NFT - The Next Big Thing for Artists
The world is going gaga over the new big thing, Non-Fungible Tokens, popularly known as NFT. While it may seem like a complex concept that sounds like Greek and Latin at first, NFT isn’t as hard as you think it is if you are ready to spend some time trying to perceive what it is all about. In this blog, we will be breaking down what NFT is and how it is plenty beneficial for all the artists around the globe.
What’s all this hype about?
For starters, Non-Fungible Tokens are digital assets that can be created, sold, or purchased through online marketplaces. These marketplaces run on blockchain platforms and are fueled by blockchain technology. For artists, digital assets can be anything ranging from illustrations to photographs to memes to music and videos, you name it! NFT is more of an ownership contract that is linked with the digital assets that are uploaded publicly by the creators.
How is NFT different from the other artworks sold by the creator?
NFT is a secure contract that comes with a unique ID embedded with a digital signature of the artist. Nobody can copy this digital signature of the creator with the intention to create another NFT. They can be copied or downloaded, but they won’t possess the digital signature of the creator, making it a mere copy of the work and not an original one. Long story short, there is no room for worry regarding the authenticity and security of the work posted, and every NFT remains unique to the creator.
Who buys these NFTs?
The people who buy NFTs are called collectors. While there may be collectors who buy digital assets on impulse, or just because they relate to or resonate with an art piece, a good collector always does thorough research on the artists prior to buying an NFT from them. This is because the value and demand of an NFT are most likely to fluctuate according to the growth of the artist. These NFTs can also be sold in the secondary market by the collector, and a good share of profit can be made if either the value of the cryptocurrency used increases or the demand for the artist’s work shoots up.
Can the same NFT be sold twice or thrice?
Yes, but they should be named under different editions. The artists can sell the same NFT that is already sold, by naming it under different editions. This enables their work to reach more people, while also giving them a chance to earn more income from a single work.
How beneficial is NFT for artists?
NFT opens up an array of opportunities for artists. When an artist sells an NFT to a collector, the artist is not transferring the copyright, but a signed copy of the created art. Simply put, the artist still has ownership over the art he/she has created, and it's just like selling a signed copy of a book by the author. When a collector sells the artist’s NFT in the secondary market, it facilitates 5%-10% standard royalty for the artist which is an incredibly fair deal for a creator. But NFTs are not only about money. It is way beyond that. NFT platforms are places where artists can connect with a global audience and express their ideas and values using art as a medium of expression. They get noticed and recognized, which does good for the artists in terms of personal and professional growth.
What increases an artist’s demand on the NFT platforms?
Consistency, growth, and great, relatable content - these three are inevitable for an artist to be in high demand on NFT platforms. Collectors who know what they are doing spend a considerable amount of time following artists and observing their growth. They are more inclined to buying NFTs from artists who are well established, or whose work is most likely to turn into sought-after NFTs in the days to come. Thus it is important for an artist to have a strong social media presence, interact with the audience and flaunt the growth journey by consistently posting work that is getting better with time.
What is the procedure to submit work on the NFT platform?
To begin with, you need to set up a wallet. If you are choosing the Ethereum blockchain, create a Metamask wallet. Create an account on any Crypto Exchange. Buy a small amount of cryptocurrency and transfer it to your wallet. Choose a marketplace, and connect your wallet with the marketplace website. Upload your work and make the payment using your cryptocurrency. List your work for sale while paying with your cryptocurrency again. The process of uploading your work and listing it for sale is known as minting. Pay additional payment requirements if the marketplace contract demands any. And voila! - your NFT is up there for the world to see and buy.
To conclude, NFT is indeed the new big thing that allows artists to showcase their work, connect with a larger audience, and generate income that would enable them to work on bigger projects. This for sure is paving the way for a major share of the artists to consistently improve their work, while also enhancing their level of interaction with the audience. NFT, in short, is a modern-day Renaissance for artists that empowers them to work towards a better and brighter future!