Blockchain technology is relatively new. While still developing and improving every day, it has already contributed an outstanding degree of advancement to different industries that embrace it.
Following finance, manufacturing, gaming, and other fields, blockchain is now disrupting the digital art and artwork space. The best thing about this is that creators and artists have made the most out of this technology and have been able to convert their masterpieces into NFTs — earning massive profits by selling.
In March, Mike Winkelmann, popularly known as Beeple, sold his NFT artwork called “Everydays: The First 5000 Days” for over $69 million through the international auction house Christie’s. This massive sale created a huge buzz and left art and media critics to realize that these unique digital tokens have revolutionized the way people view content ownership, ushering in a new era of art in the digital age.
Furthermore, NFTs have opened the doors for crypto enthusiasts and the art community to work together for the very first time. The decentralized nature of NFTs guarantees that even creators with untapped potential can benefit from it to a great extent.
So, why should artists dive into non-fungible tokens? Here are a couple of reasons why.
Definite Ownership and Rarity
One of the most important characteristics of an NFT is that it’s ‘non-fungible,’ meaning that they are absolutely unique. Therefore, when someone buys a certain NFT, they retain sole ownership of a rare item that cannot be replicated. Moreover, this digital token also contains all the necessary information required to prove ownership, authenticity, and provenance of the asset.
Additionally, fractional ownership of non-fungible tokens is possible. For instance, if someone wants to sell artwork at an astronomical price, it would be quite difficult to look for potential buyers. However, with NFTs, the option to sell fractions to multiple owners is an option.
Artistic Freedom
Back then, artists knew that they would eventually need to sell their work to a specific market to make a living from it. Because of this, instead of bringing their imagination to life for art inspiration, they rely on what the market demands.
This has changed with the emergence of NFTs. Creators can now immerse their most authentic selves into each masterpiece, allowing them to be as adventurous as possible, and there is no better example of artistic freedom than this.
NFT artists can utilize global connectivity and the internet to form a solid following without being constrained to the concept of traditional art galleries. With the number of NFT platforms increasing every day, digital creators can receive more potential profits in comparison to other occupations.
Most especially, independent creators can benefit from this by taking advantage of the extra income to work less at what conventionally is their ‘day job’ and heading towards having more sense of fulfillment by creating more. This is what Mittaria, a budding entertainment hub, aims to do.
Animators and artists can leverage Mittaria’s creator space: a studio where they are given access to advanced tools to produce content and share it with the world. What’s more, the platform also has the ‘Animation Lover Hub,’ which is a gathering space for the global community where they can talk, watch, review, and rate all kinds of animations together.
Seamless Transfer
All transactions involving NFTs are recorded on the blockchain of choice, usually Ethereum. Consequently, waiting periods or lead times for selling or buying these digital assets do not exist — which is a common issue in the physical art world. Not to mention, there are late payments as well, harshly affecting the artist who designed the piece.
In detail, blockchain transactions are typically completed quickly, milliseconds even, after achieving a specified number of confirmations. Most artists would see their earnings within seconds to minutes of the transaction taking place and their crypto wallet syncing. On the other hand, traditional art sales may depend on bank wire, ACH request for a big sum, or a check, which all can take days for clearing.
Easy Accessibility
Today, art enthusiasts are migrating away from home galleries for their collections. Alternatively, they are opting to put their collectibles in the metaverse or the digital space. This then allows them to admire and view their digital assets in a more immersive environment or from their smartphones from a compatible crypto wallet.
But if you prefer to appreciate the art ‘old school style’ and show it off on a physical wall, you can buy an NFT-specific high-res screen available on some platforms.
Final Thoughts
NFTs are the best solution for creators wanting to close the gap between conventional art and absolute digital assets. So, for artists, minting your pieces into NFTs can offer solid ownership of your assets and a definite method for collecting your income, including an easier way to display your art in front of a bigger audience than ever before.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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