Did you know that an NFT work recently sold for over $69 million?
Yep, that’s for one piece.
The NFT space is hot and booming right now, with collectors worldwide interested in acquiring NFT art from prized creators. But if you find yourself confused about this new trend and how it works, we’ve got you covered.
Below, we break down the most pressing question on everyone’s minds: what exactly is NFT art. Let’s dive right in.
What Are NFTs?
Let’s start with the basics.
NFT stands for non-fungible token. By non-fungible, the implication is that work or product is unique and no-replaceable. It is thus one of a kind.
Take trading cards as an example. They are fungible – meaning that are many of them out there that can you can trade to the same effect.
However, a one-of-a-kind trading card is considered non-fungible. This means there is only one variation of it out there in existence, and by trading it for something else, you may never get it back.
Functioning of NFTs
How do NFTs work, you may be wondering. Well, all NFTs remain powered by Ethereum, which is a cryptocurrency.
The Ethereum blockchain supports NFTS and stores its unique code in the algorithm. When NFT art is created, it is put away in the Ethereum Blockchain to make replication much more challenging.
What is NFT art?
Understood the basics of NFT? Well, NFT art is a sub-sect of NFTs in general. Essentially, an NFT artwork exists in the digital world and cannot remain replicated.
It can be any kind of file, for example, a PDF, music, or even a memory photograph. Famous NFTs can be anything from a signature to a painting to even an old advertisement.
While collectors cannot touch their artwork in real life, what they have control over is ownership.
The value of an NFT piece thus fluctuates just like any other investment, and the price can increase or decrease depending on factors like supply and demand and market value.
How to Make NFT Art
Wondering how to create NFT art? Well, the good news is that you can get started right from the comfort of your own home!
You need to start by creating the artwork itself. Here, you can get as creative as you’d like! Use your favorite medium to create a work that you’re proud of. We love doing our NFT art on acrylic or metal sheets.
Once you’ve got your work ready, it’s time to list. Find an NFT trading platform (there are many out there), and begin the posting process. Here, you will be asked if you want your work to be a one-off or multiple work piece or if you wish your work to be posted in the public or private domain.
You’ll benefit from a unique code, and a few short steps later – your NFT art is listed!
You can then advertise your work or generate interest through other means like social media. If your work piques interest, then an auction-style selling format is utilized for selling your work. Remember, the NFT platform you pick will charge trading fees for using their website.
Thus, be sure to compare platforms based on their commission fees before deciding on one to use.
The Benefits of NFT Art for Creators
You may well be thinking – what’s in it for me? If you’re a traditional creator, perhaps you’re confused as to why this new way of selling art is advantageous for you.
Below, we list some of the main benefits of selling work through the NFT model.
You’ll Own Your Work
Ownership of work is perhaps one of the most significant issues in the art world. The rise of NFTs allows creators full ownership of their work.
They are able to have control over who the work could be sold to, how it is displayed, and more.
You’ll Make Money
NFT art is one of the newest ways to make money. Creators can monetize their work in a more straightforward and accessible way.
Moreover, you won’t have to wait for payments, feedback, or clients reneging on paying you. The entire payment process remains managed through the blockchain, making it extremely efficient!
Think again if you’re used to dealing with local and community art markets. NFTs allow you to expand your reach and negotiate with collectors and fellow creators all over the world.
The collecting and selling of art are entirely online (as opposed to in real life as with traditional art). This means that creators can sell their work to buyers they previously did not have access to.
Some NFTs also offer royalties. This means that you can gain a percentage of the sales every time your work sells.
This can be an extremely lucrative venture and a compelling passive income generator.
The NFT Art Space Is Booming Right Now
One thing is for sure – it has never been a better time to become an NFT creator. There is lots of interest in this field, and collectors are excited to start their own collection.
The advancement of technology and the crypto world has facilitated the further growth of NFT art to a new level.
Are you looking to get started on a creation of your own? Be sure to check out Big Acrylic for all your custom art print need