The passion economy is the new norm now: Vishakha Singh
The pandemic crisis, which has severely disrupted economies and businesses globally, has seen widespread job losses and salary cuts. The recovery process will take some years. During these times, the Passion Economy has seen an upsurge. Simply put, the passion economy allows individuals to monetise what they love doing the most. It could be anything – from offering beauty advice, investing tips to selling craft items, playing games, to turning a fitness instructor offering online classes – the list is endless.
Vishakha Singh, VP, WazirX NFT Marketplace, is a crypto enthusiast, an actor, film producer and a creator, who understands the sentimental value of art and the artist’s passion. Apart from co-founding WazirX, NFT Marketplace, India’s most trusted NFT Marketplace, Singh has brought her expertise, understanding of content and creativity to fan engagement tool IconicBot and 4Five App as a co-founder.
In a special episode of #GullyChat, which was conducted on Wednesday, September 29, 2021, and presented by Ruderfinn, Vishakha Singh decoded ‘Passion Economy - The new trend in self-employment’. Singh spoke about how Passion Economy is helping eradicate job loss in youngsters and creating opportunities for budding talents, as well as charting the future course of Passion Economy.
Passion economy has been the buzz since the lockdown, could you highlight your thoughts on this? Is the passion economy the next big thing for creators?
Vishakha Singh observed, “A generation with a ‘risk-taking’ attitude has taken the world head-on and dived into a new economy – Passion Economy. Millennials, in particular, have played an important role in taking this economy forward. Uncertain of the future, this generation has turned towards creating careers driven by their core interests and beliefs.”
She further said that the passion economy is no longer ‘the next big thing’, but in fact, it is the new norm.
What a beginner in Passion Economy should know – Tips and Tricks?
Singh listed some important tips for beginners:
- Identify what you love, your niche.
- Find a mentor, participate in creator communities
- Do your homework, have a gameplan
- Be willing to fail, learn, pivot
- Leverage social media
- Be authentic
- Be consistent
“Take that first step,” was Singh’s advice.
What Is NFT? How is India adapting to the NFT wave? Given its nature, isn’t security an issue?
Explaining about NFT, Singh said, “NFTs, in simple terms from a creator perspective, include all content that you put out on your socials, which can be dropped as NFTs for sale on blockchain as long as you own the IP. They are unique and authenticated on the blockchain and powered by smart contracts.”
“India is adapting fast and early adopters are riding the wave. GenZ here now believes in wealth creation and earning from various streams of income. Hence, NFTs have piqued the interest of not just artists, musicians but gamers, YouTubers, influencers as well,” Singh added.
How have the passion economy and NFTs helped individuals during the COVID-19 phase?
According to Singh, “NFTs help creators in the following ways:
- Monetise their digital assets. This concept of IP right that was non-existential before can now be explored.
- Direct collector connect (no middlemen)
- Direct community access
- Creator decides the price of NFT, the royalty
- Lifetime royalty on resale.”
She further observed that the pandemic has forced creators to think out of the box and look for new tech to leverage and optimise the monetisation of their content.