Is NFT beneficial for artists?
The internet is blowing up with this newfound hype about NFT after Beeple virally sold his NFT piece worth $69 million. In case you’re wondering what’s going on, we got you covered.
So, let's break down NFTs.
NFT aka Non-Fungible Token has been on the trends very recently. The infamous blockchain technology has empowered the newly established world of CryptoArt.
This platform has enabled the artists (who are the predetermined owners of the digital art piece), to find the right buyer for the price they like. Moreover, the intermediate beneficiary is the NFT, which receives a small amount of fee (commission) for any such transactions. The NFTs have become efficient because everything stored holds a monetary value of itself.
But unlike physical or a tactile piece of belonging, this is more digitally driven. This platform is outshining based on the comfort and easy selling of art for the artists. They can set any price at which they wish to sell the art, and find the buyers of their choice. The bonus here is, that the NFT platforms are also enabling a “Do-it-yourself” process which allows even small-scale artists without galleries or dealerships to sell their art.
The original artist, however, is known as the “Minting Artist”. The minting artist is the one who is the authentic and the original owner, also responsible for issuing the digital tokens. Most minting places likewise function as a market, yet they all have different algorithms on which they work. If you are very serious about minting your art, then you must start with Ethereum, it is the biggest of all platforms.
NFT marketplaces work very similarly to the online shopping markets. These are the platforms where the digital piece of an asset can be stored, bought, sold or sometimes even be created.
But how does this help the artist? And why should the artist instigate NFTs for selling their art?
An artist can prefer selling their works over the digital medium over the ‘traditional’ ways of marketing because it generates resale finance back to the artist. Some NFT platforms trickle this resale money into smart contracts, which are usually encoded with the “if, then” command. This allows the distribution of funds to a certain individual for every transaction. But did you know that because of the high demand for NFTs, it is really easy to sell your art? The art can be sold within a matter of seconds. Your buyer must be registered under their name, and also with the cash.
There are different ways of registering and signing up, as it differs from website to website. The selling of NFT is a little complicated. It is better that you become well versed with the guidelines of the website where you choose to sell your digital art piece.
Nyan Cat by Chris Torres
Quantum by Kevin McCoy
Gucci Ghost by Trevor Andrew
For someone venturing into the NFT space adds another space and organization to make and share craftsmanship – and offers their admirers another approach to help their work.
With pieces going from little, GIFs to more aspiring works, specialists can offer the public scope of approaches to purchase workmanship and bring in cash simultaneously. To quote a successful example, the famous digital art by Beeple was sold for $69 million! That being the third-highest price to be quoted at the auction.
Brands atop like TacoBell and NBA have made it to NFTs, to buy and sell digital art. NFTs are a smart choice for the new-age artists to showcase their piece of talent to this digital world.
If you’ve come this far reading this blog, then you are definitely interested in knowing more about NFTs and keeping up with the craze then we got your back.
Artsome and Artbuzz have collaborated to get you the deepest insights into this field by conducting a FREE workshop!
This workshop features amazing and established experts who will share their segment about how NFTs worked out for them. This is the GOLDEN opportunity for you, so do not miss out and register on our website ASAP!
Block your calendars for the 23rd of July, 2021, from 4:30 pm onwards.