Non-fungible tokens, or NFTs as they are commonly known, are likely familiar to most individuals who are familiar with the world of are or blockchain. In the previous year, NFTs have grown extremely popular, with millions of dollars being spent on them all around the world.
In essence, NFTs are a digital representation of ownership of a real or virtual asset that uses blockchain to transfer and store data about the asset. Because of this one-of-a-kind characteristic, NFTs have grown in popularity in the art world, with everyone from obscure to well-known artists selling their works as NFTs all over the internet.
With the introduction of NFTs came questions regarding their value, energy consumption, and if they provide any advantage to the artists. However, a short examination of NFTs reveals that flaws and all, they provide significant value, particularly to smaller, independent artists.
How NFTs Help Artists
It's no coincidence that NFTs have risen to prominence in the art and pop culture worlds. NFTs allow passionate collectors to sell authenticated items, and both industries have a lot of this. While the news is full of stories about artists selling NFTs for millions of dollars, lesser artists stand to benefit as well.
To begin with, NFTs aid in the expansion of lesser artists' reach in terms of a purchasing audience. A tiny artist's options for selling their work are limited to those in their immediate vicinity. While delivering actual artwork is an option, there are sometimes logistical challenges and the risk of the artwork being damaged during delivery. However, by using NFTs to market digital art, an artist can earn a career by selling their work to everyone on the globe.
Additionally, using NFTs allows artists to have more influence over how their product is monetized. For years, there have been reports of lesser artists' work being closely imitated or outright plagiarised without their knowledge by huge corporations.
Smaller artists have more choice over where their work is sold for a profit when they mint their artwork as NFTs. As NFTs grow increasingly widespread in the art industry, more art purchasers will prefer to buy from trusted NFT markets rather than untrustworthy and potentially nefarious ones.
Independent artists can also use NFTs to stay independent. Making a career from art in the past, and even now, needed some element of privilege or nepotism. Smaller artists who lacked such ties were kept out of the industry and had to rely on the approval of select gatekeepers to make a career.
With the development of the internet and concepts like NFTs, independent artists may now make a living by selling their work online and are no longer bound by the constraints of a giant corporate machine. As a result, artists may be more adventurous and authentic in their work while also growing an internet following.
There is also an advantage for art enthusiasts, since the numerous NFT platforms that are springing up to provide them with the opportunity to discover fantastic new art and artists. Additionally, art fans can financially support their favorite artists while also receiving exclusive stuff for their own delight.
NFTs, in conjunction with the internet, are effectively altering the art world's terrain, making it more accessible and inclusive to all. It's also advocating for the monetization of digital art and content that might not ordinarily be considered valuable, such as memes and interesting tweets.
NFTs of the Future
NFTs have been on the rise for a while now, and they don't appear to be going away anytime soon. NFTs are empowering smaller producers and altering the world of art as we know it, just like any other platform for content monetization.
Certain concerns in the NFT sector, such as unlawfully issued NFTs, will need to be addressed in the future, but the overall advantage to creators should not be overlooked. NFTs have proven crucial for small artists, from introducing new revenue channels to breaking down age-old obstacles.
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