Artists in the NFT space: Benefits and Contribution
In spite of sometimes being criticized as over-hyped, NFTs are changing how art is bought and sold and how NFTs empower digital artists to finance and authenticate their artworks. Artists are one of the most crucial factors in building the NFT market. Some may think that NFTs are the “fear of missing out” phenomenon; others may assume it as empathy and diversity for future art with the evolution of the metaverse and other Web3 spaces. So how do the artists' benefit and influence the NFT market in the existing art market landscape?
Artists benefit from the NFT market
NFT levels the playing field
NFT levels the playing field and gives chances for millions of artists to have their works published internationally in various markets such as music, photography, film, etc. All people around the world have no barriers to accessing the NFT market. Many tools and marketplaces allow creators to develop their projects in the most suitable ways. However, the only limitation in the NFT market is how good your work is.
“Black Art. Black Stories. Black Voices.” is Yahoo's NFT project that represents their ongoing pledge to elevate black voices in the art and technology industries. Some individuals are helping educate black people about NFT opportunities, such as Ira Revels, an executive producer at Black Tech Futures Media in Connecticut. “I just want to spend all of my time making art and helping our people mint NFTs so they can begin to actually cultivate generational wealth,” Revels said.
NFT puts artists in control
Creators and buyers are allowed to directly contract without the involvement of a third party, such as museums or galleries. The technology is a digital "smart contract" recorded on a blockchain that defines ownership and resale rights for a particular digital artwork referenced in the contract but hosted elsewhere. Contract information is always public and provides creators with a means to track their artwork's "route.” Moreover, loyalty is a financial benefit for artists.
The chances of success for any artwork project depend on how many people support the artists. Some artists, such as Vincent Van Gogh, were only recognized after passing. In contrast, NFT artists can build a community to express their projects’ core values and build a core of devoted fans who assist in promoting the artists before releasing artworks. Communicating with members to receive ideas may help the project detect loopholes or potential implementation.
NFT artists can take ownership of their work
The concept of decentralized ownership of NFTs solves the authenticity problem and also pushes artists to be more inspired. In most contexts, NFTs belong to original artists rather than art purchasers. However, there is an exception. Through external agreements, after the sale of an artwork, complete ownership of NFT and copyright may be transferred to the buyer. So, only original authors are required to own NFTs.
Artists in NFT space influence the metaverse
Before the development of NFTs and blockchain technology, there was no reliable for verifying online ownership of any digital assets. NFTs are used to thoroughly and transparently verify ownership, particularly in a virtual environment. And now, NFTs are assumed to be the foundation and will continue to play a vital role in the metaverse economy.
The chance that Nike or Apple stores may open in the metaverse is high due to the interest of large corporations. These companies will require artists to generate the assets necessary to operate their portion of the metaverse. NFT artists will power a diverse metaverse of stories and ideas. By establishing links between the metaverse and the real world, NFT art and the metaverse provide an opportunity to reshape the internet away from how things are being done now.
With apps such as VRChat, virtual reality (VR) communication spaces are already growing, and it is not unrealistic to expect that these places may also serve as a flourishing trading field for NFTs. Sellers may simply give links and previews to web-based goods or mint assets directly in the virtual space. Nike virtual Nikeland is an example of how VR and NFT marketplaces can appeal to various industries.
As non-fungible tokens are produced, and new applications are discovered, it is clear that artists with a background in 3D modeling, simulations, artificial intelligence, and other talents will be in high demand. The VFX business is an excellent training ground. VFX artists may be at the forefront of the innovation of NFT art. This enables them to negotiate new contracts that provide them with more control over the work they produce. Consequently, NFT art will revolutionize the VFX industry.
Conclusion
If you are interested, we recently had an exciting discussion on Twitter Space about artists in the NFT space with Yehuda and Maya Devir from XOXO and Rockiart. We believe that in the future, NFTs will offer artists greater power. Artists also contributed hugely to developing and improving NFT and the metaverse. In this decentralized economy, there will be several innovations that have yet to be realized. We can argue that the market will be much more open and direct opportunities than what we are used to.