How NFTs are changing the art worldNiranjan Kumar
Unfortunately, artists of all kinds are having difficulties selling their art. And, when they do manage to sell the piece they have been working on for months, they usually get less than what it is worth. Many of them even try to give away their art for free, hoping to get exposure and earn money in the future. In the meantime, they live in small, rented apartments, and they work from coffee shops or warehouses to support their art. However, due to the digital revolution, the role of the artist may be changing. Artists can now benefit from their work thanks to Non-Fungible Tokens or the NFT’s. These can be described as computer files containing a piece of digital code that determines ownership. They exist on a blockchain, just like cryptocurrency, but the difference is that non-fungible tokens are utterly unique. If you are wondering how these NFTs are changing the art world and what they can do for the artist, keep on reading.
NFTs are giving power to artists
In the current day and age, artists have little or no power when it comes to selling their art. Most of them sell their work online, on their own websites, or in stores selling art, making it easy for almost anybody to copy it without permission. So, we can say that the Internet has not been kind to artists. However, NFTs are giving back power to the artists selling online by tokenizing their art and giving it uniqueness and value.
It is the artist’s decision how many NFTs they want to create. That number can range from one to one million. And, after they do make the desired number of NFTs, they can tie it to the so-called smart contract that activates payments every time a digital copy of their work of art is sold. This process resembles the money a musician is given every time their song is downloaded or played on the radio.
NFTs are also giving freedom to artists
Just one of the many great things NFTs provide is freedom – freedom of expression. It is no longer necessary for artists to limit themselves to traditional forms of creating like paintings, sculptures, etc. The interpretation of art is changing, which allows artists to be less restricted and more creative.
Moreover, artists now have the freedom to create their art wherever they want. They do not have to confine themselves to artistic hot spots just because they are more likely to profit there. They can be digital nomads and work from anywhere! For instance, Florida is a very popular destination for digital nomads of this kind. The point is that there are no boundaries and limits when it comes to the world of NFTs. Artists can now create anything they imagine, and they can do it from anywhere in the world.
There are more revenue streams for artists now
There are artists who create art for pleasure, and there are those who do it for money. The latter are the so-called business savvy artists. Since selling art ‘physically’ is not always possible, they have to work on their income stream by either teaching art (in schools or workshops) or doing commission work. But this is no longer the only way to go, as NFTs are changing the art world and opening up new revenue streams for artists of all kinds.
Namely, before NFTs, the only thing artists could sell is the physical copy of their work, for instance – an acrylic painting on canvas, to somebody who wanted to freshen up their living room. Now, with tokenization, artists can sell digital copies of their art and not lose ownership. This means that they will be able to collect the money from online purchases but still keep their idea unique.
Auction houses and galleries are no longer the norm
In the past, art was sold only in galleries and auction houses. There were people who decided what art was worth showing, and only the lucky few got the opportunity to present their work to the public and hopefully earn some money that way. So, for instance, if an artist had paintings of flowers and nature and they happen to present them in a gallery right at the time somebody was looking for the best floral art for their home, only then would the artist be able to earn some decent money.
NFTs are changing the way artists sell their art! Artists no longer depend on the opinion of the few. With the internet and their exposure, the public can now decide. So, it is safe to say that auction houses and galleries will no longer dictate the fate of an artist.
The view of ownership has changed
Since the dawn of time, people have considered ownership as something they can touch, something physical. And, anything digital and online was just a bunch of numbers, numbers whose ownership and uniqueness are hard to determine. During those times, valuing the works of art created in the digital ‘realm’ was simply not possible.
However, nowadays, the view of ownership has entirely changed. NFTs are changing the art world and creating a paradigm shift for all kinds of digital art and media. Because of them, online assets are able to have verifiable ownership. Ownership that allows artists to expose their art and sell it as a unique and well-priced piece.
Angie Collins has been working in the design industry for the last 10 years. In her free time, she enjoys writing guest posts dedicated to design, art, lifestyle, etc. Angie is also a wife, a mother of two, and a dog owner.