HOW ARE NFTS TRANSFORMING THE FUTURE OF ART?
NFTs or non-fungible tokens have transformed many industries, art being one of the major ones which has undergone unprecedented evolution. Artists have been at the mercy of art galleries which take almost 60% to 70% of the proceeds generated from the art as commission when they go with traditional methods to sell their art. In the absence of an alternative to reach out to the customers, the artists have to bear this abuse every time at the hands of the gallery owners. However nfts have changed that equation lately through the sale of art in a purely digitized form with a unique identity to derive true value from NFT marketplaces.
The upside is Mike Winkleman, an artist was able to sell his digitalart art picture at Christie using NFTs. The bidder neither received a physical painting nor any digital copy but an ownership of the painting in NFT which was as original as the painting itself. Hence artists can enjoy a free market economy where they need not have to rely on intermediaries for selling their art pieces.
1.Is NFT Good For the Future of the Art Sector?
NFT is going to make the art sector evolve in the following ways;
2.Digitizing Art Form
It has become very easy to hold art in a truly digitized form with maximum mobility ensured. Unlike in the past, where buying art meant moving painting from location a to location B, through the introduction of the NFTs, everything can be done electronically and on a digital realm.
NFTs will also break the geographical barriers and make art more accessible by the users. On top of this, NFTs also make rare costly art accessible to all through fractionization. For example, someone who is earning $5000 a month couldn’t afford to buy a Monalisa painting in a traditional marketplace. But when the same Monalisa painting has been fractionated into multiple pieces with NFTs tagged for every piece. In such a situation, every piece becomes unique and it is required to complete that Monalisa painting. Thus even someone who was inaccessible to the Monalisa painting due to income hurdles could invest in these rare assets that could generate unprecedented returns. These aspects not only encourage painters and artists to pursue their talent but even get remunerated in a justified manner to keep up with the momentum.
In a traditional art sector, if you want to place your painting in an art gallery for sale, they would first ask for a rent. Generally those rents are exorbitant which makes small artists stay lost in oblivion. The reason for this is that someone who has just started his painting career couldn’t afford those high fees to list their painting at the exhibition. Even if they do manage to get the fees collected and painting listed in some of the top art galleries, once the painting is up for sale, the proceeds from such painting will not be sufficient to cover up the cost. Hence most of the artists are discouraged to pursue their painting career. With the introduction of NFTs, these artists can quickly bypass intermediaries and sell directly to the end users. In the process, they can easily make money and continue pursuing their passion.
NFTs also provide anonymity to the artists and prevent social ruckus. Most of the time, the artists have to face the brunt of social media if they have painted something objectionable. We have already seen in the past in France, the Charlie Hebdo event. Such events can be prevented right away when NFTs come into play. The NFTs do not reveal the identity of the painter and give them the advantage to sell without revealing themselves on any nftart marketplaces.
Artists who have created the art aren’t remunerated adequately for their efforts in a traditional art sector. But when NFTs come into play, the artists can claim royalty every time the NFTs change address. A change in address would mean their art has been sold to someone else. So as the painting moves from one hand to another, the artist will be exposed to an income stream which will be as long as the age of the painting. In the erstwhile art selling set-up, if the artist has sold the painting to any x person, he/she is done for the deal. There wouldn’t be any further income stream generated post the deal.
7.What is Required To Sell Your Art as NFT?
You need to first create a digital wallet. Opensea is one of the most renowned NFT marketplaces for selling your digital art. Just create a digital wallet on Ethereum since it is the largest blockchain ecosystem where you can easily sell your art as NFT.
Choosing a marketplace for selling your NFT art is the next thing on your mind. There are many noteworthy marketplaces to choose from like Raribles, Nifty Gateway and Openseas that you can pick for your next NFT art sale.
Before selling your art, you need to buy cryptocurrency since you will have to convert the same into an NFT which will need gas fees to be paid in crypto. At the same time, after the art has been minted in the form of NFT, even for listing the same, there’s some nominal charges to be paid on the NFT marketplaces.
Connect your wallet to the NFT marketplace that you have chosen for the completion of the order.
Upload your file that you wish to turn into an NFT.
Set Up an auction price for the NFT and let it go live for sale.
8.How can SDNA help you launch your own marketplace and lead the future?
SDNA is a prominent name in the Web 3 space with more than a decade of experience engaging in digital transformation. They have helped businesses integrate Web 3 solutions into their modus operandi to stimulate growth and cost optimization. Their efforts, especially in the NFT segment, have helped creators and artists reach out to their end users and make maximum profits from the sale of art collectibles.