Although the viral NFT craze seems to have slowed down, I have clearly seen the opportunity created for visual artists to expand their impact and increase the value proposition of works created for their collectors.
Artists can use NFTs as a digital version to presell the rights to a work in progress or future works in the form of an NFT. Or they can proceed in a reverse manner; Sell the physical pieces and allow the NFT to be proof of ownership and authenticity. This concept is quickly being referred to as PHIGITAL ART. The physical pieces' proof of originality & authenticity is secured by a digital replica of work locked on the blockchain with details and metadata included. Ideally, the owner of the physical holds the NFT. If the NFT is sold, it also holds the writes to physical pieces. These terms and conditions can be established and embedded in the smart contract of the NFT.
Over the past 2 years, I have attempted to pair the physical art with the digital security structure of NFTs and unlock new opportunities:
Non-fungible tokens (NFTs) are still a solid and exciting way for visual artists to share their work and expand their network around the world. NFTs are unique digital assets that can be bought, sold, and traded on blockchain networks. Especially for visual artists, this means that NFTs can be used to create a digital certificate of authenticity for any piece of digital art, making it impossible to counterfeit.
There are many reasons why visual artists should consider creating NFTs for their work.Lets take a moment and discuss several:
NFTs can help artists to build a community of collectors. When artists create NFTs, they can connect with a new audience of collectors who are interested in buying and trading digital art. This can help artists to build a strong following and to generate a steady stream of income from their work.
NFTs can help artists to control their copyrights. When artists create NFTs, they can embed their copyright information into the blockchain. This means that artists can track who owns their work and can take legal action against anyone who tries to steal or counterfeit it. But more specifically NFTs help artist control their copyright in 3 ways.
NFTs can be used to create a digital certificate of authenticity that proves ownership of the work. This can help to deter copyright infringement, as anyone who tries to sell or distribute the work without permission would be breaking the law.
NFTs can be used to track the sale and resale of works. This information can be used to identify copyright infringement and to enforce copyright claims. For example, if an artist sells an NFT of their work and then discovers that it is being sold without their permission, they can use the NFT's tracking information to identify the infringer and take legal action.
NFTs can be used to create royalty agreements. This means that artists can set up a smart contract that automatically distributes a portion of the sale price of their work to them whenever it is sold. This can be a great way for artists to continue to earn income from their work even after it has been sold.
NFTs Royalties. YES! Royalties! NFT royalties work with smart contracts by having the smart contract automatically distribute a portion of the sale price of an NFT to the original creator.
This process is completely automated and does not require any manual intervention from the artist. When artists sell their work as NFTs, they can set a royalty rate that will be paid to them every time the NFT is resold. However conditions need to be constructed so that the sale of the physical piece and digital pieces happen simultaneously .
Use NFTs to create a digital certificate of authenticity. As I mentioned above, NFTs can be used to create a digital certificate of authenticity for any piece of art. This can be helpful for both artists and collectors. For artists, it can help to prevent their work from being counterfeited. For collectors, it can help them ensure that they buy the original work of art. I have begun the practice of minting a digital version of my physical paintings, import the metadata on the blockchain and issue the NFT to the collector as proof of authenticity.
Of course, there are also some potential downsides to minting an NFT version of your painting. For example, on some blockchains (Ethereum) you will need to pay a fee to mint the NFT..
Ultimately, deciding whether to mint an NFT version of your painting is up to you. However, if you are considering doing so, I hope that this information has been helpful. Check out my NFT Collections:
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