The Economic Impact of NFT on Artist
NFT are changing our preconceptions about art ownership and digital copyright. NFT enable artists to sell their digital art to anyone in the world. With the transformation from analog to digital, the past 40 years has seen the way we consume and share art change dramatically. One of the largest challenges of the digital revolution is the fact that digital products are by nature, easily duplicated and transmitted. This has challenged the ethics of ownership and copyright, as the digital revolution made it easier than ever for people to share digital content without paying the actual artists who created it.
Everyone wants to save money on the media they consume, but a fair market must be established that benefits both the creators and consumers. One solution has been the rise of streaming services, where art and entertainment are basically rented out for a monthly fee. This works for some, but for others the idea of ownership is important. How can NFT revolutionize the way art is made, consumed, and shared? Let’s take a look at this exciting technology, and how NFT will drastically change how artists create and monetize their work.
What are NFT?
- NFT are non-fungible tokens on the blockchain that use the immutable nature of blockchain to verify digital or physical assets.
- NFT can represent art, music, movie tickets, real estate, video game items, important documentation and more.
- NFT are used in a variety of industries including; logistics, art, fashion, medicine, and more.
NFTs in the Art Industry
In what is its most common case use, NFT are changing how the art world works. Digital art is becoming increasingly popular and many artists are using NFT technology to help sell their work.
In terms of art collecting, NFT solve two important issues traditional art faces. First, what is the sales history of that item? Many works of art are centuries old, and tracing ownership can be difficult. Secondly, is the art authentic? With counterfeiters being able to produce exact replicas, how can we prove a piece of art is the original. Some even theorize the Mona Lisa on display at the Louvre is a fake, and that the real piece is kept locked up.
NFT help the art world by using the blockchain to verify authenticity, which ultimately helps bolster the market, as both buyers and sellers of fine art can work with increased confidence. This allows artists to create without fear of copyright infringement, bringing profit back to the creator. Additionally, the artist can program royalty payments, so every time the NFT art changes hands, the creator earns a small royalty. The transaction data exists in a distributed ledger, so every sale of NFT art is traceable.
NFT Ownership
But if digital art is easily replicated, why is ownership important? For one the economy of art means that people want authentic pieces. You might be able to screen grab a famous NFT, but within that art market, the copy holds no value as it isn’t part of the verified collection on the blockchain.
This becomes very important as the internet becomes increasingly strict on copyright and the legality of using other creators’ work. Many social media platforms are incorporating NFT avatar options. If a brand, artist or musician wants to use their NFT, actual ownership means they can freely use their NFT as they wish, it’s owned by them. If you screen grabbed an NFT and tried to use it as the cover for a new music album, you’d be sued by the original creator of said artwork, but with NFT, ownership is easily verified by the blockchain, giving more power to consumers who want their NFT investments to remain valuable. Overall the use of NFT in art rebalances the market in a fair and free market system where both artists and collectors can create a more balanced market free of counterfeit and deceit.
What NFTs Bring to Digital Artists
- It will empower artists to earn more and take control over their art.
- Provides protection of intellectual property.
- Opens up exciting new and larger markets for artists to earn and sell more.
- Eliminates the middleman, allowing buyers and creators to earn fairly.
- Helps artists monetize their art in new ways.
Popular NFT Platforms to Mint NFTs and Sell NFT Art
Pikasso: Pikasso is an NFT infrastructure project that looks to bridge the Web2 and Web3 world. This platform uses a ‘No-Code’ system and credit card payment options to open up NFT markets to new markets and users. Digital creators and gaming companies that are new or unfamiliar with Web3 might not have the infrastructure or talent needed to incorporate NFT into their brand. Pikasso does the legwork, so any size creator can create NFT, organize their collections, and sell them on the market, without the technical expertise of working with blockchain. Artists need a platform that doesn’t distract from their creativity, and Pikasso offers an all in one solution for both the creation, buying and selling of NFT art.
OpenSea: One of the largest NFT platforms. OpenSea allows users to mint, sell and buy NFT on their marketplace. NFT are easily searchable through a variety of search options including sales volume rank, price, and creator. Sellers must pay for gas smart contract interaction. In October 2022 OpenSea announced the release of a bulk buying and listing feature that allows customers to list and buy over 30 items in one go.
*Other honorable mentions include: Rarible, Binance, NBA Top Shot, and SuperRare
Conclusion
As the world continually becomes digitized and online virtual spaces are important to human expression, NFT will continue to be an important innovation. NFT create easily verifiable records of ownership that are easy to buy, sell and trade. New marketplaces and NFT platforms are changing the way artists use this technology for their benefit. As the industry continues to evolve, both artists and consumers need to find the best NFT platforms that have the advanced features needed to work with NFT, including a diverse market and tools that allow every creator to create NFT for their fanbase in cost effective and efficient ways.
About Pikasso
Pikasso is a firebase infrastructure for NFT apps and games, creating an easier way for projects to create NFT, all on low-cost layer-2 ecosystems. Pikasso saves users the time needed by using a no-code platform to create NFT, with an improved UX/UI, and marketplace generator for each NFT project, all while bridging the gap between web2 and web3 content.
