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Non-fungible tokens (NFTs) can be used to digitally represent nearly anything, including videos, event tickets, and virtual real estate. Still, perhaps the most prominent NFT use case is digital art. Many marketplaces allow aspiring digital artists to sell their work, which contributes to more people getting interested in becoming NFT artists. Below are a few tips on how you can digitize and monetize your artwork to become an NFT artist on platforms such as the Binance NFT Marketplace.
Introduction
NFTs are a unique class of digital assets that can represent digital or real-world items. Each NFT has a unique token ID that makes them easily distinguishable. Unlike Bitcoin and other fungible assets, NFTs are non-fungible, meaning they aren’t interchangeable with one another.
Thanks to NFTs’ unique features, artists can benefit when they create and sell their art in the form of NFTs. Apart from being able to easily establish proof of ownership and authenticity, NFTs allow artists to earn royalties more conveniently, without the need for an agency or manager.
What is NFT art?
In short, NFT art refers to any piece of art that is created as a digital token in a blockchain network. These tokens are called non-fungible tokens or NFTs. NFTs are typically created using smart contracts that adhere to specific standards. One of the most popular standards is Ethereum’s ERC-721, which requires all tokens to possess unique token IDs to ensure non-fungibility.
Due to their non-fungibility, NFTs can represent ownership and create financial value for digital artworks. In a world that has seen fake art scandals shock entire nations, NFT art can help empower artists who worry about art forgery. Through blockchain technology, artists can easily prove they are the creator of a particular piece of art.
Among the different types of NFTs in the crypto market today, perhaps the most common one is NFT art. You may have heard of a famous NFT artist, Beeple, who made waves with his NFT art sale that fetched a whopping $69 million. Grimes, a multi-hyphenate artist, reportedly sold $6 million worth of digital art as NFTs. Indeed, NFT artwork can be sold for millions apiece in NFT art auctions that resemble traditional ones.
Why do people become NFT artists?
Because NFT art is digital, exhibitions are no longer constrained to physical spaces like museums and art galleries, allowing artists to show off their creations anywhere in the world. This can enable artists’ work to transcend geographical boundaries and gain worldwide recognition.
Apart from venturing into a modern, new art format, another important reason for creating art via NFTs is that you can easily verify their authenticity. Due to the unique ID of each NFT artwork and the immutability of the blockchain, the ownership and authenticity of every NFT artwork can be preserved.
NFT artists would also be pleased to know that their art can be exhibited and sold without going through any third parties, allowing them to avoid middleman fees that can often eat into their earnings.
Some platforms like Binance NFT Marketplace allow artists to earn passive income via royalty fees. This means that NFT creators can earn a percentage of every NFT sale, even when it happens between users on the secondary market.
Finally, the beauty of the NFT art scene is that anyone can create and sell their artwork. Unlike traditional art galleries, many NFT marketplaces are inclusive. This environment gives budding artists the chance to be independent and make a living out of their passion.
Downsides of being an NFT artist
While its popularity has been increasing, NFTs are still not considered a mainstream art form. As it’s still early days, established NFT artists may not be able to find keen buyers as quickly as traditional buyers from art galleries.
Furthermore, because anyone can be an NFT creator, the marketplace where you intend to sell your artwork may be saturated compared to exclusive art galleries with handpicked art. You may need to build your fanbase and establish value behind your artwork to increase your chances of succeeding as an NFT artist
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