Blockchain technology is not exactly new; though it is still growing and developing every day, it has brought an incredible degree of advancement to the fields and applications with which it becomes integrated.
The cool thing is that artists and creatives have taken this tech to the next level and been able to convert their creations into NFTs, which they have then profited from by selling. The NFT market is “huge” and, not surprisingly, is beneficial for all types of artists, not just digital.
This article highlights the benefits of NFTs and why you should jump in today!
The Profitable NFT Art Idea
The most well-known application of blockchain technology so far has been the advent of cryptocurrencies such as Bitcoin and Ethereum, which provide users with tokens based on proof-of-work computing models.
Those tokens, each of which is essentially a unique answer to a very complex mathematical equation, have a value in conventional fiat currency that people are willing to pay to own, possess, or use them.
NFTs are different from cryptocurrencies but are very closely linked, even so far as to be co-dependent to some degree.
NFTs, or Non-Fungible Tokens, are pieces of unique and immutable digital fine art, graphic art, digital music, online games, sports memorabilia, memes, or even poems that are built around a public blockchain, the most popular blockchain for NFTs being Ethereum.
This means that the blockchain affords each piece of digital art a wide variety of benefits, utility, protection, and control measures.
We’re going to take a look at the most significant and most surprising benefits of NFTs for the artists themselves. Here are the 11 most beneficial.
#1 Rarity & Definitive Ownership
One of the basest and most essential traits of a non-fungible token is that it is non-fungible, meaning they are entirely individual and unique.
When someone buys a specific NFT, they are then able to retain sole ownership of a rare and unique item that simply cannot be duplicated.
This foundational essence of true ownership is fundamental since not only does the NFT ownership prove who owns that particular digital asset, but it contains all information needed to prove that ownership and show the authenticity and provenance of the asset.
This information is stored in the Metadata. Curious about what you can do with Metadata and how to access it? Check this NFT metadata guide out.
While one person can own an NFT and retain that official proof of ownership, that specific NFT can have a version of themselves duplicated for authorized users according to the copyright and licensing structure associated within the smart contract.
Some NFT artists even offer a signed real-life print of the NFT. What is usually not provided is the licensing for the owner to make their own prints and sell them for a profit.
One other point worth mentioning is that fractional ownership of NFTs is possible. Let’s say you want to sell a piece of highly valuable NFT art, but the price is astronomical. An option is to sell fractions to multiple owners. With NFTs, this is easily possible.
#2 Artistic Self-Sufficiency
You’re a digital content creator (like me), and you decide you want to make a little money from it. Traditionally, in the art world, you would need the help of a third party to help arrange for showings or gallery use, as well as a marketplace in which to conduct the official legitimate sale and transfer of ownership.
With conventional art, this would usually be someone working for the artist in a management or agent capacity.
NFTs allow artists to create, promote, and market their digital assets relatively simply. This decentralization of the power structure is a significant benefit of blockchain-based technologies, like NFTs, which level the playing field for many artists who would be considered non-mainstream and who may have difficulties in reaching buyers through conventional art display and sales channels.
This also helps the artist to keep much more of the money from the sale of the art since they no longer have to commit to giving an agent or manager a percentage of their total sales, sometimes up to 80% or more of the sale price.
NFTs are traded in an incredibly secure and transparent fashion. Since the NFT functions as its unchangeable digital signature, it is easier for artists to sell their art to collectors, who traditionally have had to do a fair amount of due diligence before buying the art of significant value.
Traditional art buyers would need to study and verify the piece’s provenance before committing to the purchase. Since NFTs are sold or traded in full public view, this study or investigation consists of a few clicks on the blockchain.
This full-view security also makes it easy for items of incredible value to be moved or relocated globally in just seconds.
Since the blockchain transaction is immutable, this means there is no chance of someone intercepting a sale or somehow replacing the digital asset with a counterfeit or that the asset could be damaged or lost in transit, no matter where in the world it is located.
