The old saying “artists only get rich when they’re dead” could very well be a thing of the past with non-fungible tokens (NFTs). Where once creatives had a hard time building a platform, an audience, or a means of livable income, there’s now a space that can solve it all. While NFTs aren’t necessarily new, we’re still in their very early stages–and what better time to venture into something new than the early adoption phase?
As a major quantum shift for creators, in particular, getting creative with digital art is a great way to stay innovative. Don’t have any idea what an NFT is? Here’s all you need to know. But for now, here’s what’s in it for creatives.
A global community awaits you.
When you enter the NFT space, you enter a global community of enthusiasts with the same interests–creating and buying digital art. Traditional means of building a loyal following are oftentimes hard work for creatives. While there’s still a need to, NFTs automatically bring their own community along with them–no matter what you create and where you create it.
Rather than spending countless hours advertising or networking in hopes that someone will lay eyes on your work, you can simply immerse yourself into the NFT space. Better yet, the longer you stay connected and build a following, the better you can build your own niche community.
Bored Apes Yacht Club is a great example of a project whose NFTs grant you access to their own branded exclusive group. Not only does this mean more eyes on your work, but it also means more money in return for your talent.
Design standards don’t exist.
Let’s face it, the traditional design industry is full of rules on what’s considered “real” or “good” art. From what colors are considered compatible, to the rule of thirds, creativity is often limited to many restrictions. With NFTs, though, that all changes. Because digital art can be anything–we mean anything–there’s no right or wrong way to create an NFT. They’re simply what you make of it.
For example, the NFT project, CryptoPunks, would have never aced a design course at Parsons. However, in the NFT space, it’s a popular project. With styles like CryptoPunks’s pixel art and surreal illustration, you can create on your own terms.
Your sales have no end.
When you sell creative work, you usually only profit from each individual sale. With the exception of traditional royalties, making multiple sales require consistent work to continue making money. This is where NFTs provide the most value–allowing you to automate revenue growth by extending ownership of your work.
Because NFTs are technically unlimited, the royalty profit structure applies. This means that you profit a percentage that you set yourself. So if you decide that you want 10% of every sale, you receive 10% every time someone purchases your NFTs. A great example of an NFT project killing it is Pudgy Penguins, generating 47.3K ETH (currently equivalent to over $133M) since July 22, 2021.
Authenticity is less of a worry.
Because NFTs live on a blockchain, like Etherum or Solana, they exist infinitely. This means that once you share an NFT with the world, it can’t be deleted. This in turn traces back every creation to you, specifically to your unique wallet address.
On the flip side, physical creative work requires some sort of copyright parameters or signature to identify your ownership. This is completely unnecessary when it comes to NFTs, though, as your proof of ownership is automatically implied. Every published NFT is a one-click secured package, and you don’t have to worry about anyone stealing or impersonating your creativity.
Digital art is the future.
It’s no secret that the metaverse is bound to take over our everyday life. More importantly, the metaverse doesn’t discriminate against industries. Regardless of where your heart resides–whether the gaming industry or even the fashion industry–digital goods are soon taking over them all. While they can simply be a means for generating passive income, NFTs also serve real use cases in the future of technology.
By immersing yourself in the digital world of NFTs, you’re simply better prepared for what’s to come. Like most advancing technology, the learning curve is a tough process to overcome. Staying ahead will set you up for success to venture where and when you please.
