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NFT Art : Reasons They Are Shaking Up the Art World

by Anne Carton Tweet - in Artist - [wtr-time]

NFT Art

Last updated on February 26th, 2022

Gone are the days when artists were dependent on art galleries and making contacts with the big wigs of the town to promote and sell art pieces. In those times (even today to some extent), only the well-connected artists could sell their works at high prices. An artist had to be well-recognized to drive an interested audience and turn them into buyers. Thanks to the emergence of NFT that help even upcoming artists with no name in the market to sell their unique art pieces at incredibly high prices.

Many artists sold their NFT art for millions of dollars overnight. Besides art, everything else is gradually being put on the NFT platforms and is trading at the unimaginable price for a bit of art piece.

For instance, an NFT version of the first-ever tweet -just setting up my Twitter- by Twitter co-founder and CEO Jack Dorsey was auctioned in March 2021 for a whopping $ 2.9 million. Mike Winkermarn, known as the American digital artist Beeple, sold his collage Everyday: the first 5000 days for $69.3 million on March 2021. Art enthusiasts and collectors invested more than $300 million on NFT-based artworks, including memes, GIFs, and prints.

What is NFT Art?

NFTs stand for non-fungible tokens, which are digital tokens stored on the blockchains, which are almost impossible to corrupt or hack. The owner of the digital product stores a link of the digital file on the blockchain as proof of ownership of the product the link displays.

Since these are fungible tokens, this means that there are unique. That is why anything leveled as NFT is just one of a kind piece, and no one else has that piece of work or anything. This is contrary to cryptocurrencies, where there are multiple same coins.

Art World

[Source: Cryptokitties.co]

NFT becomes a way to prove ownership of a product on a digital file. In this way, an NFT art is one that someone owns exclusively. The owners have the right to auction that art piece, and no one else can sell it.

So, NFT let you tokenize an item such as art, collectibles, and anything, even real estate. When you put your art on the NFT platform, this means you are the sole owner of the art until the time someone buys it in an auction.

The NFT has transformed the art world so much that even big players in conventional art auctions have joined it. Sotheby’s auction house has recently announced a partnership with an NFT artist.

How and Where To Buy NFTs?

Today, many NFT platforms such as OpenSea, Rarible, MarkersPlace, SuperRare Etc. are popular with the buyers and sellers for art transactions. But you need some cryptocurrency to start with the transitions on these platforms. You can have cryptocurrencies such as Bitcoin, Ethereum, Ripple, etc.

For instance, if you choose Ethereum, you use Metamask crypto wallet to buy and store Ethereum cryptocurrency. After that, you buy some Ethereum using a credit card or bank transfer to have money in your Metamask wallet. That will allow you to visit Nifty gateway, Super rare, NBA top shot, etc., marketplaces to buy or sell NFTs.

The value of NFTs depends on the underlying value of the token you purchase, which is the person or company behind the minting of the NFT. For example, Twitter founder Jack Dorsey put his first tweet online, and bidding reached millions of dollars online.

Artists who wish to sell their art pieces as NFTs need to sign up with a marketplace. They can start ‘minting’ digital tokens by paying a fee, usually ranging from $40 to $200. Artists put their creative works on NFT platforms, where bidding continues for months.

Here Is How NFT Art Has Transformed The Art World

01. Artists Have More Control Over Their Works

Another way NFTs have transformed the art world is by empowering artists. Before, artists put their works on different platforms, but anyone could copy and share the art. So, we can say that the Internet is not kind to artists.

But NFTs have empowered artists to decide on whatever they want to do with their precious art pieces. They now have proof of ownership in the NFT art. They can even tie their art to some contract to get a royalty.

Before NFTs came to the scene, artists could earn by selling physical copies of their works, teaching workshops, and doing commission work. With tokenization, artists sell their digital art pieces and retain their ownership. So, they can sell the physical copy of the work while they continue to earn from the digital version of the artwork.

02. Artists Can Create Financial Value For Their Works

Before the advent of NFT, the monetary value of digital art was not much since it was accessible to everyone. The value of a product increases only when it is in scarcity. That is the law of economics. If a product is accessible in abundance, its price goes down in the market. Keeping that principle, NFT art is the one that has just one owner in the market, creating the rarity and scarcity situation.

Create Financial Value For Artwork

[Source:  OpenSea ]

So, once digital art did not find much value because it was freely available to everyone after the artists started putting their digital works on NFT, it created a scarcity situation, leading to a price hike. So now, once-neglected digital art is enticing investors.

03. Galleries Are Becoming Obsolete

Galleries and auction houses are no longer the sole custodians of art. They were once gatekeepers of art and were instrumental in selling it. Also, they were responsible for making an artist salable and ensuring an enticing amount of money. However, not every artist could take artworks to these galleries.

Thanks to NFTs, the art world is much more democratized. Every artist has an Internet connection and can easily reach an NFT platform. All you need to do is log in to these platforms and declare ownership of your unique art pieces if you are an artist. Then, promote those works and open them to bidding and sell at an attractive price.

So, today’s art world has no place for those few artists who used to dictate things around because galleries and auction houses patronized them. Instead, now the public decides the worth of art and artist.

04. Get Rid of Art Dealers

NFT technology has changed the way art reaches out to buyers. No longer do artists need to sell through an art dealer. Instead, artists can now sell their unique art pieces directly only through the NFT platforms. It also offers different ways to buy the NFT Art.

Unlike the conventional art world, there is no need for the “vetting” of collectors. Back then, after buying an art piece, the buyers quickly resell it at a profit. So, there was a kind of secrecy in the transactions.