I’m not saying NFTs are free of criminal activities and fraudsters. Let me be clear it’s a Wild West situation right now, and plenty of people have been duped out of their hard-earned money. Scoundrels have hacked wallets, sold fake copies, and even completed “rug pull” NFT scams.
This article helps articulate what I’m talking bout: How to Spot a Fake NFT: The Complete Guide.
Also, I don’t want to make it sound like NFTs are all peaches and cream. There are downsides to the NFT world, and not all artists are happy, as told in “9 Reasons Why NFTs Are Bad For Artists” and “Why Do Artists Hate NFTs? 6 Common Reasons.”
#4 Authenticity & Transparency
Since its inception, people have been creating digital art and other content on the internet. While that isn’t about to change now, the means that those creators have had at their disposal to confirm authenticity and ownership have been relatively limited until the advent of NFTs.
Each NFT and its blockchain entries contain irrefutable and unquestionable proof of who created it and who currently owns it, the past ownership, and all transactions involving that asset.
Tracing and following transactions surrounding NFTs takes almost no effort and can be accomplished with just a few clicks through the asset’s respective blockchain.
This simple tracking also allows the piece’s value to be tracked for both short-term and long-term valuation efforts. You can even track the rise and fall of values of entire collections of NFTs.
This is how to look at the sales history and origin of a particular NFT: How to Check the Ownership of an NFT (7 Methods).
#5 Accessibility Across Lifestyles
One of the biggest trends over recent years and becoming increasingly popular with younger generations is that of paring down physical possessions in favor of those that are more ethereal.
This is seen sometimes as a desire to reject materialism and be much more mobile or nomadic, which means physical collections are starting to go the way of the dodo.
People are migrating away from home galleries and dedicated real estate for their collections, instead opting to house their collectibles in the digital space or the metaverse.
This allows them to view and appreciate their assets on their smartphone from a compatible crypto wallet or view them in a far more immersive environment, like virtual reality experiences, Decentraland, or other immersive art events.
Yet, if you are more old school and still wish to show off your NFT collection on a physical wall, you can purchase an NFT-specific high-res screen by Token Frames.
#6 Easily Transferrable
Since all of the transactions surrounding NFTs are recorded on the blockchain of choice, generally Ethereum, there are no waiting periods or lead times for buying or selling digital assets.
One of the most significant issues and shortcomings in the physical art world is the constant problem of late payments for art that has been purchased, which most harshly affects the artist who created the piece.
Personally, I have had to wait months for galleries that have sold my work to pay me.
Blockchain transactions are often completed in just milliseconds, with the transaction showing up on the blockchain immediately and requiring a specified number of confirmations in the blockchain before being considered confirmed or finalized.
Whereas conventional art sales may depend on a check, bank wire, or ACH request for a significant sum, an NFT transaction can be completed nearly instantly.
Your collectors can even use their credit cards to make NFT purchases which instantly convert dollars to crypto for the purchase.
Since the payment would only require the blockchain to move it along, most artists would see their payment within minutes or seconds of the transaction happening and their crypto wallet syncing.
#7 Control Over Sales
Artists using NFTs have a far greater degree of control over how their asset is used in a monetized situation. Smaller artists are often stuck when it comes to pursuing unauthorized use or duplication of their art by overseas entities or even larger domestic entities.
Typically, if an artist noticed that a large corporation had used their work in an advertisement or product, they would have to pursue expensive legal action that, in most cases, wouldn’t matter because the larger entity would have more costly and effective legal counsel.
With NFTs, however, it must be bought from the artist or NFT marketplace before the asset can be used. Each time it is resold, the creator will automatically get the share of royalties that were coded into the asset.
Overall, this can help smaller and independent artists stay independent by putting more control over their art back in their hands. This is a significant change from the nepotistic and often privileged industry and the market surrounding traditional or conventionally produced and sold art.
Selling your NFTs is not as easy as it sounds, but this article will help: Just How Hard is it to Sell an NFT? 3 Facts Explained.
#8 Hard-Coded Royalties
For artists in meatspace, numerous entities contribute to the reduction of their revenue when a piece is sold. While unions, artist guilds, and agencies help artists gain exposure and sales, they still charge the artist by taking a percentage of the sale price for sales that they help to facilitate, meaning the artist gets less of what they earned.
