks and bonds.
“There is capacity for it to expand your revenue because of the royalties built into it. This can cause generational wealth to continue, as it provides you with an income. You want to ensure that the NFT you are putting out has some utility, value and is also original,” she pointed out,
President of the iCreate Institute, Dominic Summers, for his part, welcomed the value of the discussions in highlighting how new digital technology is creating opportunities and equitable access for all.
“It is also changing the way we interact with markets. With these technologies we can quickly, readily, and easily distribute across the world,” he pointed out.
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