NFT art: What do NFTs mean for creative industry?
1. What is NFTs art?
An NFT is a digital asset that lives entirely in the digital realm — it cannot be touched, yet it may be owned. An NFT can be any digital file, including artwork, articles, music, and memes like “Disaster Girl,” whose original photo sold for $500k earlier this year.
NFTs are valuable since the transaction establishes ownership of the artwork. When you own an NFT, you have the option of keeping it or waiting for it to rise in value before selling or trading it.
NFT trades totaled more than $23 billion in 2021, with volume up 38,000 percent year over year.
2. What do NFTs mean for the creation?
a. Ownership of digital art
Prior to the existence of Cryptocurrency, we never really got to own something that was completely digital. We passed around videos and motion graphics, repurposing and reposting them, but there wasn’t this current opportunity to automatically assume complete, concrete ownership over a digital file or artwork.
The rise of NFT allows creators the authority to rent digital artworks out, sell them or display them how they wish.
In order to sell them, designers need to get some kind of ‘legal’ ownership of their work. So, after NFT art is created, it’s ‘minted’ or tokenized on the cryptocurrency service, Blockchain. The Blockchain is a digital transaction system that records information in a way that makes it very difficult to hack or scam, which means it’s extremely useful for tracking copyright ownership and maintaining records of creation. Theoretically, any digital masterpiece you create and mint will lead solely to you.
b. A novel way to generate income
NFT art is a totally new way of categorizing digital artworks that enable designers to monetize their work. It’s supposed to be a quicker process and a more accessible way for designers to produce work and reap the rewards for their creativity.
Some NFT art comes with royalties to the artist, meaning every time the artwork is sold, the artist can receive 8–10% of all future sales. This depends upon which platform the artist is using
NFTs can’t stand alone
Another thing that’s affecting the design industry hugely by the outbreak of NFTs is value. How do you value a physical artwork in comparison to a virtual work of art? Also, the value of NFTs and CryptoArt is solely based on the value of Cryptocurrency. Because NFTs are sold on the basis of Ethereum, and that’s translated into monetary value, for example, an NFT sells for 2 Ethereum, which is translated to us as about $2,255 dollars. But if the value of Ethereum were to drop, then so does the value of the artwork: its value is continually dependent upon the crypto coin.
c. A global reach
Previously, the exclusive, illustrious world of art collecting and selling has been something that’s generally happened in physical spaces concerning physical artworks. Designers and artists made money from IRL events like exhibitions and markets until recent world events meant that many of these avenues were stopped. The rise of NFT trading means that art collecting has been able to move online, opening it up to many artists, on a global scale, who may not have previously had the chance to sell their work to buyers.
Like social media, NFT platforms grant designers immediate access to global audiences. And, often, having a pre-existing online following will help artists gain exposure in the NFT market. The tricky part for designers is working out how to convert their audiences into buyers. Like any other brand, you must find your audience and learn how to establish an emotional connection with them. This means that you’ll need to investigate brand strategies to find what works for you. If you don’t have much of an online presence already, also take a deeper look at your approach to marketing.
NFT art: to sum up
The selling of crypto or NFT art holds the potential to transform the entire creative industry; its emergence is only the beginning of something that’ll feel mundane to future generations. Yet, the early world of NFT art fails to stand up as a reliable, inclusive environment to sell digital art. Our eyes are peeled to see what happens next — and we hope the tide turns in favor of designers.
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