Non-fungible tokens or NFTs stormed the digital asset markets in 2021. Today, they are well on their way to becoming a mainstay of the global digital economy. An economy consists of large numbers of people creating and consuming. In that sense, art is a perfect representation of a person’s creative work. Humans love to collect and trade objects that represent their personality. NFTs’ role in changing artists’ lives cannot get understated any longer. That is the topic of today’s post.
In a nutshell, NFTs are changing artists’ lives for the better. This is because, for the first time in history, artists don’t need to depend on an intermediary to sell their work. The structure of the art market is such that artists slog for years to survive, to make it big. With NFTs underpinned by blockchain technology, they no longer need to. Artists mint NFTs of their works on the blockchain, receive royalties for perpetuity. This is a game changer.
What are NFTs?
NFTs represent digital files that live on the blockchain. A blockchain is a decentralized database of digital files that is not in control of any one single party. Hence, an entire community of members govern the database. This is to ensure fairness and equality in distribution of digital resources. An NFT can represent anything. A picture, a video, a real physical asset and so on, so forth. As the community finds the intrinsic art valuable, the blockchain ensures price discovery. That too, as soon as possible, from individuals across the world.
NFTs are changing Artists’ Lives
There are many different types of artists we’re familiar with today. The most prominent group of artists we know are musicians, chefs and painters to name a few. Digital art is a major phenomenon in today’s world. People spend more and more time curating their digital lives at the expense of the real world. But, this is a misnomer. The truth is that the real world is as significant as the virtual world. The point is that economic value has migrated to the digital. Hence, network effects dictate, that’s where most of one’s economic potential will go.
For centuries, artworks thrived as expressions of ourselves. Millions of people who want to collect art cannot do so. A majority of the population is content with assets like stocks, bonds or banking. But, NFTs have unlocked a multi-billion dollar digital art market. At the end of the day, NFTs are nothing but programmable art. They good to look at, but they can also have utilities like access to exclusive experiences. Here’s how NFTs are changing Artists’ lives.
NFT Artists are Truly Independent
The blockchain enables a global, 24/7 NFT art marketplace. People from across the world, with an internet connection can buy anything they want. Blockchains are nation agnostic, meaning to say that NFT ownership is for everyone to see. Since blockchains are tamper-proof, NFT artists become global citizens from day 1. To sum it up, blockchains have automated away the art galleries. Art galleries have limited space. Also, an artist needs connections to have his or her art displayed there.
NFT Artists Control their Financial Destiny
This is the biggest use case of NFTs and blockchain technology for artists. As mentioned before, NFTs enforce a direct relationship between artists and their fans. Collectors and followers no longer need to rely on brokers or intermediaries. Artists can put up their work on blockchains and NFT marketplaces and get paid. This creates more equality in the NFT art space. This is because the traditional art market gets restricted to elite society. Likewise, art should be accessible to everyone. NFT art markets do that.
NFT Artists Can Earn Money in Perpetuity
Perpetual earnings based on sales is the most beautiful aspect about the NFT art market. In fact, it is the most important reason why NFTs are changing artists’ lives for the better. For instance, it takes a lot of creative thinking, marketing and branding to make an artwork. Instead of getting paid once, NFT artists can track the movement of their NFT art on the blockchain. This is since ownership of NFTs get proven at all times. Hence, NFT art can get coded to return a fractional amount back to the original artist on every sale. This is a game changer, because now artists are free to create what they want. Assured about the fact that even if their artworks do not do well, they can earn sometime in the future when their artwork becomes popular.
NFTs are changing artists’ lives because at the end of the day, the blockchain offers a better, level playing field to work, play and earn. People will buy products that are better for themselves and their communities. Technology takes time to get used to. NFTs have already made a mark on the world with a unique concept of ownership, utility and instant payments. The world has changed forever.
NFTICALLY is a venture that helps brands, creators and enterprises create and launch their own NFT marketplaces.
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