It's not just about Bitcoin anymore. It's a revolutionary tool, and if the US gets its act together, it could radically change the lives of artists around the world, especially those struggling in developing nations. Picture Southeast Asia, where the talent is plentiful and boundless, but the opportunity frequently is not. I'm talking about empowerment, not just exposure.

Blockchain's Borders Must Be Open

We need to have a conversation about borders –– not only in the physical sense, but digitally. To put it bluntly, at this moment the US is losing the crypto regulation race and trying to catch up. Europe, China, even Singapore are ahead. Missing the boat on an important new area of financial innovation is the least of it. This policy vacuum limits opportunities for Myanmar, Vietnam and Indonesian artists. Overly restrictive regulations and high transaction fees slam the door in their faces.

These artists, the majority of which are producing phenomenal work while overcoming just unfathomable challenges, are primed to adopt blockchain. If the US doesn't create a welcoming and accessible environment, we're essentially saying, "Sorry, your art isn't for us." I find that unacceptable. We require smart regulatory sandboxes for all blockchain projects, with a focus on approaches that empower artists based in developing countries.

NFTs Unlock Global Crowdfunding Power

Think of an aspiring young master in Cambodia who can barely afford a pencil or paint — but has the instinctive genius that no one questions. In the past, that artist would have had to depend on the local gallery system, waiting for their big break. Blockchain, and more particularly NFTs, provide a clear path to international crowdfunding.

NFTs aren't just digital JPEGs. They’re a powerful tool for artists, allowing them to directly monetize their work — bypassing traditional gatekeepers like galleries and record labels. Think of it: an artist in Jakarta can mint their digital art, sell it to collectors worldwide, and receive instant payment in cryptocurrency. No middleman taking a cut. This is a game-changer. The United States could lead the way by investing in NFT educational initiatives aimed explicitly at emerging artists from developing nations.

DAOs Build Artist Collectives Without Borders

DAOs (Decentralized Autonomous Organizations) are building new forms of art collectives. Among other things, artists can pool resources, collaborate on projects, and collectively own — and profit from — their creations.

For an artist in Thailand, joining a DAO suddenly becomes possible. It provides unique access to funding, mentorship, and Cox’s global network of collaborators. It’s not just about advancing your own career, it’s about creating the communities we want to see. The US could incentivize the formation of artist-focused DAOs through grants and tax breaks, stimulating innovation and collaboration across borders. This is more than creating art; this is building global relationships, understanding and friendship.

Protect IP, Empower Creators

Intellectual property theft is rampant, especially online. For many artists in countries with fragile ecosystems, making sure their work is protected can seem like an insurmountable challenge. Blockchain offers a solution.

By registering their pieces on a blockchain, artists can establish an untouchable history of ownership. This, in turn, makes it much harder for their creatives to have their art stolen, forged, or created without their consent. Imagine it as a unique digital certificate of authenticity that everyone agrees cannot be replicated. It’s an important move toward giving artists the agency they need to take ownership over their own creations and establish independent, thriving livelihoods. Third, the US should help accelerate the creation of simple, affordable, blockchain-based IP protection technologies tailored to artists in developing countries.

Tokenize Assets, Democratize Investment

Tokenization isn't just for Wall Street. It can revolutionize art investment. Now, picture fractional ownership of a masterpiece, providing a way for everyday Americans to invest in art with the same potential for appreciation as rich collectors.

This presents exciting new opportunities for artists to finance their work and for collectors to underwrite the arts. The US has an opportunity to continue to lead the world in supporting the tokenization of real-world assets, including art, by establishing a clear and supportive regulatory framework. That would free up trillions of dollars in new investment for the creative sector, helping artists across the globe to thrive. The US stands to onboard at least $64 trillion in global equities by tokenizing real-world assets. We have to get ready for this thrilling future come true!

A Call to Action

The US has a unique opportunity to lead the world in using blockchain to empower emerging artists globally. It’s not only about economic development. It’s about advancing innovation, encouraging cultural understanding, and creating a fairer society.

  • Support sensible crypto regulation that prioritizes accessibility.
  • Invest in educational programs that teach artists about blockchain technology.
  • Incentivize the formation of artist-focused DAOs.
  • Promote the development of blockchain-based IP protection tools.
  • Encourage the tokenization of art and other creative assets.

This isn’t merely a matter of policy, this is a question of values. Let’s work together and use blockchain technologies to create a world where every artist, no matter where they live, has the chance to succeed. Today is the day to make a move – before this opportunity passes us by in the night.