There are many arts in the fields of drawing, art, visual arts, music, literature, etc. Since ancient times, drawing and sculpture have existed in the physical world. Still, since the development of technology and the digital world, digital arts have also emerged, and many artists have created their works in digital form, Works that can only be seen on the screen.
But the fact that these works do not exist physically and cannot be touched by our hands does not mean that they are of low value. Digital art has developed rapidly and is considered one of this period’s valuable art. Simultaneously with the birth of NFT, digital art has entered a new market field. An arena that allows artists to buy and sell their works of art on the blockchain platform.
Also, we have prepared some short and comprehensive articles on these subjects that you can read to complete your information. Let’s start with “What is NFT“.
The sudden emergence of NFT
We all saw that all of a sudden, the virtual space and the Internet were filled with talk about NFT. In the way you think, NFTs were found overnight. Everyone was talking about NFTs and their million-dollar sales. For example, an NFT has been sold at a staggering price. Learn more about a $69 million NFT.
NFT, with all its popularity and fame, is not very new; it can be said that it started in 2012 and flourished in 2020 and 2021. This prosperity of NFTs has enabled artists of works of art to sell their work on the platform of cryptocurrencies.
NFT For Artists
In the physical world, any artwork always has problems, such as not being clear about the ownership of the work of art, being fake, stealing, or recognizing authenticity. But NFTs are an effective way to own digital works because NFTs use blockchain. Blockchain and its technology are built in such a way that it preserves a source of real data in blocks in the form of code. Even without modification and manipulation, it can prove at any moment who an NFT belongs to and what information it contains.
For example, landscape photographer Bryan Minier converted five photos to NFT and immediately sold them for $200 to $2,500. He believes that NFT is a way to eliminate the problems of copyright and property rights and considers blockchain to be the safest way to publish his works online. Also, NFT markets have created a space that attracts users who pay for digital art.
Artists in this space make money easily with the help of NFT marketplaces such as OpenSea, Axie Infinity Marketplace, NBA Top Shot, Decentraland, etc., and enjoy the security of copyright and originality of the artwork. Indeed You can download an NFT photo, take a screenshot, or even put it in the background of your laptop, but in the end, this photo does not belong to you, and you do not own it. Because the intellectual right and its intellectual value are registered in the blockchain in the name of the person who created it, this value brings a digital art token.
The owner of an original artwork always owns it, even when he has sold digital copies of his original work. The original creator always covers the license of his artwork. Of course, the concept of NFT is expanding rapidly, and NFT markets each have copyright and license laws, which solve these problems. Some artists sell the physical copy along with the NFT.
For example, the Italian publisher Rizzoli published Italy’s first book in NFT format, which is available in both print and NFT. (source)
When an artist wants to enter the NFT market, he must first understand cryptocurrencies. Second, determine how to price based on market elasticity. Also, understand the problems of the cryptocurrency market; there are up and down cycles in this market. But in many people’s opinion, this situation is not permanent, and very expensive NFTs may not be permanent. For example, an expensive NFT of a singer named Grimes was sold for 6 million dollars. (source)
Or for example, Sina Stavi bought Jack Dorsey’s first tweet for $2.9 million. He recently said that he plans to auction this NFT for $48 million, but the highest bid he received was $277! At first, it may seem that famous names benefit more from NFTs, but in the meantime, new artists can experience big profits. Because we saw that with the problems that happened recently in the cryptocurrency market, the NFT market was more stable and did not suffer a sudden drop. (source)
By the way, the usages described in this article about NFTs were just one of the fields in which NFTs are used. Don’t think that this is the only use of NFTs. NFT has many applications that we have described other applications of NFTs in the article “Benefits of NFT“. And unfortunately, we have to say that NFTs have disadvantages that no one usually tells you. They usually only talk about the benefits of NFTs. Read the disadvantages of NFTs.
However, the NFT market is becoming increasingly popular every day, and many famous and emerging artists have entered this field to make profitable investments, build their fan clubs, and earn money in this way. This art world is at the center of cryptocurrencies, and artists interested in this market can enter it by studying, researching, understanding, and benefitting from the waves of NFT profits.