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Non-fungible tokens, aka NFTs, are gaining enormous popularity among the masses with each passing day. These tokens are nothing but digital assets. They are one-of-a-kind creations that are dependent on blockchain technology for recording the details of their ownership. There are also several benefits of NFTs for artists that they can no longer ignore.
After finance, manufacturing, and other industries, blockchain technology is now revolutionizing the digital art and artwork space. NFTs have paved the way for crypto and art communities to collaborate for the first time ever. Upon taking a deep dive into the world of these NFTs, one can perceive that in the long-term both the crypto and art communities will be able to benefit from it to a great extent.
For the artists, NFTs have a lot to offer. In this article, we are listing down some of the ways in which these blockchain-enabled digital assets can benefit artists.
Access to Global Market
Top 6 Benefits of NFT’s for Artists and Reasons to Use them in 2022
Misha Libman, the Co-founder of Snark.art, says blockchain has the potential to unlock exciting social mechanics that artists can experiment with, while at the same time letting the artists reach new global audiences directly without needing to cross physical borders and other barriers. As NFTs are traded online, it becomes much easier for the artists to target a global audience and sell their works in the global market space. Many small artists often do not have access to exhibitions, galleries or even to like-minded people near them where they can sell their works and even if they do the scale is much lesser compared to what they can get when done over the internet. So, by digitalizing their artworks, the artists can make their collections easily accessible to every kind of buyer around the world regardless of their geographical locations. Though one might not get the chance to market their works across all the jurisdictions due to regulatory issues, they can certainly target a much bigger market than they could have, if they were selling their artworks physically.
In the case of physical artworks, the risk of transacting and transferring is high. Even if traded online, additional security measures for shipping a piece of art worth millions of dollars across the globe is very risky as well as a challenging job. However, in the case of NFTs, these challenges can be overcome easily as it enables the trading of artworks in a much more secure and transparent manner. NFTs usually function as an immutable digital signature thereby delivering unprecedented levels of confidence to both the creators as well as collectors. Moreover, as these artworks can be stored over blockchain, they remain largely immune to censorships and physical decays, unlike their physical counterparts.
Lower Entry Barrier
One of the best things about the digital medium is it significantly lowers the barriers to entry for new and smaller artists who don’t have the means to deal with their artworks in the analog world. NFTs have provided a much more hassle-free manner for the marketing and distribution of several thousand collectibles and the upfront investment involved is also much lower. With NFTs, creators can now sell their work at a vast scale through platforms like OpenSea, and any creator who puts up their work can directly get access to a huge market, unlike the traditional market where the artworks are guarded by art galleries, publishers, retail chains, and other gatekeepers. Because of this, today we can see a large number of interesting generative NFT projects popping up such as Bored Ape Yacht Club, CryptoPunks, Autoglyphs, and MoonCats.
One of the biggest problems the artists of traditional artworks have to face is regarding the monetization of their art pieces. NFTs have the optimal solution to this problem and therefore have started becoming increasingly appealing to the artists with each passing day. They have provided a kind of tangibility to digital artworks helping the artists build their profiles and reputation in the artist community while making money off their artworks at the same time. The Lxveless, a rising star in the crypto art world has stated because of NFTs now he can focus more on offering his creativity to the world instead of spending time on making an art account and trying to build reputation and relationships to draw commissions.
It is well known that an artwork gains its true valuation long after its creation. But in the traditional artwork market artists can receive their payment only while selling their artworks at first and do not get any share in the profits when such artwork is resold on the secondary market later on. Thus, because of the lack of royalty payments, artists are able to enjoy only a small portion of their creation’s actual value. However, in the case of NFTs, the artists can now automatically get a certain percentage (say 10% or 20%) of all the future sales of their artwork. This means if they sell a piece of their work for $10k and later on the same artwork is sold for $100k in the secondary market, the original creator will be able to receive a certain percentage from that sale and then from all the subsequent sales made thereafter.
Compared to traditional artworks NFTs provides much more convenience. Creating, selling, and distributing NFTs is a lot easier for creators. Artists do not need any special equipment to store their valuable artworks and digital storage also mitigates the problems that come with regard to storage space. The artworks remain directly accessible from mobile phones and laptops, being traded seamlessly. Besides, the composability also becomes easier as NFTs can be built by leveraging on the success of previously launched NFTs. Moreover, even for the collectors of artwork, these are much easier to acquire, exchange, share, and store.
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