Cryptocurrencies and blockchain technology are the base layer for many use cases in 2021. Non-Fungible Tokens (NFTs) take a stellar spot as the digital assets have been used by content creators, artists, and consumers to take power away from big corporations.
The entertainment sector has been particularly shaken by the NFTs expansion. Some of the biggest names in this industry, from actors to musicians, have launched their own NFT collection to create a unique experience for their users and give them a direct way to communicate with their favorite music or work of art.
Respect Metaverse, an NFT project using IPFS as decentralized storage and an ecological approach, has set out to improve this model and address some of the most pressing issues for content creators and artists. This population has historically been financially neglected, especially in their early ages.
Blockchain technology and NFTs have the potential to transform the model that has for so long supported big label companies, in the case of musicians, or galleries/auction houses, for painters and other artists, rather than content creators themselves. Respect Metaverse has set out as a reply to legacy industries and their predatory practices.
This platform’s objective is to change the way content creators receive streaming rewards. In that sense, they aim to create a new chain of benefits with artists and creators at the center from across the music, video games, digital e-commerce, and other sectors.
How Creators Will Benefit From Respect Metaverse
In order to fulfill its objective, the project will tokenize music, game, video, and other forms of content rights in the form of NFTs. Later, the artist can print its ownership of certain work on the blockchain where it will be protected from bad actors and publicly display for all users.
In that war, Respect Metaverse will remove the need for third parties to handle payment between the creator and its fan base or stream service via its native token RESPECT. In addition, it will reduce the overall cost for copyright management and will allow artists and users to access liquid assets in the form of NFTs.
Respect will also allow creators to fractionalize their work with its NFT platform. The project will enable rewards for holders with a chance for them to increase as the artist gains more popularity and access to better experiences and more engagement with their favorite product or artist.
One of the most unique features of Respect is the project understanding of the importance of supporting artists as they begin their careers. This is why the platform introduced a crowdfunding feature that will let them sell NFTs in advance by offering users a portion of their work’s copyright.
Then, the artist can receive financial support from the Respect community, with an estimated 142,000 users all over the world. This feature can give an artist the power to produce any content or work they chose to without the need to rely on big corporations and their requirements which, often, operate against artists themselves.
What Is In Store For Respect?
As mentioned, the Respect community is wide with thousands of users already embracing its benefits. In addition, there are already hundreds of artists which will be able to leverage a medial channel. The team behind the project is currently working on this feature to be able for each content creator.
They will experience another major change when compared to the traditional industry as they will receive their revenues daily and fully undiluted, no third party will take over exorbitant portions of their income. Effectively, this will lead big companies powerless to take advantage of newcomers or consumers.
On the other hand, the community will gain more power to propose and vote on changes to be implemented on the ecosystem via the governance model supported on RESPECT. The token will let them have a voice in the project’s direction and make changes for the benefit of other users and artists in a model that seems poised to disrupt entire industries and onboard millions of users in the next decade.