Non-fungible tokens, more commonly known as NFTs, have revolutionized the way we view content ownership, bringing art into the digital age.
The NFT market platform OpenSea has been valued at a staggering $13 billion and the past year alone has seen the trade of around 28.6 million wallets. The NFT market place is booming, making it a perfect time and place for artists to start creating digital content and get in on the boom.
But what’s in it for artists? Although the NFT market may, at first glance, seem scary, complicated and intended for the benefit of collectors and speculators, this is not the case at all! NFTs open the door for artists to trade their art on a global scale with greater autonomy, lower barriers for entry, and increased monetary benefits.
This article will explain how artists can benefit from creating NFTs, but first…
What is an NFT?
NFTs are unique digital assets that can be traded on the blockchain. Unlike fungible tokens (cash or cryptocurrency), NFTs are one of a kind and cannot be swapped, since there is only one version of each asset in existence. NFTs can be art, photos, songs – anything which can be a digital file and stored on the internet.
As the blockchain makes it easy to verify ownership of an NFT, these assets have become an extremely useful way for artists, influencers, and musicians to sell versions of their work to a large base of consumers.
Additionally, the NFT marketplace can be seen as an evolution of the traditional art marketplace, eliminating all that can be seen as wrong with the traditional art marketplace and shifting the balance of power to benefit artists and creators. For example, allowing artists greater access to a global market, transparency with deals, and royalties to artists on all their creations and resales.
So what are the benefits of NFTs for artists?
- Increased accessibility
Anyone is able to create, buy and sell NFTs through online platforms. This means low barriers for entry to allow aspiring artists to bring their art to a marketplace. Artists can create and sell their own work on their own terms to a huge and ever increasing number of buyers, with transactions made in a matter of seconds. NFTs are quick to make, quick to sell, in demand, and can be made from the comfort of your own home!
- Global market
Since the NFT marketplace exists on online platforms, it is easy to access buyers, sellers and creators worldwide. Artists’ work is now able to cross global borders and be traded with ease. Additionally, fees such as shipping fees are avoided as the content exists online and can be traded with just a few keystrokes, making the process cheaper and virtually hassle-free in comparison to the hoops an artist has to jump through to sell their work via a traditional gallery.
Speaking of galleries, artists gain greater control and autonomy over their own work. Artists can make, display and sell whatever they want and don’t have to depend on a gallery or museum for backing, management or bringing clients in. In addition, further costs of displaying in galleries are avoided as artists work for themselves on their own terms.
Furthermore, NFT marketplaces offer automatic royalties and continued ties to the resale of works on the secondary market for artists. In the traditional market, once a piece is sold, the artist is no longer set to earn off that piece, and that includes any profits the piece could gain if the artist becomes more popular. However, with NFTs, the artist is entitled to a percentage of future sales of works (usually 10%-20%)! Artists not only retain ownership from being the creator of the works but continue to benefit monetarily.
The connection of NFT marketplaces to the blockchain makes forgeries impossible as the blockchain provides a non-fungible record of authenticity. The NFT market is, on the whole, a much more regulated marketplace than the traditional art market which lacks transparency. In the NFT market, the artists can take control of the sales of their own art directly.
Steps to ensure your safety online can include: setting up a crypto wallet, using a strong password and a password manager, keeping your information private by securely storing your crypto wallet private keys and recovery phrases, and making sure your computer has up-to-date and comprehensive anti-virus software to protect you, your device, and your information against scams and cyber-attacks.
For peace of mind and ease, artists can also go through an NFT agency to avoid scams and other issues that newcomers in the market might be unaware of.
These are just a few of the ways artists are set to benefit from the NFT market. Now is the time to start moving to digital. For more advise on how to begin your journey into the metaverse, visit Fracas Digital.