Sep 23, 2021
Cryptocurrency Is Bringing In Millions Of Dollars For Artists.
This is how.
We have discussed how blockchain might revolutionize the creative sector. We soon heard that a piece of digital art had sold for a staggering $6.6 million! As a result, despite the lack of a conventional gallery display, artists are selling their work and profiting from what is now known as “crypto art.”
Of course, we dug a little further and are sharing our findings with you. Here’s what we found out: Non-Fungible Tokens (NFTs) are the next gold mine for creatives.
What exactly are NFTs?
Non-fungible tokens are assets with distinct characteristics that cannot be swapped for another asset of the same kind. Paintings, digital art, a vehicle, a home, and so forth are examples. They may be physical or abstract. The tokens are linked to the item and recorded on the blockchain as a form of ownership title. This makes it easier to verify and assign to the rightful owner.
On the other hand, Fungible tokens are assets that may be traded but must still have the same worth as the item being exchanged for. For example, money, including fiat and digital currencies, has the same value regardless of where or how it is traded.
Many individuals, particularly those who love collecting art and other creative works, may use the blockchain network to explore NFTs and pay for the items they desire using cryptocurrency. These digital items have now been moved to their crypto wallet and are theirs to keep. Anyone on the blockchain can see who purchased what, from whom, and at what price, and when.
These transactions are currently carried out on the Ethereum blockchain. You may go through the artists’ collections and descriptions of their work, the number of individuals who purchased the artwork, and the amount of money the artists earned from the sales. Artists are already creating blockchain addresses, minting their NFTs, and compiling a digital portfolio for collectors to peruse.
Creatives may now produce and have verifiable evidence that they own their work thanks to blockchain technology. They may also sell their work without worry of infringement or deception. The good news is that since payments are made in cryptocurrency, transactions are completed more quickly and are not impacted by fiat inflation or exchange rates. If you’re an artist or a creative, this is something you should look into.
