The future of NFTs is uncertain, but the most successful projects tend to build vibrant communities that seek to expand their boundaries and expand their horizons. Artists can benefit from NFTs for a variety of reasons, and major companies are increasingly experimenting with metaverses. These projects have proven that NFTs can be beneficial to artists and their careers. But, how do they actually work? Here are some examples.
Blockchain technology is proving a powerful tool for art enthusiasts and artists alike. As Dr Amy Whitaker, a prominent figure in the blockchain world, explains, NFTs are a valuable tool for digital artists and their prospective patrons. Besides giving digital art a tangibility that cannot be easily achieved with conventional methods, NFTs help artists build their reputations, profiles, and incomes.
While artists often have to surrender rights to their works to sell them, NFTs give artists a new way to sell their work and reach a wider audience. The Curator of The Other Avatars, for instance, sold a painting of Michael Jordan in an NFT for 8 Ethereum in 2021. Similarly, the organisers of the art festival The Other Avatars, a London-based art community, encourage artists to experiment with NFTs.
The blockchain-based technology helps create digital scarcity. Traditionally, a painting or a digital work can only have one original. While digital pieces are freely reproduced, authentic ownership can be tied to a digital piece and grow in value over time. This digital scarcity gives artists the opportunity to collect royalties, which can be a significant source of income. But how do artists use the technology to make the most of it?
While the technology of NFTs has made it possible to produce highly-valuable artwork, it also comes with its own set of problems. Many artists have already experienced scams when selling their artwork through user-generated T-shirt shops. Another concern is whether or not they will be able to protect their art from fraudsters. If an artist doesn’t have a digital asset that can be sold in an NFT, he or she risks losing it.
Many artists are wary of using the new technology because it circumvents the traditional cultural gatekeepers that limit them. While impressionism has become a trend in the art world, the traditional art world has shunned it. It’s similar to the Paris Hilton example. Paris Hilton is a jewel-encrusted celebrity whose motivation is not the same as an artist’s. Regardless of what he or she is motivated by, NFTs have allowed these artists to create and sell works they were otherwise unlikely to sell.
To sell an NFT, an artist must mint their work through one of the platforms that are currently available. The platforms vary in fees, minting methods, and features. There are platforms that mint art only, while others offer a lower price but few premium NFTs. In addition, some platforms are entirely dedicated to minting art, while others allow artists to go it alone. Others offer assistance for artists who want to launch their career.