Traditionally, an artist gets paid only once for their art. When their work gets popular & expensive, the original artists make nothing. NFT has changed the game completely. Artists now have the opportunity and freedom to be involved in the growth of their art forever. Finally, underrated gems are getting the recognition and the rewards they deserve. There is a chance to earn Passive income via Royalties which means every time someone buys the NFT, the original artist gets paid a pre-decided %age cut. ✌
What Are NFTs?
NFT stands for Non-Fungible Token. Fungible Tokens like Bitcoin or Ethereum can be exchanged with equal units of Bitcoin or Ethereum. NFTs on the other hand cannot be exchanged with each other since they are unique and one NFT can belong to one address on the blockchain.
For example, NFTs can represent digital or real-life assets like artwork, collectible cards, and domain names. There has been a growing interest in NFTs, especially in the Digital Art Sector. Even physical, real-world art can have an associated NFT to it. NFTs are now a major part of pop culture and there is no stopping them. At the time of writing this, NFT market has a $28 Billion Market Cap and $5 Billion trading volume in the last 24 hours!
Future of Art
The future of art is digital. Even the physical art would have an NFTs associated with them that will add to the authenticity of the artwork. Many artists are now able to sell their work as a digital collectible. Any kind of media like Text, Graphics, Video, etc. can be minted as NFTs. NFT marketplaces provide an additional source of income and a fresh audience full of interested buyers and collectors. There are a bunch of solid reasons why I think NFTs are great and every artist should check them out if they want to leap into the future:
- Proof of Ownership: NFTs stay on the blockchain like any other cryptocurrency in the world. They are associated with different addresses on the blockchain. Each of them is unique and can be associated with only one address. It's a public record and everyone can verify the ownership of the asset by looking at the blockchain data.
- Security: NFTs are secured via blockchain technology. You own the keys, you own the NFTs, it's pretty simple. NFTs are safe digital assets in general but if you lose your keys anyhow, they can be moved or sold easily by the person who has access to your keys. Choosing a secure wallet, using VPN and a browser like BRAVE would help. Losing your digital art NFT is in your hands.
- Passive Income: Artists and NFT minters can earn passive income via Royalties. For example, at the time of minting an NFT on Opensea, you can set a percentage cut in every sale. If your NFT is sold by someone to someone else, you will get the cut. That someone else sells it to a third person, you get the cut.
- Low Cost: Art Galleries are expensive and cumbersome to manage! Digital art galleries/collections are not. Even the cost of minting is not that high if you use chains like Polygon and WAX.
- Borderless: Like cryptocurrencies, NFTs belong to a borderless, decentralized, virtual global ecosystem. Decentralized marketplaces like Opensea are open to all. Anyone can mint, sell & buy NFTs from anyone in the world.
NFT markets and blockchain technology have already seen immense adoption among the art community. I think digital artists would play a key role in the metaverse and web 3.0. In a futuristic virtual world, everything around you would be digital art which means, everything you do or create is digital art in itself. The future of art is NFTs! Do you think NFTs are the growth hack artists were looking for? Please comment below!
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NFTs hold so much promise it is good to start getting some in depth explanations on Hive and Leofinance.
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Yes, Task. NFTs are more than pixelated images. We need more of such information and discussion on NFTs happening on Leo Finance. Great for SEO. Thanks for dropping by!
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Nice overview of NFT possibilities. I think that market has a lot of possibilities and is much more than just hype and overpriced pixel images.
That's right @flauwy. Unlimited possibilities. Just look at how gaming has been revolutionized with the introduction of NFTs. ✌️ Great things to come.
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I am amazed at how the NFT market grows every day.
Yes mate. It's so crazy!
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I think it's a good list of opportunities for artists but I do think the price of things of things won't stay so high forever. It just looks like people can print the same NFT as much as they want. Even if they make the print limit on one platform, they can sell on a different one.
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Yes, at the end of the day, it's all about demand.
Technically, it's possible to create unlimited NFTs from one art but then it won't be rare. If anyone could buy the same thing, it'll be worth a lot less.
This is why most successful artists release only exclusive collections.
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Maybe they will become lazy and do more skins of the same art like in games lol.
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Haha. That could happen and they will soon see themselves failing.
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Although I've known about them for longer now, I just actually started the journey into the world of NFTs its so huge, don't really know where to start. My boyfriend even got in much deeper by joining tons of giveaways and already won 3 of them! I feel exhausted seeing his tweets and mentions lol, it's actually a turn off for me to take the step and mint something. I know it needs to happen, to flip some ETH, but currently, it's a bit overwhelming and I rather wait for the big known projects to launch a next round and make bank from these than taking the huge risk while I prefer putting those funds into Chaos Legion (also NFTs right haha) to build a deck..
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Cannot go wrong by with CHAOS LEGION cards. It's going to be epic, I am so excited for them to come out. Will invest too.
If you want to mint or buy NFTs that wouldn't put a dent in your wallet then you can use Polygon instead of Ethereum on Opensea.io
Try to buy rarest of rare so that you can sell them later at a decent profit. I understand that right now since they are so hot, prices are higher and hopefully they will settle down in a few months.
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I can't wait for Chaos Legion either, but seems like it will be half of November earliest but I figured it might even be December when they can be opened? Just a guess though.
Defo looking for NFTS on polygon insted of ETH, didn't mint any yet, it's too big of a risk..
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hello Finguru, congratulations for this great post. NFTs will revolutionize the world of art and improve the lives of artists.
Thanks a lot, mate. Artists are in for a massive treat. Shouldn't miss this!
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Hello @finguru
I know little about the artistic sector, but what I can add, is that since a couple of months ago, I ventured into the NFT games, so far I have succeeded in two good projects and I got out in losses in a third project, it is a market with more risks than any other project in the world of cryptocurrencies, however, I agree with you "in a futuristic virtual world, everything around you would be digital art, which means that everything you do or create is digital art in itself".
Best regards, be well.
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STOPCheck out the last post from @hivebuzz:
Greetings @finguru, the NFT are completely revolutionizing the market, currently many artists sell their works digitally in the NFT, this has generated the growth of offers in the market, as well as the economic growth of many artists who today already know the great world of the blockchain, it is interesting the information you bring us regarding these great NFT, thanks for that.