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- 1 Rolling out of Alusta is a part of the Digital National Gallery program and program focuses on making art more accessible.
- 2 Investment banking company Goldman Sachs foresees the market growing to become a $480 Billion industry.
Finland’s largest art museum institution, Finnish National Gallery, has come up with a blockchain-based platform called Alusta. The English language newspaper of the nation, Helsinki Times reported the news. The application will enable artists a platform to publish, share, and collect a variety of content. The platform is likely to give some boost to the creator economy in the country.
Enhancing Cultural Heritage
According to Director General of the Finnish National Gallery, Kimmo Leva, “In our quest to enhance cultural heritage and artistic education, it’s crucial for museums to evolve with technology. Alusta represents our commitment to finding new modes of interaction between museums, artists, and art enthusiasts.”
The application will deliver necessary creator tools to help digital artists in their pursuit to attract more and more audiences for their works. As of now, digital artists have had trouble monetizing their content, hence, many works of artists are left unattended by the public.
Non-fungible tokens (NFTs) have aided this to some extent. Artists can mint their works as NFTs persisting on a blockchain. Currently, Ethereum (ETH) is the largest platform catering to the NFT ecosystem. However, being cousins to cryptocurrencies, the market has not gained significant traction to this date. The market, however, came to light during 2021 when it grew by 21,000 percent.
Rolling out of Alusta is a part of the Digital National Gallery program. The program focuses on making national art more accessible. Director of the Digital Finnish National Gallery program Johanna Eiramo said “We envision Alusta as a catalyst for new digital content production, encouraging other communities and companies to embark on fresh projects and collaborations.”
Creator economy has become a big business today. Investment banking company Goldman Sachs foresees the market growing to become a $480 Billion industry. It is currently valued at $250 Billion. In 2021, British auction company Christie’s sold an art dubbed “Everydays: The First 5000 Days” by artist Mike Winkelmann for $69 Million. Interestingly, the artwork was a non-fungible token.
Social media has started serving the artists as their portfolio today. Creator Ventures co-founder Sasha Kaletsky said during Fortune Global Forum that, “Your feed is no longer made up of your high school friends or your prom date from seven years ago. Now you’re just seeing people who are professionally entertaining you.”
Artificial intelligence (AI) is also playing its part equally. Generative AI enables one to command a tool like Midjourney or DALL-E to create an eye-catching art piece. Additionally, the latest version of DALL-E has a plugin for ChatGPT. It has made AI artists’ work easier. They do not even need to imagine something to put forth on the prompt.
Available data shows there are over 200 Million content creators across the globe today. Nearly 45 percent of them are full-timers.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
