NFT – it just keeps popping up all over the place – but what on earth is it and why should you as an artist, or a collector care?
Well NFT stands for non fungible token. This basically means a bit of code that cannot be created anywhere else that is attached to a digital item.
So putting it in art terms, it basically means that you are creating the digital equivalent of a signed “original” piece of art. And people that buy it, own that work, much as they would “own” a piece of art that they purchase. Only in this instance, they keep it locked away in a collection on their phone as opposed to displaying it on the wall.
That’s not to say that they can’t display these items. With new technologies being created by the day, there is no way to say that eventually you couldn’t have your very own digital gallery displayed in your home.
And in my opinion this is one of the best things that has happened to the art world and let me tell you why.
Consistent revenue for the trading life of the artwork for the artists. When you create your NFT, you create a contract with that piece of work. And in that contract you can stipulate how much revenue you will make from future sales of your NFT. And given the type of people that are currently using crypto currencies it is highly likely that this work will get traded over and over, so happy days! You keep making money for your work! UNLIKE when you sell an original piece of art, this commission is guaranteed for future trades.
Extra value for your customer
You can treat it as a further certificate of authenticity for your paintings. Which means that even if you give away the NFT for free, if the work of art and NFT are sold together – this will create even more value in your work. They could in theory also be sold separately. This actually may create more interest in either piece should a future collector wish to get both works back together. If they are sold together, then guess what – you are making money on that sale, and the collector themselves is selling two pieces of art as opposed to one.
They are so so simple to create and trade. Ok so it is common knowledge that i am a technophobe. I struggle just to make google sheets work, let alone understand the world of crypto. But over all this was actually a really easy set up. It was actually only a one off cost to create one – making them cheap to produce.
Yay for Digital
Digital artists can finally start making the big bucks. I see so many digital artists licensing their work through print on demand sites or big companies. Which is great, but these are small bucks for a high level of input. Seriously, it takes time and effort for these works to be created. It is about damn time digital artists were recognised by the art world.
A new age for the art world
The art world, that has for been kept in the dark ages, is finally waking up to a new era of digitalisation. And I think it is great! Gone are the days when artists need to rely on the “big boys club” of the art gallery world to make their money. We enter a new dawn where artists can be in control of their own financial independence, and I believe that NFTs are here to help that.
Whilst I do love NFTs crypto does and is having a damaging effect on the environment. BOOO! HOWEVER thanks to our babe Elon pointing this out, there are huge changes happening in the crypto world. With currencies like ETH, and ADA paving the way with new tactics to make their currencies more environmentally friendly. I do not believe that it will be long before we see an environmentally friendly version of the NFT. I think it is important to pre-empt this and strike now while it is low cost and easy to create.
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