Lesson 2: Why is NFT art important?
Why is NFT art important?
It provides a revolutionary new way to buy, sell and distribute art. Since there is less dependency on traditional organisations, for example art-dealers and galleries to broker sales and ensure legitimacy of art works, artists are able to take more ownership and make fewer compromises.
So what are the benefits of making NFT art?
- You can cut out the third parties: You do not need to rely on agents, gallerists and dealers. Heck, you don’t even need to think about shipping the artwork to buyers. It is relatively easy for artists to promote, sell and distribute their NFT artwork to buyers using existing systems (and it is made much much easier when using Metacommerce Studio)
- The blockchain makes transactions secure: Since the NFT metadata contains immutable information about the origin of the artwork, buyers need to do much less due diligence ahead of sales. The transactions themselves are also very secure.
- You can collect royalties on future sales. You often hear of traditional artists who sold their work for a pittance, only to see the value of their works rocket later on. It’s nice to see the demand for their work push the price up, but it’s a tragedy that the artist can capture none of the upside. This is not the case with NFT art: it is possible for artists to hardcode a royalty function into the smart contract of the artwork. This means that the artist receives a percentage of every subsequent sale of their work.
- NFTs don’t have to be digital art. Digital art gets a lot of attention in web3, but it can be overlooked that photographs, and photographs of physical art, can also be made into NFTs. Equally, you can use physical components to make layer based digital art, like Nina's Super Cool World.
- Transactions are incredibly fast. Instead of waiting for ages for buyers to pay, and then for the order to be fulfilled, NFT transfers are completed almost instantly.
If you are a traditional artist who is considering making NFT art, it is a no-brainer to give it ago. There is a huge amount of potential upside and relatively little downside.