Ron Creevey – founder of the X Studio, a company that broadcasts live performances online for globally recognized brands – says he’s looking to bring more artists to his platform with the launch of the firm’s new non-fungible token (NFT) line.
The NFT Space Appeals to Ron Creevey
An NFT is a digital asset that’s tied to something physical. This physical item could be a song or piece of music, a comic, a famous artwork, etc. Many of these NFTs represent individual stakes in such assets. For example, if you were to buy an NFT of the Mona Lisa (the famous painting by Leonardo da Vinci that’s hanging in the Louvre in France), you would not necessarily own the Mona Lisa itself. Rather, you would own a stake in the digitized version of the painting.
The idea is to spread wealth and ownership opportunities amongst many individuals, thus ending potential wealth gaps and giving more people chances to take part in the ownership of items that prior could only be accessed by the super wealthy. In many ways, NFTs are quite noble.
Ron Creevey says that the X Studio has long been interested in getting involved in the cryptocurrency space. He mentioned in a recent interview:
The X Studio integrates with all global artists within the changing construct of the internet together with web3. This is the direction for The X Studio and that enabled us to become self-sufficient. Artists, labels, and listeners need the appropriate recognition from recording studios, management, and the listening audience. I have been a part of the internet from the beginning when we created the first internet company in Asia and Australia. Plus, on the music side of the business, collaborating with leading artists globally makes me smile. As they say, you can’t chase cool.
The news is all fine and dandy, though one must wonder given recent news and trends if the X Studio is arriving way too late to the party.
Is This the Right Thing to Do?
Not long ago, it came to light that the NFT space isn’t doing all that well. In fact, trading in the space is down nearly 97 percent from the all-time high the arena witnessed during the early months of 2022. This means that in less than a year, trading has virtually disappeared, and we can’t help but question if the NFT space is going to last much longer.
At the end of the day, NFTs are pixelated artforms that somehow picked up steam during the early months of 2020. During that time, NFTs were selling for hundreds of thousands of dollars, and the space had a market cap in the billions, though now, with virtually no activity occurring within its borders, is getting involved in NFTs the right choice for Ron Creevey and his business?