JAM | Jun 3, 2022

Creatives urged to capitalise on new technologies to drive business

/ Our Today

Reading Time: 3 minutes
Deputy Chief Executive Officer at the Jamaica Business Development Corporation (JBDC), Harold Davis (Photo: JIS)

Jamaican cultural and creative entrepreneurs are being advised to explore and capitalise on the growing opportunities provided by emerging technologies to drive business.

This is the word from presenters at the recent Jamaica Business Development Corporation (JBDC) ‘In Concert’ series, where the discussion was focused on the emerging opportunities presented by the metaverse, metadata, non-fungible tokens (NFTs) and blockchain technology, for the growth of cultural and creative industries.

Making his presentation at the series, Harold Davis, JBDC’S chief executive officer, noted that technology has reshaped the creative industries in many ways. He made special mention of the fact that the way music, visual and performing arts are marketed and shared has changed significantly over the years.

“Digital innovation is here to stay, and the creative industry must leverage it so we can drive our business even further and internationalise our products even more. We at the JBDC see digital technology as business drivers and enablers,”stated the JBDC CEO.

Highlighting NFTs, which have become an increasingly popular way to trade digital artwork, Adrian Dunkley, founder of StarApple AI said: “you can sell your art as an NFT but still preserve the rights to that piece of art”.

He added: “You can also get revenue in perpetuity, so every time it is sold you get a percentage. This technology is also allowing your art to live longer than you do.”

Forbes Advisor explains NFT as a digital asset that represents real-world objects like art, music, in-game items and videos. They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos.

NFTs provide a secure record that is stamped with a unique identifying code stored on the blockchain. Owners are guaranteed deed of ownership, meaning that their virtual goods cannot be copied.

According to Denise Marshall-Miller, senior manager of bond, equity and digital asset trading at Victoria Mutual Wealth Management, NFTs can be considered an alternative investment option to stocks and bonds.

She noted: “There is capacity for it to expand your revenue because of the royalties built into it. This can cause generational wealth to continue, as it provides you with an income. You want to ensure that the NFT you are putting out has some utility, value and is also original.”

For his part, Dominic Summers, president of the iCreate Institute, welcomed the value of the discussions in highlighting how new digital technology is creating opportunities and equitable access for all.

He shared: “It is also changing the way we interact with markets. With these technologies we can quickly, readily, and easily distribute across the world.”


What To Read Next