How Non-Fungible Tokens (NFTs) Are Transforming The Art Industry?
Every evolution or innovation in the cryptocurrency market makes a better revolution in the digital economy as a whole. Starting the list from Bitcoin, Ethereum, TRON, and so on, still, the chain of lists continues with DeFi, NFTs, etc., which has been creating a greater impact on each and every business and industry & drifting the whole blockchain digital world to the next level.
Now the crypto world is getting hyped by the term known as “NFT - Non-Fungible Tokens”, which makes masses of people turn to the NFT marketplace to make betterment in their business.
Without any delay, let's look after the impact of NFT in the major Industry - Art.
NFT - Booming Factor in Crypto Globe
NFT stands for Non-Fungible Token.
These NFTs are considered as the next big thing in the crypto world, next after the boom of DeFi - Decentralized Finance.
Without a normal explanation, let us drive into the definition for NFTs.
Assume NFTs as digital collectibles and NFTs are a blockchain technology that allows anyone to trade anything such as art, movie tickets, even proving ownership of the real estate, video game selling, and more.
Thus these NFTs have started impacting businesses such as the art industry, decentralized domains, film industry, fashion & collectibles, and more.
The term NFTs reached the same level in Google Trends Search data as equal to ICO in 2017.
The below graph shows the Google Trends data by Unfolded. This shows the interest of crypto people over NFTs.
Major Use Cases of NFTs
With this booming nature, NFT waves started impacting many industries and the most notable use cases of non-fungible tokens are listed below.
- Decentralized Domains
- Licenses and Certifications
- Fashion Industry and more.
Here is in this article, we are about to discuss the impact of NFTs in the art industry - “Crypto Art & NFTs” as a whole.
Swipe down & get to know more about the crypto art industry with NFTs.
Introduction To Crypto Art
Digital art or crypto art is nothing but making a physical art or a sculpture or any painting into NFTs by tokenizing the art things.
Token + Media = Cryptoart
This indicates that the token by itself is not crypto art.
NFTs in Art Industry - Selling Arts as NFTs
To link a token to any digital things, you may attach extra information such as video, GIF or song, etc,.
The complete crypto art is the token along with the media that you have created. Thus, NFTs are not the actual image or animation, or music and people are not able to copy them.
In the concept of crypto art with NFT, the one specific copy of your digital art that is listed or linked to the NFT's metadata is the one that matters the most. Even if you have many millions of copies of your digital art in the web, but the owner of your own crypto art cares only about the "official" copy that is being linked with NFT.
Can I link NFTs to My Physical Art/Asset?
NFTs are nothing themselves and merely point to the assets that we specify.
Thus we can tokenize any physical kinds of stuff into NFTs, but there is no easy way to link those created NFTs to any digital or physical objects/arts
The popularity of NFTs is because people can trade them on the markets as a way of trading their stocks and make their value drive-up quickly.
When it comes to blockchain, identities are obscured. The traceable identity is the artist. Hence, there is no way for a new buyer to contact the previous owner with the blockchain integration.
Acquiring ownership of physical stuff is different from getting ownership for digital stuff. Since, NFTs are built on decentralized, completely lawless digital ownership and taping ownership of physical objects onto NFT is under our own risk.
Ownership of Crypto Arts Through NFTs
A print of the photograph by Cindy Sherman was sold for $3.89M in 2011, being a record of the most expensive photograph ever sold. Even Though anyone can reproduce it, somehow this doesn't stop the photo from selling for a boatload of cash.
Thus, an NFT traces the official artwork and the blockchain is able to show the subsequent owners including the current owner along with the artist details.
With NFTs the copying of digital arts becomes difficult, not impossible. Since that difficulty in copying makes them more valuable.
If everyone can create convincing copies of the original digital art designed by an artist, then the value of original art goes down, and to eliminate this, the artists can link their art into NFTs which makes it difficult to copy and sell the digital arts.
What NFTs Promises for Digital Artists?
Listed here are some of the benefits that artists gain over-leveraging the use of NFTs.
- It gives the power to monetize their artwork
- Eliminates the presence of a middleman
- It will make artist rich
- Helps artist to avoid traditional art market forces
- Provides you protection
- Make you reach huge people
- Boosts the value of your artworks and more.
Popular NFT MarketPlace to Mint NFTs & Sell Artworks
Here let us look at some of the popular NFT marketplaces.
Opensea is one of the most popular and easy-to-use digital NFT platforms. This does not require any verification process to create an account and you can create an account & start minting NFTs easily.
It allows you to browse countless collections through which you can find your artists or pursue any rankings by sales volume for discovering interest pieces.
Opensea also allows for submitting your own digital collectibles and arts so easily.
To submit your digital art, Click Create -> Submit NFTs which will let you add new pieces by creating new art collections. It does not require any coding and takes only 3 minutes to submit your first digital art completely free.
For selling your digital art pieces, you must pay for gas, which is nothing but the cost of interacting with a smart contract that governs OpenSea, which you are subjected to do once. This costs around $50 to $100 which depends on network traffic.
As this platform is simple and low cost, many collections at OpenSea are digital collectibles rather than individual artworks.
This NFT market is like OpenSea which is open and democratic where you have to pay for each artwork you mint. People mostly use this Rarible for minting individual pieces.
Rarible makes your work seen on the platform easier but the cost is much higher when compared to other NFT marketplaces which will range from $40 to $80 for the minting of each artwork.
Foundation is also an NFT marketplace which is highly difficult to access and requires a certain number of community upvotes of fellow artists for even posting the first artwork.
The best & easiest way to enter the Foundation platform is by getting a direct invitation from anyone artist already on the platform. This can eliminate these tasks and you can jump directly to the art selling.
The difficulty in getting into the Foundation and the cost of gas minting each NFTs are high. This will be the best place for established artists & creators who have a strong following on other platforms.
Explore the list of industries distrupted by NFTs - How NFTs Are Disrupting Various Industries?
Who We Are?
We Bitdeal - Leading DeFi Development Company extends our services in the booming NFT marketplace too. Our experts keenly absorb each and every move of cryptos and Non-Fungible Tokens marketplace, as they sound heavy in recent air. We started developing NFT tokens and also NFT Marketplace like Opensea, Rarible, and more.
We assist you in developing and deploying the best NFT marketplace of your own and make you beat the competition within a short span of time. We offer NFT Marketplace Development Services to build your own marketplace for NFT minting like Opensea and so on.
Ready to launch your own NFT Marketplace? We are here to assist you with unbeatable NFT Marketplace Development Services.