- During the Covid period, NFTs’ mighty potential in the digital platform for the trade of different Artworks was realized.
- Revenue generated through the NFT marketplace will reach $2272 million by 2024.
NFTs (Non-Fungible Tokens) are assets that are tokenized via different blockchains. Ethereum has been the most prominent blockchain responsible for digital art trade through NFTs.The uniqueness of being irreplaceable and Non-Fungible has started this new digital art space and cryptocurrency revolution.
NFT is transforming Artist’s life for the better
It doesn’t matter whether it is physical art or digital; selling it through NFT blockchains is possible. Imagine being a painter or graphic illustrator and having all your artwork in a digital space instead of a physical place. Yes, instead of having an art gallery or museum for your work of art, you can link your physical work to NFTs and put it up for grabs as digital art. Publishing your artwork to the world is achievable through NFTs; naturally, exposing it to the target audience is the ice on the cake.
Artists from various innovative artworks and artworks from different peculiar domains have benefited through NFTs in commercializing their work online. Grimes, a popular Lofi and R&B musician from Canada, made millions of dollars by putting her songs as NFT tokens. An Indian rapper duo from Delhi also took the same path and made a handsome stack.
But it doesn’t stop with musicians, painters, and graphic designers putting up their art in the blockchain ecosystem as NFTs. In retrospect, anything and everything can be a product. From tokenized digital cards to Nyan Cat meme graphics to a tweet from Twitter’s founder, surprisingly, anything is up for grabs as NFT tokens. Somebody just needs to have an emotional connectivity or relatability with you or your art or both, for that matter.
Popular NFT Marketplaces and Categories of Art
Ethereum might be the blockchain with the most tokenized NFTs, but other blockchains have NFTs for the trade of digital art. Solana blockchain has ‘Solnart’ as its NFT art trading ecosystem. Artists can also enlist their NFT-linked art to marketplaces like OoenSea, which is undoubtedly the largest NFT marketplace.
OpenSea has several NFT categories and a wide range of digital artwork. In its Initial days, OpenSea was flooded with artwork centered around Digital art and collectibles. However, as of now, Artwork from various domains like photography, sports, trading cards, music, domain names, etc. are up for grabs in this digital marketplace.
Unambiguity of NFTs in trading
While the whole world and ecosystem of cryptocurrency might seem perplexing, NFTs are a more straightforward and much less ambiguous concept of cryptocurrency. The overall process is more detailed and smoother than the non-virtual trading of your artwork, which involves a modern finance system, intricate loan system, and different asset types. NFTs can be seen as an evolutionary measure in revamping this trading infrastructure.
However, hindsight shouldn’t be ignored entirely, and one needs to be cautious, especially while buying anything digitalized form of a physical asset. Whether there is a non-virtual deal of that artwork made or not should always be kept in check along with the royalties and rights.