Digital Art

[Source: Nifty Gateway ]

But anyone can buy an NFT art, and prices are not a thing of mystery. Everything from the prices to the buyers and sellers is online and on public record. When an NFT art gets resold, its creator earns a profit, which is missing in the case of the physical art world.

05. Empowers The Buyers

Another change that NFTs have brought to the art world is by empowering the buyers with many options. There were few options only in the conventional auctioning of the art pieces, and buyers had no other choices.

NFT art piece

[Source: Twitter]

Many factors come into play to decide the value of an NFT or non-fungible token. The value behind the creator, such as a famous artist, is the underlying value that often determines the price of an NFT art piece.

Then the potential value of the art in the future and the buyer’s perception are also factors to determine the value. Sometimes, the comparison of the art with similar other pieces also is a factor for deciding on the value.

06. Set Digital Art Ownership

Before Cryptocurrency, no one was able to claim ownership of anything digital. However, due to NFTs, creators can now claim ownership of their digital works and lease the artwork or use or show them.

Once you link your digital artwork on the blockchain, it proves that you own the work. The information recorded in blockchain is hard to crack, and it is also free from scams. So, you are an authentic owner of digital art.

Art Ownership

[Source: Logan Paul]

Generally, we associate ownership with something that we physically touch and feel. But NFTs have changed that perception about being an owner of a valuable product. Now, digital products such as online courses, audiobooks, digital logo, etc., which are not solid and touchable substances, also fall under ownership in the same way as you own a house.

So, the NFTs have brought a paradigm shift in digital art and online media ownership. It is a reality that you own your art and other products by putting them on NFT platforms. In this way, artists create scarcity for their artworks as they have ensured ownership. No one can manipulate their ownership since the NFT technology provides the most secured environment online.

07. An Assured Way To Make Money

NFT has come as a boon to digital artists to generate income. As a result, they can monetize their artworks, which is a crucial function of NFT.

Besides selling artworks, artists also get royalties from an NFT platform. They can get 8-10 % of all sales in the future on every transaction of an art piece.

Way To Make Money

[Source:  Gizmodo ]

Most artists selling on NFT platforms have doubled their monthly income as they bypass art dealers’ commission and sell directly to the actual buyers. That means whether they are selling startup logos, artworks, etc., they can save a considerable percentage of money on paying the middle man dealers.

08. New Revenue Models For Artists

NFTs have also introduced new monetization models for artists. Some platforms automatically pay the artists royalties every time artwork gets resold. The royalty comes in the wallet of the artist at the NFT.

New Revenue Models

[Source: Nifty Gateway ]

An artist can also show artwork at a specific time and location. So, for instance, you can choose to have the right to allow for the display of your artwork for ten years only after you sell the token. You can also choose to show the art only in a location, for instance, the U.S or on any specific channel.

Art museums can exhibit NFT arts and charge money to review the art, becoming a source of earning for an NFT artist.

09. A Vast Global Audience

In conventional auctioning, artworks require ample physical space to keep them safe and secure. Then, collecting them and selling them was itself a complicated process.

NFT has transformed the art world by opening the global audience of art lovers to every artist. Anyone can visit NFT platforms to find out which digital art pieces are for sale and how the auctioning is going. Consequently, the global reach of all the artists has increased manifold.

All kinds of artists, including authors, musicians, and filmmakers, see NFTs as platforms for the creative process. It has changed the way the world views and values art. People from different backgrounds and art forms visit NFT platforms to connect with the artists and art world in so many other ways.

10. Artists Have More Freedom of Expression

The NFTs have bought in a significant change to the way artists now express themselves through art. In the pre-NFT era, artists were unsure if their art style would click with the audience, and they usually imitated the master or celebrated artists. That was their way to be trendy for instant recognition.

More Freedom of Expression

[Source: Wallace and Gromit: The Wrong Trousers]

Now, artists have their own space on the Internet and NFT platforms. They are under no one’s command to create art such as paintings, photography, etc. There is no fixed definition of art applied to artworks, and no one judges an art piece on any set parameters. The only limitation is the artist’s imagination.

Due to the newly acquired freedom of expression, artists turn tweets, GIFs, and even videos into art. And, it is just the beginning. There is no limit now to what an artist can imagine and create.

So, these are the changes the NFTs bring to the art world, and there is no stepping back now. Once the artists have tasted success in creativity and monetization, more experiments in the digital world of art will be on the horizon in the coming years.

If you are an NFT art maker, you need your logo to identify you as an artist. Designhill can help you own a unique NFT logo to establish your visual identity amongst your target audience.

You should launch your logo design contest on Designhill to attract professional designers who will come up with unique design ideas and have the logo in a few days.

Alternatively, you can also explore Designhill Logo Maker, a DIY tool. Finally, you can create your logo on your own by picking colors, fonts, etc., from its library and dropping the elements into a template. That is enough to have your customized logo in minutes.

Wrapping Up

The NFTs or non-fungible tokens have transformed the conventional world of art into a more decentralized and democratized one. Now, artists can express themselves in several ways and turn everything into art. They do not feel dependent on art galleries and auction houses for recognition and earnings. Artists can now reach a vast global audience.

Sell Your Art Online

Anne Carton is a small business consultant, designer and an enthusiast blogger working with Designhill, one of the fastest-growing custom design marketplace. She has authored several blogs, articles and editorials on various topics related to interactive content, concerning design, social media strategies, growth hack strategies, digital marketing and e-commerce. Facebook | Twitter

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