Share
If you are an artist or a creative, you may want to expand your art to an NFT marketplace. NFTs are non-fungible tokens, a unique file that cannot be altered or sold to multiple people at once. It is one identifiable asset that is exchanged between buyer and seller exclusively through a marketplace that takes cryptocurrency. The idea is that NFTs can be useful for increasing value and open new doors for clients to have more sales. This can be a great way for artists and creatives to take on more opportunities and garner support for their work and brand.
The security of block chain technology is a great anti-theft tool. It’s a digital ledger that cannot be hacked, altered, or modified so records are safe and accurate. Instead of selling your art to a gallery or an auction house, artists can directly sell to the consumer as an NFT; this option is great for making more of a profit because it keeps up with every sale and artists can even earn royalties on their art after each time it sells. These transactions are done with cryptocurrency such as ethereum or paypal. Artists can gain more recognition, interest, and value with NFTs by creating a new market for their art and media.
The value of art and media is from screen-grabbing, sharing, and using the piece. The value that the asset has is based on exposure, how verifiable it is, and all of this can be traced with blockchain. The metadata, as said before, cannot be altered or modified. Along with the metadata, NFTs are not just an asset by themselves; they also come with a digital certificate of authenticity. Digital collectables can range from art, music, or trading cards and getting them out there is easiest by using NFT marketplaces. Your NFT has value because people find it valuable and they are willing to pay for it.
One of the obvious benefits of buying art is it lets you financially support artists you like, and that’s true with NFTs. Buying an NFT also usually gets you some basic usage rights, like being able to post the image online or set it as your profile picture. Plus, of course, there are bragging rights that you own the art, with a blockchain entry to back it up.
For collectors, NFTs can work like any other speculative asset, where you buy it and hope that the value of it goes up one day, so you can sell it for a profit. There isn’t a guarantee that the value will be more than what you bought it for, a lot of times people are willing to only pay less than what you purchased it for.
As a disclaimer though, some experts aren’t sure if NFTs will be worth it in the future, some have even compared them to beanie babies and their season of fame. Blockchain technology is one of the only secure sources of ledgers and record keeping that cannot be lost, stolen, or modified. With those two ideas in mind, security doesn’t lose value, and it is definitely a preventative when protecting assets.
But, NFTs and beanie babies couldn’t be more different. There aren’t any external factors that would cause the NFT to lose value such as age, theft, or damage. The only way an NFT would lose value would be if it lost popularity or trendiness. NFTs have the ability to adapt to the trends and while some NFTs can fade out and lose value, I think that the aspects of art and media can be utilized to stay on trend and flourish as time goes on.
NFTs are the token of change in the digital marketplace. With so many opportunities to expand your value and exposure, this could be something that would help a lot of artists find their footing in the digital world.
