Some changes are happening to the world of online art. It is undeniable that most digital artists experience a hard time selling their artworks in the marketplace. It is for the simple reason that their artworks lack uniqueness or ownership, and they can be copied easily, unlike those artists who produce physical pieces.
As a result, the development and advancement brought by technology have made the artist and their art adapt to the value changes to sustain the industry. In line with this, NFTs have entered mainstream culture. They have brought unprecedented change to the world of art.
We cannot deny that this medium allowed technology to cause a stir in the art market. Indeed, NFTs have transformed digital works of art into verifiable assets tradeable on the blockchain. This has been a hot topic on social media platforms like TikTok and Twitter, and it has made many musicians curious about it and how it works.
What Does NFT Art Mean?
It is crucial to understand first how blockchains work to comprehend NFTs. A blockchain is a public digital ledger that records identical copies of all transactions in a network of computers controlled by various entities.
After you have grasped the basics of the blockchain, the next concept you will need to learn is non-fungibility. To be non-fungible is synonymous with being unique, irreplaceable, or irreproducible. These traits make a non-fungible object valuable. Now that you understand the concept of blockchain and non-fungible objects, we can proceed onto defining NFTs.
Non-fungible Tokens, or NFTs for short, are digital artifacts with a unique code that is encrypted and kept on the blockchain. The code also represents real objects, such as games, videos, music, and especially artworks.
An NFT is not the same as a JPEG or a GIF file since its authenticity or ownership is verifiable. This mechanism makes digital assets valuable, and now it is being used in the digital arts. In that case, an NFT can only have one owner at a time. These assets are unique and cannot be traded or exchanged at their equivalent values, which is far different from a fungible cryptocurrency in transactions such as Bitcoin.
Crypto like Bitcoin is available to trade in exchanges and brokers like Robinhood, Gemini, Bitcoin Loophole, etc. Some of these companies also offer the opportunity to buy NFTs, though a better option might be to connect directly with the content creator you’re interested in buying art from. Remember that any trader should conduct research before diving into trading whether the asset is fungible or non-fungible.
What Do NFTs Mean for Creators?
NFT technology has enormous potential for the digital art industry, allowing the artist to become well-known and rise to the top of their chosen field. Indeed, the increasing sales in digital art, which cause people to pay exorbitant prices for NFT art, have piqued the interest of collectors and dealers.
The Sense of Ownership in Digital Art
It is undeniable that we cannot own digital items because they can be easily copied or reposted. However, NFTs have brought unprecedented changes to the digital world, allowing artists to sell their artworks as unique items.
To enable them to sell art this way, the artist needs to give their artwork the ability to have legal ownership using the minting process on the blockchain. The blockchain has been defined as a system for digital transactions wherein it shows the records of copyright ownership and creation.
However, even though NFTs might give you a license of ownership, they do not stop or prevent copying, but instead enable the owner to distinguish between the original and its ‘fakes’ to prove that they indeed own it through the ledger, which is the blockchain.
NFTs have opened a massive opportunity for artists to monetise their artworks, wherein they do not need to depend on art auctions or exhibits to make a profit using their art. It is more convenient to sell your NFT artwork. You do not have to change your work based on the wants and needs of the client.
Freedom of Expression
We cannot deny that NFTs boost the artist’s confidence for one reason. They allow them to showcase their incredible ability and freely express themselves without any hesitations. As we all know, digital arts do not limit the artist to a fixed medium, type of canvas, or style, so it brought changes to the world of art that enabled creators to express their digital freedom. As a result, many artists have captured the hearts of investors and collectors of NFT art, as they have become more open-minded in creating unusual styles of digital art.
There Is No Middleman.
Most artists prefer to use NFTs to acquire numerous potential buyers and collectors, who might somehow be impossible to reach in an art gallery, especially when you are largely unknown and still in the early stages of your career. Also, the NFT enables the artist to do online transactions wherein they do not need to have support from art galleries to sell their artworks.
As we all know, art galleries are known as curators, wherein they choose the art they will display while taking a large percentage of the income when the artwork gets sold.
NFT art is transparent about the prices of each piece, which can help the decision-making of a collector in purchasing the NFT digital art. As we all know, some art galleries do not post the prices of their artworks.
Also, NFTs will bring transparency into the art world since there is a blockchain that serves as a public ledger of the records of transactions.
In today’s world, it is evident that technological innovation has caused most people to spend the majority of their time on the Internet. It is undeniable that technology has created numerous opportunities, particularly in NFT art, and that it has the potential to transform the entire art industry.
In keeping with this, NFT art has provided various chances for artists, allowing them to access a spectrum of consumers and showcase their creativity. As a result, we cannot deny that the NFT market has already experienced tremendous growth and unprecedented trade volume.
Lastly, we should remember that NFTs do not aim to replace the traditional arts; they serve as a connection between the physical and virtual arts.