India has a large content creator base that includes musicians, vloggers, podcasters, bloggers, writers, and singers. Not to mention a sprawling film industry that produces over 1,500 to 2,000 films in more than 20 languages. As per venture capital firm, Kalaari Capital, India had over 80 million content creators as of October 2022. CEO and co-founder of the online marketplace, Producerbazaar.com, GK Tirunavukarasu says, “This number will soon cross 100 million according to influencer marketing firm Zefmo but only a miniscule number of these creators know how to monetise their work productively. Things are changing now because cutting-edge technologies like NFTs and blockchains are helping creators to monetise their work and protect their IPR effectively. In fact, we have created Producerbazaar.com as an online marketplace that uses NFTs and blockchain to empower creators to have control over their content and receive just remuneration for their work.”

He also foresees an increasing interest in the monetization of video NFTs where collectable versions of videos can be bought, sold, and traded. He adds, “The larger goal is ofcourse to minimise the possibility of copyright infringement because piracy is a big issue for film producers and content creators. It is easy to pirate and distribute anything on a digital platform and it is often hard to pin down the copyright violators.

Producerbazaar.com on the other hand stores NFTs in blockchains and only content creators can have full access to their work via verifiable digital IDs.”

Blockchain technology can also promote the creation of a large fanbase community and can help content creators to understand what their target audience is. GK Tirunavukarasu also adds that while technological awareness can release makers from the morass of tedious paperwork and also secure their IPR, it is also crucial to be cognizant of the legal and regulatory environment around NFTs. He says, “I would suggest trusting only reliable online resources to avoid possibilities of impersonation, counterfeit NFTs, investor scams, and bidding scams. This is why Producerbazaar.com is striving to create a sustainable creator economy and is systematising the entertainment industry including the massive Indian film market by offering a safe, transparent and reliable space to sell and buy rights.”