Unlock the Full Potential of Your Art with NFTs: 5 Advantages Explained
Artists can benefit from non-fungible tokens (NFTs) by better controlling their work, creating new revenue streams, and increasing the value of their assets.
All artists should be familiar with non-fungible tokens (NFTs) and the advantages they can bring to their businesses. They help artists better control their work and create new revenue streams.
By leveraging NFTs, artists can monetize their art in ways that weren't possible before, and they can even have the chance to increase the value of their assets.
In many of my conversations with local artists, there is some skepticism and resistance to learning something technical. Thankfully there are a lot of resources and people eager to explain and onboard newbies into this space.
The benefits surpass the negatives when it comes to creating NFTs as an artist.
Artist control
Artists have complete control over their work with NFTs. They can choose how to distribute, license, and sell their art. They can prevent unauthorized use of their art and ensure they get paid on their terms.
Artists can determine whether they would like to sell the rights to their work and add this information to the smart contract of the NFT. By selling the rights, the owner of the NFT can use the images however they want.
Unique and verifiable
Blockchain technology creates a digital asset that proves ownership and authenticity. Verifying all transactions related to the creation, sales, and trades of the NFT enhances the value and prestige of the work.
Increased visibility through partnerships
NFTs can be easily shared and promoted on online platforms, which brings greater exposure for the artist and their work. When partnering with other brands, artists, and creators, artists can reach new markets and purposes for their art. An artist may design the art for the NFT, while a business partner may provide the utility to unlock membership perks and other benefits.
Monetization
NFTs offer an additional revenue stream for artists to sell their work to fans. Instead of relying on galleries, art shows, brick & mortar storefronts, and other traditional methods, there is no limit to the creativity in selling NFTs online. Royalties also provide additional income in the future whenever the NFT is sold in the secondary market.
Community building
Much of the success of an NFT project is community. By rallying behind an artist and their story, true fans and collectors can interact and connect through the NFT. Sharing a PFP (Profile Picture), displaying NFTs in a virtual space, and viewing art in public wallets are novel ways to engage with and appreciate art with others. Communities foster connection and encourage grassroots marketing by member advocates.
Summary
NFTs provide many advantages to artists, from increased revenue streams, maintaining control and verification of their work, and providing more public awareness through partnerships and community.