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The creator economy may sound like a romanticisation of pursuing passions while making money. However, it’s much more than that. It’s about taking back ownership from big monopolies, monetising individuality and encouraging creativity. Karol Jan Borowiecki, economist at the University of Southern Denmark, found that someone whose family has an income of $100,000 is twice as likely to become an artist, actor, musician or author than a would-be creative with a family income of $50,000. Those from households with an annual income of $1 million are 10 times more likely to choose a creative profession than those from families with a $100,000 income. Without a financial safety net, it becomes quite risky to pursue a creative career. However just as DeFi has democratised financial opportunities, NFTs are democratising the opportunity for creative pursuits by offering creators a path to crowdfund work. For most of the twentieth century, the safest career strategy was to get a standardised education and to fit in. However, at a time where rapid technological change is occurring and AI predicted to displace vast numbers of jobs, how safe really is the safe career strategy? We are going through a process of Creative Destruction in the digital age. That process is how all modern economies have evolved and given rise to most of the benefits to society. New winners become so valuable that they disrupt existing market structures. It is driven by innovative entrepreneurs and bold investors that go up against the status quo. Being a creative has always been a risky pursuit. As Kristen Bahler puts it, ‘Devoting yourself to the life of a ‘starving artist’ is a lot less risky if your family has enough money to make sure you don’t actually starve.’ The internet disrupted the media industry and democratised content creation. Now tokenisation is making it easier and more financially viable for people to achieve creatorship and artistic fulfilment. More and more people want to live their lives doing what they love and it’s a cultural phenomenon worth analysing. 28PDF Image | Primer on Non-fungible Tokens NFTs
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