With the globe gradually shifting into a virtual platform. Digital assets are the next-gen kinds of stuff to invest and focus on. For a long, we have been obsessed with assets on the physical level. It is time that we consider developing our digital assets as well. But, what are digital assets? To understand this we need to first get well acquainted with the concept of a digital asset. Digital assets simply refer to e-content that are available on virtual platforms. Any content that is available on a digital platform with authorized rights reserved; can be termed as a digital asset. A digital asset belongs to a particular individual or an organization that they might or might not want to circulate.
Why are digital assets being created?
Since the era of digitalization has dawned upon us, we believe it or not! Companies are in a frenzy to create and acquire as many digital assets as they can. The real reason behind this is the growing demand for such digital assets. Earlier people used to wonder as to what are digital assets? But now they wonder as to how to improvise and create them. A very obvious answer to this is innovation. Like every other field that has reached the pinnacle of efficiency and success. Digital assets can reach the same via innovative measures. It’s the innovation that can bring turnaround efficiency in the creation and maintenance of digital assets. Digital assets are easy to create but branding and creating value for them is a tough task to get through.
How do we create digital assets?
Innovation is not only aiding in the smooth and efficient creation of such assets but also propelling them forward with greater force and agility. So how can innovation help in speeding up the asset creation process? Unlike any physical product or a manufacturing unit, digital assets are created out of technological and knowledge-based activities. So how can innovation lead to its multiplication?
The answer is simple, process-oriented, and platform-oriented innovation.
What are the types of innovative digital asset creation?
With process-oriented innovation, digitally created assets will be more efficient, accurate, and accessible. This will also ensure a shorter creation time and meanwhile will save much-needed time, energy and information. Moreover, process-oriented innovation will always aim at finding the shortest possible turnover time of task completion. Keeping in mind the resource efficiency and product consistency aspect intact. Process-oriented innovations are usually implemented for digital assets such as media digital assets, documents, and directories. Such digital assets are usually easy to update and launch, but tough to create. It takes creativity, data and skills to create digital assets. That shall add to the brand value of the rightful owner.
With innovation in process, such as integration of big data analysis, the internet of things, and artificial intelligence; it has become easier to convert data into information. Data in the raw form is practically useless for people to comprehend. Data must be converted into information to make sure it is of some use to the end-user. For example, let’s consider a movie script. A layman, in all his years, would not be able to decipher; the emotions, the values, and the creativity the script holds in the art genre. Unless the script transforms itself into a book, movie, drama, or skit. The script holds less to no value in the eyes of the general public. If we want to innovate the process of converting the script into any of the above-mentioned digital assets. The script might just give a huge return on investment. In this case, the process innovation could be hiring interns to convert it into books. Once it has converted itself into a book, simply put it through an A. I software and publish an audio version of it. Furthermore, with the help of digital art, you could convert it into a comic or a doodle video. The possibilities are endless. With just one asset you can create various other assets. That will be of much more value before the eyes of the end-user. This is the power of innovative thinking. Innovation in terms of the process can not only multiply your assets but; will help you create a range of assets that will be beneficial and well appreciated by the end-user.
How is innovation beneficial for digital asset creation?
Speaking of appreciation from the end-user, the platform plays a major role in the propagation of digital assets. There are two aspects to the platform in which digital assets have been launched and are being used and accessed. The first aspect is to know what platforms the end user is comfortable with and frequently accessed by him. The second aspect is, to creatively launch an asset in a platform different from its core genre. Coming to the first aspect, a burning example of it is the launch of various music applications such as Spotify, Gaana, and much more. If we consider the situation a decade ago, television and YouTube had control over the music industry. If anybody wanted to listen to music, they would have to resort to the internet to download music and access it from their I-pods, cassettes, or smartphones.
How does it work?
In response to the growing demand for music, music applications were launched. If we consider today, we have a plethora of paid and free apps to choose from. This is a form of innovation. Apart from this, single music audio has several versions to it, thanks to A. I am in music. Today a single audio file can have versions like karaoke, reply versions, instrumentals, reverb, and much more. A very innovative and awesome example of asset multiplication in terms of media digital assets is the introduction of lyrics and subtitles to videos. Not only this but the lyrics and sub-titles are multi-lingual, meaning they can be accessed by anyone, from anywhere in the world, given they hold the rights to access it. Such innovation was led by the market demand and eventually resulted in the rapid multiplication of the asset. Therefore, with innovative measures, digital asses can multiply via several manifolds. It’s strange, how innovation can bridge global gaps.
Is it applicable to other platforms as well?
Coming to the second aspect is to create and release assets in a platform different from the obvious ones. A few decades ago, financial assets had only a physical presence. Be it land, cash, or jewellery, they had to be safely kept away under human security. But the times have changed now. Today, crypto-currency holds immeasurable value before the eyes of asset holders. Be it Bitcoin, Etherium, or Ripple a single unit of these could bring a drastic change to your financial portfolio. It is not just a bunch of people trying to make money, but an innovative method to multiply the magnitude of existing assets by providing value to the end-user. For this matter, in today’s scenario, the stocks that we are investing in are also gradually becoming a part of the digital asset portfolio. Here, we are not dealing with any physical properties. Everything is completely virtual, yet it holds much value in the eyes of the stakeholders. With such innovative financial avenues not only does the digital economy propel forward, but the value multiplies by several manifolds.
What all other influence has it created?
Other than this, several other digital assets have multiplied their value over time, thanks to innovative marketing measures. It is surprising to see how valuable blog pages and domain names of established brands and companies are. Though these assets are digital, their reach, influence, and value in the eyes of the audience are unparalleled. That is the reason why with innovative digital marketing methods, the number of websites has shot up and is still on the rise. Apart from this, the number of online and virtual libraries has taken knowledge creation to a whole new level. Right from Video instruction to learning management systems, the number of demonstrative and educational videos is only increasing with the passing hour.
Another beautiful example of multiplying digital assets via innovation is the introduction of apps creating innovative, educational, comic, and entertaining short videos. Since, their inception, they have been so popular that they are all over the internet right now. Needless to say, many such creators have had their rise to fame moment via such platforms. No doubt the multiplication of media assets that have come along with it is tremendous.
A few last words……
Since innovation is the key to the multiplication of digital assets, it is safe to say that digital assets invariably rely on innovation to sustain. Apart from this, it not only helps generate income it also helps in propagating a knowledge extensive economy. Only with access to proper knowledge and information, people can apply innovative measures. To sustain an environment that supports innovation, access to information, autonomy, and creativity needs to be in perfect proportion. We humans might not have been able to sustain for so long on this planet, if not for innovation. Regardless to say, humans have always been compelled to innovate, thanks to their curiosity and ambition to rise and shine.
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