When blockchain technology comes up in conversation, many people think of cryptocurrency. However, NFTs are quickly becoming more popular nowadays.
These blockchain-based digital assets possess unique coding and are one of a kind, and they also provide numerous benefits for artists who create artwork digitally.
Blockchain technology is still developing every day, and now many artists are using it to adapt their work and innovate. Here are a few of the most significant advantages of NFTs for digital artists.
1. The Barrier to Entry is Low
As most people in the art industry know, being an artist can be incredibly difficult – especially if you are a relatively unknown artist or you are at the beginning of your career.
Many artists struggle to get their work out to wider audiences, which is why NFTs are great for up-and-coming artists.
The investment is generally low, and you can market and distribute your work via many different platforms. In turn, your artwork will get more exposure.
2. Buyer Obtains Sole Ownership
Although many digital artists have probably heard of NFTs, they may still ask the question, what is NFT? In essence, a non-fungible token is an asset that represents tangible and intangible items. As opposed to fungible tokens, NFTs are unique and indivisible.
In addition, NFTs also act as certificates of authenticity. They show the provenance of the item and the proof of ownership. As a result, a buyer gets sole ownership when they purchase an NFT.
Artwork that is individual and rare is much more valuable than one that can be duplicated or shared. Ultimately, having true ownership of a piece of artwork can boost its value and make it more in demand.
3. Simple to Monetize
When compared to conventional artwork, NFTs are easy to monetize. By minting NFTs from digital artwork, artists are able to create tangible items that can help them build a reputation in the artwork.
With NFTs, artists have the ability to sell their art while building their profile at the same time.
Rather than spending precious time on becoming established as artists and developing relationships for commissions, they can spend their time on other parts of their careers instead.
4. Receive Royalties
Artwork is notorious for gaining immense popularity long after it has been created and sold. In turn, a piece of art can be resold to numerous buyers at a huge profit. Unfortunately, traditional artists often receive payment for the initial sale.
A unique trait of NFTs in the fact that they can be programmed in a way that allows you to receive royalties for all future sales automatically.
5. Fast Transactions
One of the most frustrating problems when selling artwork is late payments, which is not always down to the buyer. Physical art sales depend on a number of factors that are out of your control, and it can take months before you receive a payment.
On the other hand, NFT transactions are recorded on blockchains which means there is no waiting around for a payment.