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Web3 and the creative industries: how blockchains are reshaping business models

In: A Research Agenda for Creative Industries

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  • Jason Potts
  • Ellie Rennie

Abstract

Web3, underpinned by blockchain technology, is an evolution of digital infrastructure, whereby protocol facilitates the direct exchange of value between users, removing the need for trusted intermediaries. Existing blockchain experiments seek to create artist-centric business models, dismantling agency-centred business models that brokered and organised connections between artists and their fans or buyers. By enabling the automation of the value components, including payments, licensing and intellectual property management, contracting and governance, digital content storage and access, blockchain technology also enables new ‘value-based economics’ in which artists set the terms of their market participation. In this chapter, we outline emerging models and discuss some implications for creative industries research. Blockchain technology is currently being experimentally adopted into creative industries in order to improve transparency along supply chains, to lower costs of distribution by creating more direct platforms to connect artists and fans, and to improve handling of intellectual property and licensing arrangements, metadata, royalties and payments. We discuss case studies from music (Ujo Music and dotblockchain), visual arts (dada.nyc), and story-telling (Cellarius).

Suggested Citation

  • Jason Potts & Ellie Rennie, 2019. "Web3 and the creative industries: how blockchains are reshaping business models," Chapters, in: Stuart Cunningham & Terry Flew (ed.), A Research Agenda for Creative Industries, chapter 6, pages 93-111, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:18292_6
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    Citations

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    Cited by:

    1. Allen, Darcy W.E. & Berg, Chris & Markey-Towler, Brendan & Novak, Mikayla & Potts, Jason, 2020. "Blockchain and the evolution of institutional technologies: Implications for innovation policy," Research Policy, Elsevier, vol. 49(1).
    2. Ipert, Chloé & Mauer, René, 2023. "Infrastructural or organizational decentralization? Developing a typology of blockchain ventures," Technological Forecasting and Social Change, Elsevier, vol. 197(C).
    3. Ali, Omar & Momin, Mujtaba & Shrestha, Anup & Das, Ronnie & Alhajj, Fadia & Dwivedi, Yogesh K., 2023. "A review of the key challenges of non-fungible tokens," Technological Forecasting and Social Change, Elsevier, vol. 187(C).

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