How can NFT’s help artists?
I’ve been dabbling with NFT’s for about 2 years now. Initially I thought it was all going to be a fad, a buzz word for a while, then I realized the utility of NFT’s and became more of an avid follower. I started out on NBA TopShot, as I follow basketball in the States. This is like trading cards but you're pulling ‘packs’ and trading digital ‘moments’ which are snippets of NBA footage that you can trade on the NBA TopShot marketplace. Fun and engaging for sure. You have to be aware of buying expensive cards and the value fluctuating! Thats a great way to understand how an NFT can be utilized in an engaging environment with the value that it creates.
What is an NFT? An NFT is a digital asset and can be any type of media, JPG, GIF or MP4 (video). It has a unique digital identifier that’s secured and stored on a public blockchain. NFT’s help validate, track and assign ownership of digital items. One token is not inter-changeable for another and a token can not be further divided. They are originals with a digital fingerprint. When it's bought, ownership changes hands and there is a public ledger of ownership. NFT’s also help democratize content creation and distribution. If you’re an artist you can create limited edition art very easily and sell directly to the consumer without a gallery or auction house needed.
NFTs (Non-Fungible Tokens) can help artists in several ways:
Direct revenue stream: Artists can create and sell their digital artwork as NFTs, allowing them to have a direct revenue stream without the need for intermediaries such as galleries or auction houses.
Protection of ownership: NFTs are unique, indivisible tokens that can be used to prove ownership and authenticity of digital art. This helps prevent piracy and unauthorized reproduction of an artist's work.
Increased exposure: NFTs can be traded on various online marketplaces, which can provide artists with increased exposure and the potential for greater recognition and sales.
Royalties: NFTs can be programmed to include a royalty mechanism, which means that artists can earn a percentage of the resale price of their work each time it is sold.
Flexibility: NFTs allow artists to experiment with different mediums and formats, such as music, videos, and virtual reality experiences.
NFTs provide a new and exciting opportunity for artists to monetize their digital creations and gain more control over their work. However, it's important to note that the NFT market is still relatively new and can be volatile, so artists should be cautious and do their research before diving in.
If you’re an established brand or creator with a substantial following, it’s relatively easy to start adding NFTs to extend brand awareness and loyalty. Big brands can create unique content and limited edition runs which garner attention and a lot of money. It will be interested to see how this evolves for smaller creators and artists!
Love to hear your thoughts!
Your wingman,
Henry @ WOYC OD
