Traditionally, an artist gets paid only once for their art. When their work gets popular & expensive, the original artists make nothing. NFT has changed the game completely. Artists now have the opportunity and freedom to be involved in the growth of their art forever. Finally, underrated gems are getting the recognition and the rewards they deserve. There is a chance to earn Passive income via Royalties which means every time someone buys the NFT, the original artist gets paid a pre-decided %age cut. ✌
NFT stands for Non-Fungible Token. Fungible Tokens like Bitcoin or Ethereum can be exchanged with equal units of Bitcoin or Ethereum. NFTs on the other hand cannot be exchanged with each other since they are unique and one NFT can belong to one address on the blockchain.
For example, NFTs can represent digital or real-life assets like artwork, collectible cards, and domain names. There has been a growing interest in NFTs, especially in the Digital Art Sector. Even physical, real-world art can have an associated NFT to it. NFTs are now a major part of pop culture and there is no stopping them. At the time of writing this, NFT market has a $28 Billion Market Cap and $5 Billion trading volume in the last 24 hours!
The future of art is digital. Even the physical art would have an NFTs associated with them that will add to the authenticity of the artwork. Many artists are now able to sell their work as a digital collectible. Any kind of media like Text, Graphics, Video, etc. can be minted as NFTs. NFT marketplaces provide an additional source of income and a fresh audience full of interested buyers and collectors. There are a bunch of solid reasons why I think NFTs are great and every artist should check them out if they want to leap into the future:
NFT markets and blockchain technology have already seen immense adoption among the art community. I think digital artists would play a key role in the metaverse and web 3.0. In a futuristic virtual world, everything around you would be digital art which means, everything you do or create is digital art in itself. The future of art is NFTs! Do you think NFTs are the growth hack artists were looking for? Please comment below!
