Non-Fungible Tokens
Many think of cryptocurrency when discussing blockchain technology. Non-Fungible Tokens are growing in popularity. These blockchain-based digital assets are unique and offer many benefits to digital artists. Many artists are adapting and innovating with blockchain technology. NFTs offer digital artists several key benefits.
Low Entry Barrier
As most artists know, being an artist is hard, especially if you’re new. NFTs help emerging artists reach more people. Market and distribute your work on many platforms for a low investment. Your art will gain exposure.
Buyer Owns 100%
NFTs are familiar to many digital artists, but what are they? Non-fungible tokens represent tangible and intangible assets. NFTs are unshareable, unlike fungible tokens.
NFTs also prove authenticity. They prove ownership and provenance. Thus, NFT buyers have sole ownership. Rare and unique art is more valuable. Owning a piece of art increases its value and demand.
Monetize Easy
NFTs are easier to sell than traditional art. Artists can mint NFTs from digital artwork to create tangible items that can boost their reputation. NFTs let artists sell and promote their work. They can focus on other career areas instead of establishing themselves as artists and building commission relationships.
Royalties
Artwork is known for gaining popularity after being sold. Thus, art can be resold to many buyers at a huge profit. Traditional artists unfortunately receive payment for the initial sale. NFTs can be programmed to automatically pay royalties on future sales, a unique feature.
Fast Transactions
Late payments are one of the most frustrating aspects of selling art. Physical art sales can take months to pay out due to outside factors. However, blockchains record NFT transactions, so payments are instantaneous.