This seemingly easy question is rather tricky to explain. In recent times there has been a huge buildup and hype about non-fungible tokens (NFTs) and digital artworks worldwide. Thanks to NFTs, digital artists are finally getting the recognition they deserve. Their hard works are now marketable for millions. However, keeping aside the genre of digital arts, can we convert physical art into NFTs?
There may be blogs and posts where you get a positive answer right away. However, there’s certainly more to the fact. In this blog, we will explore the idea of converting and selling physical art into NFTs and how worthy the process really is.
So, can I convert physical art to NFTs or not?
If you think about it, the answer is both a Yes and No.
The only way in which you can transform your physical art into digital is by taking a picture of it. Now, if I ask you again if you REALLY converted your physical art into a digital one, you might be hesitant to answer. This is because the picture that you snapped is only a digital version of the physical art and not the actual one. So if you are a believer in authenticity, you are likely to answer the question negatively.
So, what should I do?
As mentioned above, you can snap a picture of your physical creation and tokenize it. It might not hold the same essence and value as that of the original physical art but hey, an average person in today’s time spends eight-and-a-half hours a day online….
Therefore, you can surely convert digital photos and images of your physical artwork into NFT and list them for sale.
Do I get the same value?
This is a controversial question and it purely depends on the tastes of the buyer community. For example, your physical art might be highly appreciated by art enthusiasts and offline buyers but it just might not be the “thing” online. In such cases, the value of that artwork as an NFT will be substantially less than its physical value. On the other hand, your art might seem like a piece of childsplay to the offline art enthusiasts but maybe the biggest hype of the century within the NFT metaverse. Take the case of CryptoPunks for example. Would you pay $ 5.3 million if somebody drew it manually and gave it to you as a random present? Choices and trends matter!!
How can I sell my physical art as NFTs and retain high value?
Conceptually, the aspect of “value”, is directly proportional to “rarity”. The more unique and intriguing your NFT is, the more is the chance for it to sell for exponential amounts. For this to happen, there are three potential ways through which you can increase the value of your physical arts as well as NFTs.
- Tokenize your artwork and destroy the original piece.
Devoted artists might find this method very distasteful, but an NFT can never be unique as long as there is a physical version of it present for people to look at. One of the ways is to destroy the physical version once you have finished listing the artwork as an NFT. Shred your artwork, dispose of it or burn it down.
In this way, the buyers get to have a sense of ownership of the product once it is purchased. Resultantly, you can set the price of the NFT much higher.
- Send the physical art to your buyer as a beneficiary with the NFT.
This is a very good idea but a controversial one as not all physical artworks are possible to be sent to the buyers. In general, quoting a high price to the NFT and sending the artwork to the buyer as a customary helps in both selling the physical artwork as well as providing the buyer with an additional gift to his/her NFT purchase. He/she no longer need to turn on the monitor to get a taste of the art.
- Tokenize a code within a microchip and put it inside your artwork.
This seems more like a spy job than an artists responsibility. But yes, you can tokenize a small code, message or anything and place it inside a microchip. You can now put this microchip anywhere in your artwork and sell it as an NFT. It’s a fresh idea and can also help maintain the credibility of the physical artwork among the viewers. Fun fact, in this way you can also keep a track of the location of your art and foresee potential felonious activities.
To put it succinctly, there is no set procedure to follow in the NFT space. It’s your art and your choice. Keep on looking for innovative ways to combine your physical art with your NFTs so that both you and your buyers retain more value from the exchange.
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