Today, everything is going digital, and art is no exception. Art can be viewed online just as easily, if not more easily, than it can in person. As a result, it is being taken to a completely virtual platform in the form of an NFT.
NFT stands for non-fungible token. Non-fungible means it can’t be altered or replaced. So while you might compare on NFT to cryptocurrency, cryptocurrency can be traded and exchanged while an NFT is unique and unchangeable.
NFT’s come in the form of a digital token that can be sold online. The term can be used to describe any thing that comes in digital form, but it commonly refers to artwork, photographs and animation.
How Do You Buy and Sell NFTs?
NFT’s can not be bought and sold with regular currency. Rather, they can only be purchased with cryptocurrency. They are part of the Ethereum blockchain so if you sell an NFT, you’ll most likely be paid in Ethereum (ETH).
Why Buy an NFT?
NFTs are often purchased for the same reason any type of artwork is purchased…because the buyer loves the art. But many buyers believe the value of the NFT will appreciate over time. They are hoping they can eventually sell their NFTs for profit.
How NFTs Benefit Artists
It’s tough for artists to earn money. Having the option to sell work as an NFT opens up new opportunities. They won’t have to rely on fairs and exhibitions to sell their work and they don’t have to be scouted for editorials.
Rather, they can sell their work as individual units directly on the blockchain. Artists have made thousands and even millions of dollars selling their pieces as NFTs.
How Do You Sell an NFT?
To sell an NFT, you must make it available on a particular blockchain. It’s similar to listing it for sale on eBay or Etsy but only members of the blockchain can view your work and have the opportunity to purchase it.
It costs $85 to list your work on most NFT platforms. Some have cheaper rates, but none are free.
Once sold, you’ll get paid with the cryptocurrency associated with the blockchain. Some will allow you to deal with more traditional currencies, but this is uncommon.
Since Ethereum in the biggest marketplace, you’ll likely be paid in ETH currency.
How to Price Your NFT
The fees associated with selling NFTs can rack up quickly. Therefore, you’ll want to price your piece at a reasonable range ensuring that it will get purchased.
You should also consider what type of work is likely to sell. List pieces that you think will be appealing to the current market. NFTs tend to be controversial in nature, but this isn’t always the case.
You will also have the option to have people bid on your NFT. In doing so, you will need to set a minimum bid as a starting point.
Ownership and Copyright
Once you sell your work as an NFT, the buyer becomes the owner. However, as the creator, you will be able to hold on to the copyright and reproduction rights.
The blockchain keeps information on all the NFTs that are sold so you can see who owns the piece and its complete history. And because you own the rights to the piece, you can still publish it on social media or exhibit it in public spaces.
While it’s nice to know creators have this option, it also makes one wonder why anyone would buy an NFT in the first place. Pieces that have sold for thousands of dollars can be downloaded online for free by anyone. It kind of takes the pride out of ownership.
There is also a risk that works posted as NFTs could get stolen. However, most platforms take measures to avoid theft.
NFTs are a complicated concept, but they are a great way to help artists make money. And like it or not, they may just be the trend of the future. Will you be converting your work to an NFT and selling it on blockchains?