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What is a creative NFT?
NFT = Non-fungible token (meaning: it is unique and can't be replaced). Sounds difficult, right? But actually, it just means that it is a digital asset that represents real-world objects such as art, music, in-game items and videos. These items are bought and sold online, frequently with cryptocurrency (Forbes, 2021).
In other words, it is a digital file with identity and ownership verified based on the blockchain system, that is, a system impossible to be hacked because it is developed through crypto mathematics.
That said, giving a lesson of “NFTs for “geeks””, this innovative term that gained traction in 2021 is just a form of authentic art or crypto-collectibles that allows artists to create, sell, trade and control the creative artwork with the main purpose to produce something that is authentic, real and impossible to copy.
Nonfungible tokens are disrupting the traditional art market, creating new communities of collectors and giving artists more access to their fans and buyers. In the past couple of years, NFTs, or non-fungible tokens, have captured the imaginations of global artists and collectors, spurring new economic activity.
What will the role of NFTs be in the future of the creative industries?
During our research, we read an article that said, “NFTs are a mirror of how we think about art in the age of digital reproduction.” This is the best definition we have found to this day.
It is true that the NFT market is still in its infancy period, which is the perfect time for investors and innovative minds to bet big on this new technology. However, there is already some evidence that NFTs are here to stay. The sharp and steady growth of NFTs shows that it is only a matter of time before they catch up and surpass the multi-billion traditional art market.
So, what will the role of NFTs be in the future of the creative industries? In addition to profitability, NFTs are actually a real opportunity for many digital artists, who have not recognized and valued yet. NFTs represent countless opportunities, and their true potential has yet to be fully realized.
We often say that now is a good time to be alive, and that couldn’t be more true! NFTs are likely just the beginning of a fascinating journey into a fully connected digital future.
Art NFT is making a way into the creative industry generating opportunities for artists to list and sell their artworks. NFT Marketplace Development Services offer a virtual museum to the creative industry.
If you're an artist creating NFT art, there's no guarantee that you'll find a buyer right away. It may take some time to build up interest in your work before someone is willing to pay for it. It's easy to find headlines about NFTs selling in minutes for thousands of dollars.
Yes. Any kind of digital file can be stored as an NFT. Most marketplaces are set up for digital artwork, but more are now supporting video, game assets, and music. Even physical items are now being digitised as NFTs, for example physical limited edition Nike trainers and other collectibles.
How Can The Creative Industry Benefit From NFT Art?
01. Ensure Ownership Of Digital Art
In the pre-NFT and cryptocurrency era, anyone could use videos, images, graphics, repurpose and repost art or any content without thinking about its owner. But NFT automatically determines and shows up the ownership.
Since the artists can tell the world that they are the owners of an art piece, they can sell their artworks as and when they wish. Once an artist creates a painting or other artwork as NFT art, it gets tokenized on Blockchain, the cryptocurrency service.
Blockchain records information that is extremely difficult for a hacker to crack, making the technology ideal to track copyright ownership. It is also an excellent and foolproof way to maintain the creation and transaction records.
Therefore, any reselling of an NFT art or minting it will mean that it comes back to pointing at you as its owner. Consequently, digital artists are now getting formal recognition for their work.
02. Get A Regular Income From Royalties
One of the reasons for the popularity of NFT art is that it has revolutionized the way artists can earn money. Digital artists have their own fully secured due to blockchain technology. They can always use their status to their advantage in so many ways.
So, for instance, if buyers sell or resell NFT artworks, the artwork owner will get royalty or commission on every transaction. If a digital NFT painting gets sold ten times, the owner artist will get the commission or royalty on all ten occasions, ensuring a regular income.
Artists, designers, musicians, and content creators benefit from NFT royalties. Buyers of artworks can proudly display the assets since they can verify authenticity. So, it all results in the creative people setting up their royalties.
Many artists have put their old works on NFT and earned royalties. For instance, electronic musician Jaques Green put his old track from 2011 on NFT, and it fetched him around $27,000 in royalties. Mike Winkelmann programmed his NFT to issue 10% royalty from each subsequent sale.
Similarly, artists such as Steve Aoki, Ozuna, Kings of Leon, etc., benefit from the NFT technology to generate sales and royalties from their creative works.
03. Take Creative Works To A Global Audience
A few months ago, before the advent of the NFT art era, artists and all creative people were dependent on physical places only to display their works. These places included art galleries, international or national exhibitions, and fairs. Artists and designers had these venues as their source of income.
Art collectors have moved online after the emergence of NFT transactions. As a result, selling artworks to a global audience has become much easier. Creative people, including artists and designers, now have a global audience to explore using their computers.
How the future of NFT looks like?
The NFT marketplaces are everywhere now, and creative people explore these markets in so many ways to sell their works. But is it going to be a short-lived trend, or will it stay for a long time to come? That is up to the future to decide. But given its advantages in securing the ownership of artworks and ease of buying and selling things, its future looks bright.
The NFT digital art industry has the potential to grow further. Artists, designers, and other creative people have been trying to move digitally. Finally, they have found NFT marketplace as their trusted partners to establish ownership of creative works and sell artworks. So, creative professionals can now confidently display their works at these marketplaces.
A reason to believe in the bright future of NFT marketplaces is that these are inherently open as compared to conventional avenues. Since most transaction data is available for the public on NFT markets, they have been seen as the best solution to art galleries’ monopolies and other platforms.
These marketplaces are lucrative and of great value for both sellers and buyers. The crypto enthusiasts will continue to be active on NFT marketplaces in the future.
So, NFT art is not just a trendy thing, but it’s shaping up the art world’s future. If you are an artist and willing to be on NFT marketplaces, then you must have your NFT logo as your identity. Your target buyers of the creative things will know you as an artist when they see the logo.
You can get your winning NFT logo design at Designhill, a leading creative marketplace. Just launch your design contest at this site, and you will have dozens of unique logo ideas in response to your design brief.