Despite the recent cryptocurrency meltdown and collectors’ more cautious approach to digital art🎭, artists may benefit significantly from non-fungible tokens if they carefully use them. There are several advantages to trading NFT art via blockchain⛓️, and the sector is expanding. According to DappRadar, NFT sales volume hit $24.9 billion in 2021, up from $94.9 million in 2020. However, this revolution is about more than simply money. Let’s peek at how creatives are faring in the NFT game.
How art NFTs help artists
NFTs are one-of-a-kind digital identifiers used to record the ownership of a digital asset. The blockchain is what drives NFTs. Verifying ownership within the blockchain eliminates the need for middlemen such as banks or government entities.
- Authenticity: The primary advantage of NFT art is that it assists creatives in proving the legitimacy of their digital creations, allowing them to be traded.
- Resale royalties: Because the blockchain allows them to track all resales of their work, NFTs assist artists in receiving resale royalties — a portion of each new sale of their art.
- No gatekeeping: According to research, Artists lose 10–20% of their revenue to their agents for prospecting and negotiating with customers. The NFT art market eliminates intermediaries between an artist and purchasers, so collectors make the final decision. Artists wholly own the NFT art and the revenue.
The NFT art market is expanding
The NFT art market is growing in leaps and bounds. The renowned auction house Christie’s announced its best sales year in five years in 2021, with $150 million in NFT sales. Among these works was Pak’s “The Merge” (USD 91.8 million) which is the most expensive NFT art of all time. Next is a digital collage by well-known NFT artist Beeple, which sold for $69 million.
According to a recent analysis produced by Nonfungible.com with cooperation from research firm L’Atelier, NFTs accounted for around 16% of the Global Art Market by value last year.
In 2021, $2.8 billion was spent on crypto art, in contrast to $14.6 billion that was spent on traditional art.
The number of art NFT collectors has risen to more than 212,500. According to the study, over 3,500 artists contributed over 427,000 new NFTs in 2021, increasing the overall amount to over 1.6 million.
Hence, it makes perfect sense for artists to move from traditional to NFT art for the factors mentioned above.
, an NFT-based IDO launchpad, is helping artists make this transition through their unique contest, Non-Fungible Talent Season 1. If you are an artist, be sure to check out this competition.
AdLunam, Inc. is an Engage to Earn NFT-integrated IDO seedpad and launchpad for the Web3 Attention Economy using a Proof of Attention allocation mechanism. The Engage to Earn ecosystem enables crypto investors to monetize their social capital while allowing projects access to the industry’s top-most engaged retail investors throughout a token’s funding life cycle.