Non-Fungible Tokens (NFTs) are changing the creative space and how creators and consumers of creatives interact with art.
From a creator’s perspective, an NFT can be any type of digital file: an artwork, music, an article, music, or even a meme that exists completely in the digital space. Unlike physical art that could be replicated, NFTs are unique cryptographic tokens that exist on a blockchain and so cannot be replicated.
Already getting a glimpse into the value of designing these digital artworks? Brilliant! But it doesn’t stop there. Here are 3 reasons why you ought to get into NFTs as a creator.
Benefits of NFTs to Creators
1. New ways to generate income
NFTs are forging a novel path for creators to monetize their works. It presents a quicker and faster way for you to create and put your artwork out there. Once minted, you don’t need to make changes or edits to it to suit a buyer’s taste.
Since NFTs solely rely on the value of cryptocurrencies, your masterpieces are valued in entirely new lights within a rapidly evolving DeFi space. Because NFTs are sold on the basis of Ethereum, an increase in the value of Ethereum could translate to an increase in the value of your art.
There are two major ways you can monetize your digital artworks:
- Royalties: When arranged for, you can earn royalties, say 8–10%, anytime your artwork is sold, for life! This depends on the platform you’re using to create or sell your NFTs.
Source: https://nonfungible.com/market/history — Plot for NFTs’ weekly sales volume from August 2020 to August 2021.
- Outright sales: In this case, you earn on a once-off sale of your digital artwork. As of July 2021, about 60,000 NFTs were sold weekly, averaging $3,465 per item. How high can an NFT sell? The recording-breaking digital art — the CyberPunk #9998 — sold for $530 million!
2. Ownership of digital art
NFT art is ‘minted’ or tokenized on the blockchain giving creators sole ownership of their work. Up till the advert of NFTs, many creators do not earn recognition for their work whether shared online or off it. We do share lots of images, designs, and music files without a trace to the original creator.
With NFTs, every piece of digital artwork you put over the NFT space leads back to you. Blockchain encryptions not only make it easy to track copyrights on digital works but also makes it extremely difficult for your artwork to be replicated or hacked.
The compounding benefits of tracking ownership of digital masterpieces is that it can boost your reputation as a creator and impact the value of your works.
3. Reach a global market
Traditional art sales rely on physical events like exhibitions and a closely-knitted art collection market to sell their work. Graphic designers are, most of the time, limited to a contact list of clients, And whoever thought you could sell designs advertising them on an online marketplace or social media?
NFTs grant creators exposure to a global audience and buyers. However, given the competitive nature of this space, it’s advised you find specific design niches, learn your audience and establish an emotional connection.
Just like Bitcoin changed the financial game in 2008 for financial experts, NFTs are transforming the creative space. It offers you more opportunities to earn and grow like never before and for the best part, we are still at the early stages of this technology.
Now is the time to get into this space, start creating digital versions of your work or entirely new arts, and sell on top marketplaces like the AFEN marketplace. It just might be the best decision you’d make yet.
Follow and join AFEN community:
AFEN NFT marketplace: afenmarketplace.com