How the future of NFTs empower artists?
The art market has long been considered an exclusive industry, with few artists able to make a living off their art alone. This is due in part to the gatekeeping nature of art galleries and auction houses, as well as the fact that there is no standardised method of valuing artwork.
Traditional art sales require both the buyer and the seller to be present in the same physical location, which can limit the scope of the market and make it difficult for artists to reach potential buyers.
These challenges have led many artists to explore new avenues for selling their work, including online marketplaces and social media platforms. However, these platforms often come with their own set of challenges, such as increased competition and the difficulty of ensuring the authenticity of the artwork being sold.
So why are artists using NFTs?
The emergence of NFTs, or non-fungible tokens, has brought about a new era of empowerment for artists. NFTs are unique digital assets that are stored on a blockchain, making them verifiable and valuable. They have the potential to revolutionise the way we think about art, ownership, and creativity.
So let's explore the ways in which NFTs are currently empowering artists and how they will shape the future of the art world.
1. New Revenue Streams
One of the most significant ways in which NFTs are empowering artists is by providing them with new revenue streams.
Until now, artists have primarily relied on the sale of physical art, such as paintings and sculptures, to generate income. However, NFTs provide a new avenue for artists to monetise their work.
NFT artists are able to sell their digital creations, such as music, videos, and digital art, as unique digital assets. By creating NFTs, artists can sell their digital artworks to collectors or fans who want to own a unique piece of the artist's work.
Each NFT represents a specific piece of artwork and includes information about the artist, the artwork, and the transaction history.
In addition, NFT artists can also earn money from the resale of their work. When an NFT is sold on a secondary market, the artist receives a percentage of the sale, allowing them to benefit from the increasing value of their work.
2. Artists can create limited-edition artwork
Artists can use NFTs to create limited-edition digital artworks, which are unique and exclusive to a specific number of collectors. This will help to create scarcity and increase the value of the artwork.
To create limited edition artworks using NFTs, artists can create a specific number of digital copies of their artwork and then mint each copy as a unique NFT on a blockchain platform. This process of minting an NFT involves creating a digital certificate of authenticity that verifies the ownership and provenance of the artwork.
Once the NFTs are created, the artist can sell them to collectors or fans, who will have the exclusive ownership rights to that specific piece of artwork. The artist can choose to limit the number of NFTs that are minted.
In some cases, artists may choose to offer different levels of exclusivity for their limited edition NFTs. For example, they may create a series of 100 NFTs, with the first 10 being "gold" edition NFTs that come with additional perks or benefits, such as a physical print of the artwork or a personal video message from the artist.
An example of a limited edition collection is 'The Bitcoin Angel,' created by Trevor Jones, a British artist, in 2021.
The collection included a total of 21 unique NFTs, with each one representing a different level of rarity and value.
The rarest NFT was the "Genesis" edition, which was a one-of-a-kind NFT that sold for over $100,000.
Other editions included the "Platinum" edition, which was limited to just two NFTs, and the "Gold" edition, which was limited to just five NFTs.
3. Connecting with Fans
Another way in which NFTs are empowering artists is by providing them with new opportunities to connect with fans. By creating and selling NFTs, artists can promote their brand and build a following of collectors and fans online through different social platforms, like Twitter, Instagram and Discord who are interested in their work.
The more they interact and connect with their audience, the more demand there will be for their work, making it worth more.
When demand increases artists will want to create more and more pieces of work to sell. By using an NFT bulk uploader, artists will be able to upload large collections quickly and have much more time to get back to creating more artwork, enabling them to make more money!
