How Artists Are Turning Towards NFTs To Gain More Control Of Their Work

NFTs or Non-Fungible token made their debut in the early years of the last decade. Since then, this concept has gone through unparalleled innovation, and now we are witnessing a stage where NFTs have become one of the most popular subjects globally, redefining the assets.

Numerous beneficiaries that have brought Non-Fungible tokens to the limelight include Net art, crypto kitties, the music industry, among many other key adopters who realized the potential of this revolutionary concept and leveraged it to reap the benefits.

NFTs have proven to be exceptionally beneficial for artists around the globe. Providing more visibility, authenticity, and removing the intermediaries, NFTs have allowed artists to enjoy a digital space where they can receive the true value of their skills.

Let us see how the art industry is leveraging NFTs to transform into a truly digital and decentralized space.

The artists are moving forward with the new trend of selling their art pieces in the digital world via NFTs online. Isn’t it exciting?

Impact of NFTs On Art Industry

The implementation of NFTs in the art industry has been a mutually beneficial synergy. While artists gained considerable benefits, NFTs also became popular by making headlines about high-value art being sold online.

Initially, many artists did not understand the concept of NFTs. Despite that, they stepped into this world to experience its wonders. Listed below are some of the popular reasons why artists have started exploring the NFT space:

For the artist

NFTs came as a way for the creators to expand and retain their fan base via the sale of their digital art. Even for an artist in his initial days, NFTs present equal opportunity as the market is not restricted or manipulated.

Furthermore, due to the capabilities of the smart contracts, these artists can get a royalty fee from their art even after years have passed. This way, when an artist becomes more successful and their previous work is sold for more, they still get some value out of it.

For the already popular artists, it provides a wider audience and the opportunity to create a broader, more diversified fan base.

As a cherry on the top, the eradication of the middleman due to NFTs saves a lot of money for the artists which otherwise goes into the fee.

For fans

Getting access to favorite artists is not easy for every fan. Factors like geography, visibility, compliance, and many others restrict the art space to grow. This is what NFTs solve inherently.

By going to any popular NFT platforms, the fans can not only view different artworks of their favorite artists but can also buy ownership of those artworks through NFTs.

Furthermore, they never have to worry about the authenticity of the art because the immutable ledger of Blockchain maintains a complete record of the origin of the asset.

For collectors

For the collectors, NFTs take their activity to the next level. Rather than worrying about the physical delivery, proof of ownership, or the authenticity of the asset, the collectors can simply purchase the NFT on a digital platform.

Moreover, storage of the asset also becomes extremely simple as the digital token can be stored in the digital wallet which is extremely secured.

Since the digital work is tokenized, the artists use it as a shred of ownership evidence and can efficiently transfer the token to anyone. Thus, NFT has proven to be beneficial for artists as well as collectors.

How NFTs empower the artist

Keeping in mind the aforementioned benefits, the primary reason for implementing NFTs is to give control back to the creators and not the sellers.

For centuries, middlemen have enjoyed a hefty fee they charge for finding the right buyer and managing the complete process.

Artists are good at art, they are not necessarily good at selling which has always made them dependent on a third party. They have to trust these third parties in every aspect, right from evaluation of the art to selling, to even getting the payment.

Blockchain is the way out.

Using Blockchain’s distributed ledger at its core, NFTs can be used to tokenize any asset. In the case of artists, this asset is their artwork. Tokenizing the artwork means that a digital proof of ownership is created which can be transferred to anyone.

Therefore, by simply listing their art on a digital marketplace, artists can put their artwork for sale or even for auction. And the best part, the artists are not required to have any technical or sales skills, they just have to click a few buttons and their artwork is available globally.

The NFT journey has just begun. There is a lot more to come, enhancing the conventional spaces like art prices, auctions, and museums. NFTs may be the long-awaited revolution the artists have been waiting for.