If you’re a digital artist, chances are you’ve heard of the NFT marketplace and may have considered joining. The NFT marketplace is a booming digital economic center where digital artists can sell their artworks to collectors and other investors in the crypto space. Not only do NFTs allow digital artists access to this marketplace, but the technology behind NFTs provides some serious benefits to artists who struggle with controlling their intellectual property online. Here are a few things every digital artist should understand about the NFT marketplace and how it could benefit them.
What is an NFT?
An NFT or non-fungible token is an encrypted record of ownership over a digital or real-world asset. These records can often contain a copy of the digital asset file or a document including details of the real-world asset that the NFT represents. NFTs are secured and exchanged on a blockchain network, making them highly secured and virtually impossible to tamper with.
NFTs and Digital Artists
Because NFTs can encrypt virtually any file type, digital artists can mint an NFT from their artwork across all mediums. NFTs on the market can include digital paintings, gifs, video clips, music, and much more. By minting your work into an NFT, you unequivocally verify the provenance of that artwork and add inherent value to that file by creating an immutable record of ownership over that piece. Digital scarcity is essential for generating market value, particularly in the digital art world. When you mint an NFT through a platform like FTX, you can quickly auction and sell directly with NFT collectors, and you can opt-in for royalty payments as the work is resold in the future. The blockchain will ensure your name as the artist is never lost, and the record of ownership over that asset is forever maintained and accessible.
The NFT Art Market
The first blockchain project to utilize NFTs was the Ethereum blockchain, which holds most of the NFTs in the world today. The NFT art market has boomed in the last several years, jumping from $95 million in total sales in 2020 to over $25 billion in 2021. Many celebrities and artists have endorsed the NFT market in the last few years, including Snoop Dogg and Steve Aoki, who are also launching their own NFT collections. Many different exchanges and platforms can help you access the NFT marketplace and begin listing and selling your artworks.
Entering the Marketplace
To start selling your digital art NFTs, you first need to select the platform and the blockchain you want to use to mint your NFT through. Exchanges like FTX are user-friendly and easy for artists to quickly mint and list their works through. If you’re minting your artwork, you will most likely want to enter the Ethereum blockchain, where most NFTs are secured. When selecting a crypto exchange that works for you, consider fees, accessibility, and compatibility with the Ethereum blockchain and other key cryptocurrencies. Once you’ve chosen an exchange to join, you can open a digital wallet and fund it with the Ethereum token or whichever coin you decide to invest in. Once your wallet is funded, you can join the platform of your choice to begin minting your artworks. The minting process does not take long, and here you can opt-in to royalty payments and add your information as the original artist of the work. Then, you can enter the NFT marketplace and list your artwork for auction or sale directly to collectors and investors in the space.
There are many benefits for digital artists who take advantage of NFT technology and enter this booming digital art market. Though all investments come with their own levels of risk, the popularity of this marketplace offers all artists a shot at success.