With NFTs and blockchain technology, royalties are not only easy to track, prove, and report, but they can even be hard-coded into the asset itself.
Hard-coding royalties into an NFT mean that any time the asset is sold, resold, or traded, the creator is automatically sent a portion of those proceeds without any additional effort or investigation on their part. The royalty is baked into the smart contract of the NFT.
For artists that depend on secondary sales, this makes NFTs a more viable solution than any other transactional method.
For artists and creators with devoted fanbases that will buy, sell, and trade NFTs among themselves, this can help artists create an artistic ecosystem that provides them with constant revenue even when they aren’t creating new content.
Stop procrastinating and start adding royalty percentages to your NFTs. Here is how.
#9 Composability & Interconnectivity
For artists who want to build on previous works and create a sense of continuity with their works, NFTs are the perfect vehicle for that strategy. Those artists can use the composability and interconnectivity benefits of NFTs to a significant advantage.
This means that digital content creators that mint NFTs can leverage future artistic releases to complement and even interact with previous works. Artists can use this to build more aggressively on successful creations.
Looking at NFTs as digital items that can be interacted with, changed, augmented, and accented is one way of appreciating the range that NFTs can bring for artists.
Not only can artists build on their own previously successful works, but they can launch NFTs that can act as accessories or companions to previously released collections. This can be a slick, 8-bit propeller beanie for your ape or a Bam Margera skateboard that you can use in VR.
This also creates the potential for easter egg content or exclusive hidden content inside an NFT that can be unlocked by owning a companion NFT. Plus, the creative utility uses of NFTs are almost endless.
Artists who leverage strategies like these can find their art at the center of bidding wars on NFT marketplaces since missing out on one collection piece may mean the buyer cannot unlock a never-before-seen asset or other bonus content.
#10 Easier Artistry
In the past, those creating art knew that they would eventually have to sell that art to a specific market to make a living from it.
NFTs have changed that forever by allowing artists to be as adventurous in their work as possible, putting their true feeling and most authentic selves into each piece.
NFT artists can use the internet and global connectivity to build a solid following without the constraints of traditional art gallery-style marketplaces.
NFT platforms will become much more abundant soon, which means that NFT artists will have a vastly increased earning potential over conventional office or service occupations.
Independent artists may benefit the most from this by leveraging the extra income to work less at what would traditionally be their “day job” and toward creating more and having more fulfillment.
#11 Physical to Digital
If you are an artist and work in the physical realm, whether it be painting, sculptures, or drawings, you too can convert your creations into digital assets. You need to get yourself an amazing digital camera or hire a professional photographer to take photos of your artwork, mint the digital photos, and put them on the market.
There is no coding involved whatsoever. The hardest part is selecting which NFT marketplace you want to work with. Here is a list of the top NFT marketplaces:
You will also need a crypto wallet to store your assets and crypto. Side note: depending on which blockchain you use, you may need to convert fiat currency into crypto so that you can pay for the minting fees associated with the creation of your NFTs.
If you’re ready to get started, I suggest you start with these articles on the ins and outs of minting NFTs:
- The 3 Cheapest Ways to Mint an NFT: Full Breakdown
- What is the Average Cost to Mint and Sell an NFT? (Top Marketplace Examples)
- How To Mint an NFT for Free | Rarible Style
The Many Benefits Of NFTs For Artists Make Them A No-Brainer
Digital artists and other creators may be struggling to find the best way to bring their art into the metaverse while still retaining the rights and benefits that they would enjoy by selling physical artwork.
NFTs might be the ideal solution for artists looking to bridge the gap between conventional art and immutable digital assets.
If you are an artist, launching NFTs can give you undeniable ownership of your assets and an iron-clad mechanism for collecting your cut of sales and usage in the future, as well as an easier way to get your art in front of more people than ever before.
I know you’re ready to get started; that’s why we created the webs best resources for NFT artists. Start by reading these NFT bangers: