Crypto and NFTs are increasingly becoming the new currency and keys to the evolving decentralised internet
Every day, billions of images, videos, songs, and other forms of media are shared on social media platforms. When these files are shared, a copy of the media is copied from the creator’s device and pasted to the server of the platform that is distributing it — Facebook, Twitter, YouTube, TikTok, and so on.
This may appear to be a simple interaction, but when creators upload a file, they also copy-paste ownership of the file to the platform itself.
The Terms of Service, which typically state that when a file is uploaded, ownership is transferred to the platform for monetization as the platform sees fit. This has some advantages: platforms can provide distribution or scale economies that optimise ad-based revenue. But it’s no secret that today’s monetization models aren’t always in creators’ best interests. This is where the issue arises. For far too long, platforms have reaped the majority of the benefits from owning creators’ content.
NFTs have the potential to invert the media ownership model, providing a viable alternative to platform-driven monetization for creators, their audiences, and developers who build for them.
The more a file is shared and viewed online, the greater its cultural value. With increasing notoriety, the concept of owning the canonical work becomes more exciting and more of a social status marker. It can also increase the value derived from reselling the work if its notoriety grows after purchase. NFTs allow collectors to reap the majority of the benefits of owning a physical work of art, with the added benefit of being able to freely share their collection across the internet without restriction — and thus accrue more value with wider distribution.
NFTs enable a better business model for all stakeholders: creators, their audiences, and developers can all make more money in a marketplace based on true digital ownership.
With Deefy’s Protocol, Users will be able to Rent and Pay Later on NFTs without Collateral.
Deefy is a decentralized protocol that enables financial utilities on NFTs such as Renting, Lending, and Pay Later.
Deefy’s vision is to create a revolutionary shift by introducing a truly decentralized ecosystem and creator-centric financial instrument for creators, influencers, Gen Z & micro-financiers.
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