Can't Knock the Hustle

Abstract

Drawing upon the phrase ‘you can’t knock the hustle’, attributed to both Jay Z and Sotheby’s, this chapter delves into the transformative dynamics shaping the creative sector in the era of digital tokens. It presents an exploratory reflection on the intersection of non-fungible tokens (NFTs) and the creative industry, leveraging insights from research conducted by the author, who has worked at the boundaries of blockchain/cryptocurrency and sustainability since 2009. The chapter surveys the current manifestation of NFTs within the creative realm, shedding light on the economic facets intertwined with ongoing digital innovations. The chapter also broaches the topic of decentralized autonomous organizations (DAOs), musing about their possible ramifications on traditional structures in creative industries. Without claiming to provide an exhaustive study, the chapter encourages contemplation on the role of NFTs and DAOs in the creative sphere. It touches upon their potential implications on economic systems, access to cultural institutions, and the funding of public goods such as education and civil infrastructure. Overall, the aim is to ignite dialogue and reflection among researchers, practitioners, and policymakers about the emerging intersections of technology, economics, and creativity. Moreover, this chapter invites reconsideration of established paradigms and the envisioning of new pathways for social and economic exchanges in light of these technological strides.