Introduction: 

An NFT is a digital asset that lives entirely in the digital universe—it cannot be touched, yet it may be owned. An NFT may be any type of digital property, such as artwork, journalism, music, or memes like “Disaster Girl,” the original photograph of which sold for $500k earlier this year. NFT is an abbreviation for ‘Non-Fungible Token,’ but what exactly does it mean? To begin, it is necessary to define a ‘Fungible Token.’ In terms of money, a $100 bill may be exchanged for five $20 notes and yet retain its worth, indicating that the $100 bill is a fungible token. If this $100 note gets autographed by Banksy, it becomes a one-of-a-kind item. Its value becomes far more difficult to evaluate because it is no longer simply worth five twenty-dollar notes. This indicates that a Non Fungible Token cannot be exchanged for any other value. It also implies that, like with any investment, its value may rise or fall in the future depending on the conditions. Without further ado, let us take a look at what does NFTs art mean for creators. 

how to create NFT art

What does NFTs Art mean for Creators? 

  • Ownership of Digital Arts

When NFT art is generated, it gets minted or ‘tokenized’ on Blockchain, a cryptocurrency service. This enables producers to instantly assume entire, tangible ownership of a digital piece of artwork. The emergence of NFTs alters this, giving creators the right to rent out digital artworks, sell them, or show them any way they see fit. We used to send films and motion graphics around, recycling and reposting them, but there wasn’t this present option to immediately claim ownership of them. Designers now have some ‘legal ownership over their work.

  • Global Reach

Due to the advent of NFT trading, art collection has been able to shift online. Previously, the elite, prestigious world of art acquiring and selling took place mostly in physical venues. NFT platforms provide designers with instant access to global audiences. Having an existing online following can also help artists achieve visibility in the NFT industry.

  • Inclusivity vs Exclusivity

The art sector of NFTs claims to be creating an inclusive and safe environment for digital artists to generate money. Anyone with access to a computer may create an NFT with the potential to become viral, whether your niche is realistic, 3D motion graphics, or blocky pixels like the Nyan Cat film (which sold for $600,00, by the way). This has the potential to change the lives of millions of creatives throughout the world. However, one thing to keep in mind is the high cost of the minting price. To have their artwork minted on Blockchain, designers must outbid each other. Prices vary based on the time of day and network, however can range from $80 to $1000. 

  • Hefty ecological footprint

Previously, the elite, prestigious world of art acquiring and selling took place mostly in physical venues. Because of the advent of NFT trading, art collection has been able to shift online, allowing many artists who may not have previously had the opportunity to sell their work to customers to do so. Without odd jobs or unrelated employment, it may be extremely difficult for many graphic designers to maintain a consistent source of income. NFT platforms provide designers with instant access to global audiences.

Unsurprisingly, the fact that NFT artworks use so many resources is quite concerning for many designers. However, this problem is not limited to trading crypto art; it is part of a larger problem involving the digital method known as “proof of work.” Since its inception in the early 1990s, proof of work has mostly been employed in cryptocurrency mining to produce and mint tokens such as bitcoin and Ethereum. Highly powerful computers fight to obtain the most bitcoin and require a massive amount of electricity to do it. 

If you are interested in NFT art and which to create your artwork, go to how to create NFT art for more details.