The recent surge in NFT art has taken the art world by surprise. It transformed the art scenario from a conventional to a technology-oriented one. As a result, many artists have started enquiring about this art. They want to know what is for them in it and how to adapt to the new practice. This blog gives you an insight into the fundamentals of NFT Art and how digital artworks for creative people.
What is NFT Art?
NFT stands for Non-Fungible Tokens. But what exactly is fungible and non-fungible? You should first know about them before going forward.
Things that can be swapped are termed fungible. For instance, currency notes are fungible because they carry the same value. So, each of the many 100-dollar bills has the same value and is exchangeable. Therefore, it does not matter which note you pick to pay for the items you bought.
However, that one 100-dollar bill will become distinctive if a famous personality signs it. Its value multiplies that instant and will fetch greater value in an auction because it is non-fungible. In the same way, non-fungible art is digital artwork with just one owner, even if its copies are many on the internet or offline.
We can say that NFT Art holds value because it determines its owner. So, even if an NFT Art piece resells many times and exchanges hands, we always know its original owner. That was not the case when digital copies of artworks were all over the web, but no one knew about the owner.
So, an NFT is a computer file or digital file of artwork or any work such as video, article, meme, or original photo. It is like an investment. The value of arts can increase or decrease due to circumstances.
How is the ownership of art determined?
Blockchain is the technology that works to ensure ownership of art and other digital items. Blockchain makes it possible to determine ownership because it is safe and secure from digital theft and manipulation. Hackers just cannot break the blockchain code, which has kept the link of digital NFT art or any other such items. So, it is too complex for hackers and people with ill intent to break. This implies that anything protected by blockchain technology will be safe and secure.
Therefore, when ownership of an NFT artwork has been determined in a blockchain, it becomes proof of work or ownership since no one can break the code. Also, whenever an NFT art or any type of digital work is sold and resold, we know the original owner of the digital item.
How to Create An NFT?
To create and sell your NFT art, you need to create your crypto wallet first. Then, this wallet will be stored at the Ethereum, and you will pay it a minting fee. Then, connect your crypto wallet to an NFT marketplace of your choice.
The marketplace lets you upload your NFT digital works and list them for online sales. Popular NFT marketplaces include OpenSea, Rarible, SuperRare, Mintable, and KnownOrigin.
At these marketplaces, you can choose to put your artworks as 1 on 1, implying that you will offer only one artwork for exhibition and selling. Or, you can choose to upload a collection of your artworks and their multiple copies. Remember that if a painting or any work of art is made rare in the case of the 1 on 1 option, the artwork value will increase manifold compared to the multiple copies of artwork.
How to Sell NFT art?
You should be familiar with the procedure for selling your NFT artwork. First, you need to sign in to an NFT marketplace. Many marketplaces, such as OpenSea and Rarible, are popular with creative people.
Then, set up your wallet, which is the application that you use for storing your cryptocurrencies. Make sure that you use a wallet compatible with the blockchain you are using. Metamask and Coinbase wallets are popular.
The next step is to connect your wallet with a marketplace of your choice. The marketplace will then give you access to a page to upload the art you want to sell. You can provide an external link to the art, such as its link on social media.
You will then tell if you want to sell one art piece or multiple copies of the art. This is important to create scarcity of work. If you choose to sell only one copy, it will help sell artwork at a desired high price due to the rarity factor you created.
How Can The Creative Industry Benefit From NFT Art?
01. Ensure Ownership Of Digital Art
In the pre-NFT and cryptocurrency era, anyone could use videos, images, graphics, repurpose and repost art or any content without thinking about its owner. But NFT automatically determines and shows up the ownership.
Since the artists can tell the world that they are the owners of an art piece, they can sell their artworks as and when they wish. Once an artist creates a painting or other artwork as NFT art, it gets tokenized on Blockchain, the cryptocurrency service.
Blockchain records information that is extremely difficult for a hacker to crack, making the technology ideal to track copyright ownership. It is also an excellent and foolproof way to maintain the creation and transaction records.
Therefore, any reselling of an NFT art or minting it will mean that it comes back to pointing at you as its owner. Consequently, digital artists are now getting formal recognition for their work.
02. Get A Regular Income From Royalties
One of the reasons for the popularity of NFT art is that it has revolutionized the way artists can earn money. Digital artists have their own fully secured due to blockchain technology. They can always use their status to their advantage in so many ways.
So, for instance, if buyers sell or resell NFT artworks, the artwork owner will get royalty or commission on every transaction. If a digital NFT painting gets sold ten times, the owner artist will get the commission or royalty on all ten occasions, ensuring a regular income.
Artists, designers, musicians, and content creators benefit from NFT royalties. Buyers of artworks can proudly display the assets since they can verify authenticity. So, it all results in the creative people setting up their royalties.
Many artists have put their old works on NFT and earned royalties. For instance, electronic musician Jaques Green put his old track from 2011 on NFT, and it fetched him around $27,000 in royalties. Mike Winkelmann programmed his NFT to issue 10% royalty from each subsequent sale.
Similarly, artists such as Steve Aoki, Ozuna, Kings of Leon, etc., benefit from the NFT technology to generate sales and royalties from their creative works.
03. Take Creative Works To A Global Audience
A few months ago, before the advent of the NFT art era, artists and all creative people were dependent on physical places only to display their works. These places included art galleries, international or national exhibitions, and fairs. Artists and designers had these venues as their source of income.
Art collectors have moved online after the emergence of NFT transactions. As a result, selling artworks to a global audience has become much easier. Creative people, including artists and designers, now have a global audience to explore using their computers.
How the future of NFT looks like?
The NFT marketplaces are everywhere now, and creative people explore these markets in so many ways to sell their works. But is it going to be a short-lived trend, or will it stay for a long time to come? That is up to the future to decide. But given its advantages in securing the ownership of artworks and ease of buying and selling things, its future looks bright.
The NFT digital art industry has the potential to grow further. Artists, designers, and other creative people have been trying to move digitally. Finally, they have found NFT marketplaces as their trusted partners to establish ownership of creative works and sell artworks. So, creative professionals can now confidently display their works at these marketplaces.
A reason to believe in the bright future of NFT marketplaces is that these are inherently open as compared to conventional avenues. Since most transaction data is available for the public on NFT markets, they have been seen as the best solution to art galleries’ monopolies and other platforms.
These marketplaces are lucrative and of great value for both sellers and buyers. The crypto enthusiasts will continue to be active on NFT marketplaces in the future.
So, NFT art is not just a trendy thing, but it’s shaping up the art world’s future. If you are an artist and willing to be on NFT marketplaces, then you must have your NFT logo as your identity. Your target buyers of the creative things will know you as an artist when they see the logo.
You can get your winning NFT logo design at Designhill, a leading creative marketplace. Just launch your design contest at this site, and you will have dozens of unique logo ideas in response to your design brief.
NFT art is digital art stored safely by blockchain technology. Therefore, it is now possible to claim ownership of creative pieces such as artworks, videos, etc. It helps artists earn regular income through royalties on each sale of their paintings. They are no longer dependent on conventional art galleries and art dealers. Instead, NFT marketplaces allow them to take their creative works to potential buyers and global audiences.