There is no doubt that since the introduction of NFTs, the art industry has managed to benefit immensely as artists within the sector have been able to achieve a number of exceptional advantages that they previously were not able to experience.
For those unaware, an NFT is a non-fungible token that is a digital asset that can be bought, sold and traded, thus allowing artists to potentially profit from their work in an easier way than they had ever experienced before. No NFT is similar, as they are unique digital assets that exist on the blockchain and do not have a set price like cryptocurrency does.
Indeed, there is evidence that highlights just how popular NFTs are for buying artwork, with collectors and art enthusiasts reported to have spent more than $300 million on a number of different artworks, including prints, memes and GIFs.
So, how has the introduction of NFTs changed the art industry? Let’s take a look at some ways in which it is below!
Artists have more power
Artists used to have very little power when it came to having control on their artwork. For example, when they use a website and list online artworks for sale they have to offer, they lose control over who copies and shares it without their permission.
NFTs, though, has since allowed artists to be able to tokenize their work, thus providing it with a uniqueness and value, which will allow them to then sell digital copies. An NFT will also allow them to set how many of their pieces are available, as they will be able to create themselves a level of scarcity.
Furthermore, if they are able to link their work to smart contracts on the blockchain, then they could potentially benefit from royalties each time one of their pieces is sold.
Artists receive multiple revenue streams
The introduction of NFTs has allowed for artists to be able to achieve multiple revenue streams for the first time, as before they were introduced, only physical copies of the artwork would be possible to sell.
With an NFT, digital artwork can now be sold where the artist will also be able to keep the ownership of the copyright to their original piece, whilst still having the possibility of being able to sell the physical copy if they want whilst they continue to profit from the digital copies that have been sold.
More options are available to artists in order to sell art
Previously, artists would have to rely on establishments and institutions such as auction houses and art galleries as a way of being able to successfully sell the art pieces that they had created. These gatekeepers would look to champion the artist in order to sell the pieces in order to try and acquire the highest possible price for them.
The introduction of an NFT, though, has essentially eliminated these gatekeepers for many as artists will now have a wider audience that they can target, with members of the public being provided with the opportunity to decide whether they think something is good or not, thus also having an impact on whether an individual has a career within the art industry.
Freedom of expression
Artists are able to experience freedom of expression now that NFTs exist, as there are no limitations or restrictions on what an individual can create. Indeed, whilst there will still be many who prefer the traditional forms of art, there is a large portion of the population that will have different tastes and will want something a little more against the norm.
With NFTs, the only limit is the imagination of the artist. If they can think of something to create, then they can make it and look to try and sell the digital copy via the token.
Ownership views are changed
The way ownership is viewed will have been changed via the introduction of NFTs in the art world, as individuals no longer are required to have the physical piece in order to claim that it is theirs.
An NFT will allow for the artwork to have a verifiable scarcity and ownership that can not be manipulated, unlike other digital assets that can be found online.
As can be seen, the introduction of NFTs has transformed the art scene in an immense way and one which will provide those involved with a number of incredible benefits that many will have been craving for some time.
With improved freedoms, extra revenue streams and the ability to have more power over their work, artists will fully embrace NFTs for some time to come.