NFT Industry- The New Hub For Digital Artists

Caleb Franklin Sep 22, 2022

Art & Entertainment are the pioneers of bringing the masses together. While artists express better with their creativity, audiences resonate with creativity in a unique manner. With NFTs now becoming an industry that almost every artist across the world is becoming a part of, there are many who wonder why the sudden shift. What really is the difference between being a traditional or digital artist & an NFT artist? Listing a few points below will certainly help you understand this better.

Help artists reach a global audience

Unlike traditional art galleries that act as gatekeepers for the artwork they would like to display, NFT marketplaces break the barriers by serving as an open platform for the artist irrespective of their size & experience making it more inclusive. It is an enticing factor for artists who choose to enter the NFT industry as it takes them to a broad set of global audiences without any gatekeeping.

Potential recurring source of income for artists

In a traditional or digital art sale, there is a single transaction where the artist gets to sell their art piece & make money. However, the case of Web3.0 technology is very different. Every time an NFT is traded/sold, the artist can earn a secondary royalty, the per cent of which the artist gets to decide.

Rise in number of transparent transactions

A buyer's interest & decision to buy any art piece especially is based on its authenticity. In a traditional setting, the verification of an art piece is usually done by an art gallery or auction house.

The process in Web3.0 is relatively easy, courtesy of the blockchain network. Anyone & everyone can get all the details about an NFT art piece; the artist, its authenticity, previous ownership, current ownership & the number of trades & transactions that have happened on the art piece. This digital ledger minimises any ambiguity involved.

Another advantage that an artist gets is that the NFT also works as a certificate of origin & authenticity for the same item’s digital or physical piece.

Creative Freedom

Upon entering the Web3.0 space, another big advantage that artists get is creative freedom. An NFT art piece could be anything; a static art piece; a GIF, a video, etc. Once designed, it cannot be altered as per the desires of a client, unlike traditional or digital art pieces. Neither does an artist have to chase after the clients for any

outstanding balance. The artist gets a certain predetermined royalty fee that has been agreed upon by them.

Digital property rights

Once an original NFT art piece is created, it is minted & tokenised on the blockchain, a digital ledger that keeps all records available for anyone & everyone to see. This gives the artist complete ownership also known as Digital Property Rights for their Intellectual Property (IP). It eliminates fraudulent claims about ownership of the art piece or the idea, although the NFT can be viewed or shared by anyone. However, if a certain artist recreates an NFT of an original digital or traditional art piece, they do not get the digital rights for the same as it is not an original piece.

Fostering communities

Artists outside the Web3.0 space would find it very hard to keep track of each of their fans out of the millions, especially the loyal ones because the world is big. As an NFT artist, one gets to make a funnel of loyal fans from the cluster and have a community built with these loyal fans alone. It gives them the chance to understand each other a little better, making it a more personal experience for both.

With this kind of advancement in how the internet functions & what it has to offer, artists certainly should be looking at entering the NFT space, and that will definitely bring about a significant progression in their field of work.

*The author is Caleb Franklin, CEO and Founder, HeyHey!