NFT had a significant development in 2021. The growth of this trend could bring about transformative changes to the work of artists/influencers/content creators. content in Vietnam. In a period when crypto interest is higher than ever, the NFT is attracting even more opinions.
To better understand this trend, The Influencer had a short chat with Julie Pham - Business Development Manager at Uquid NFT Marketplace. Currently, Uquid is the pioneer platform that allows content creators like YouTubers, TikTokers, Livestreamers and influencers to register to sell NFT products the world's fastest. Welcome to the sharing of Ms. Julie Pham
In the world, NFT is a strong development trend. In 2021, how would you rate NFT's penetration in the Vietnamese market?
Without a doubt, NFT is a growing trend all over the world. With the development of NFT, the connection between the crypto world and the lives and work of artists, content creators, influencers, etc. will deepen. In 2021, it is easy to observe the famous NFT "deals" of international artists.
Just a week ago, American pop singer Katy Perry announced the exit of NFT's first collection, titled "The Roar Package", to be released exclusively on the platform. Also in 2021, the band Kings of Lion is the first artist in the business to profit from music production by releasing it under the NFT format. The rock band's "When You See Yourself" album released in March was also the first disc that fans could buy as an NFT. With a lot of work from great artists, NFT is constantly interested in the community. According to data from Google Trend, in the past year, the number of searches about NFT has increased continuously:
Remaining in Vietnam, we are sure that there will be a certain lag compared to the trend in the world. However, we also have the first positive signs of this trend. In August 2021, the child artist Xeo Chuon earned nearly 23,000 USD (converted) from the painting "Lucky Apricot Flower" on the NFT electronic trading platform. In May 2021, two rappers representing the New School style of Vietnamese Hiphop, Andree and Wxrdie, said that they would release a special version of the song "Nhac Anh" in NFT format, becoming the first music product in Vietnam. Vietnam was launched using blockchain technology. As there are successful examples of local artists, the NFT trend in Vietnam certainly has a lot of room to grow in the coming years.
What changes can NFT bring to the work and life of content creators/influencers?
In my opinion, there are 2 biggest impacts that NFT can have on content creators/influencers:
The first is commercial: In the past, influencers/content creators' income came mainly from pre-booked contracts with brands or from offline forums. In addition, there is another account from selling products such as tapes, clothes, accessories to fans, etc. However, the income from the second source is not too much. With NFT, they can earn income from their creative products. Many 2D and 3D artists in the world and in Vietnam have done this. Investors buy products in the form of NFTs primarily with the belief that within 5-10 years the asset will increase in value. Or, they buy to show respect, love, and support the creative cause of artists/influencers. Additionally, whenever that artist/influencer's work is re-traded as an NFT, they'll still get a 10% percentage of the new sale price. This can't become a potentially passive source of entry for artists/content creators.
The second is the product copyright factor: Product copyright protection has always been a concern for creators, especially in Vietnam. With NFT, this problem will be solved. Anyone can query back to the owner of an NFT without the need for a third party. This is thanks to the archive data on the platform platform. As a result, the artist / content creator avoids plagiarism, the protection of the owner is long-lasting with time.
In the coming 2022, which group of content creators/influencers do you predict that NFT will grow the most?
In 2022, there will certainly be many new developments of NFT in Vietnam market in many fields. However, based on the signs that Uquid has observed recently, NFT will thrive with gamers / content creators in the gaming market. In the past, people used to think that playing games was useless, but now playing games can make money. “Play to Earn” has been and is a growing trend in the future. NFT, combined with the development of Metaverse, will create a huge boom in this market.
In addition, the group of 2D and 3D painting artists also has a lot of potential for development. Instead of just focusing on freelance drawing projects like before, you can create NFT collections and directly earn income from it. Currently, according to my observations in groups, a lot of artists have started to sell their NFT products, many of you also have private orders from investors.
What barriers do content creators/influencers need to remove to enter this potential market?
When working with influencers in Vietnam, Uquid noticed two major barriers. Firstly, you do not have confidence in the NFT market. In many cases, just mentioning the topic of cryptocurrencies, they have tended to not be supportive. This is not difficult to understand, because the NFT market is still very new anyway, and cryptocurrencies are not yet recognized and protected by Vietnamese law. Also from this mentality, they do not actively learn and do not have much understanding of how this market operates and the huge potential of this market.
The second barrier is that artists/influencers think that they themselves are not good at technology, so it is difficult to penetrate the NFT market. When talking with the artist managers, they all shared that the artist / content creator is a person who specializes in art creation, so there is no inclination to learn about technology. It is a limited belief, because it is not necessary to be good at technology to enter the NFT market.
Many artists/influencers also wonder if their products can be sold as NFTs. Obviously, no one can be sure that their NFT product will sell. However, if they are confident about their creative products, have a community of loyal followers, releasing the product as an NFT is an option worth trying. NFT is still a new market in Vietnam, so the pioneers will be the beneficiaries.
When expanding into the Vietnamese market, what policies does Uquid have to support the content creator/influencer community?
Uquid's biggest support is that content creators can create their own NFT in a very simple way, without many complicated operations, and without cost. In the early stages of accessing the Vietnamese market, Uquid wants to remove all unnecessary barriers in terms of technology so that any artist/influencer/content creator can try their hand at this market. At the same time, in the coming 2022, Uquid will also develop the Metaverse platform so that content creators / influencers can easily interact with each other and interact with their fan community. As all connections become clearer and more open, we hope that the content creator community in Vietnam also benefits from NFT more.