Art is subjective; we see different things and infer different meanings when we look at a piece of art. Interestingly, art is wide and vast, and even the earliest cave dwellers found ways to produce art on cave walls. Over the years, people have gotten more creative, and have created art in different forms. While there are many creative artists out there, only a few have been able to generate significant wealth. The advent of cryptocurrency has provided a workable solution in the form of Non-Fungible Tokens (NFTs).
Problems That Artists Face
Many artists thought that making money from their work would mean putting their creativity to artistic uses. However, they soon discovered it was not as easy as they expected, rather entry into the industry was difficult. Generating consistent revenue flows is one of the major problems that artists face. Other issues include:
- High standards for entry into the industry
- Trying to get the right exposure for artworks
- Finding the right audience
- The need to please people
- Consistent rejection
- Too many agents involved in art transactions
- Intellectual property theft
- Limitations of physical galleries
We can go on and on citing different problems that artists need to navigate
In 2020, a pandemic hit the world, and it is safe to say that the world was not prepared. Everything came to a halt; regional and international flights stopped, companies, industries, and organizations had to suspend operations. Art galleries were closed, and exhibitions got canceled; thus, economies dwindled, and it affected everyone. Artists looking to auction their arts could not continue with the process, and no one knew what would happen next.
Crypto And NFTs To The Rescue
Do you remember CryptoKitties, the digital pet ownership gaming platform that was launched in 2017? People could buy, collect, nurture, and sell their virtual cats; they made money from the collectibles. The technology used by CryptoKitties was by making the tokens non-fungible. Non-fungible tokens (NFTs) refer to units of data that represent a valued digital item on a blockchain.
Between 2020 and now, a lot of artists discovered the profitability of using NFTs for their artworks. The profitability of art sold via NFTs paved the way for more artists to join the NFT trend. It may interest you to know that some people have made millions of dollars from digital art sales.
Apart from the profitability of NFTs, the combination of art and crypto is an amazing alliance with benefits. For instance, art can be digitally signed by the artist to reduce cases of intellectual property theft. With NFTs, the artist can reach a wider audience online. Furthermore, with the pandemic and governments’ Covid-19 guidelines, physical exhibitions have some restrictions
Getting into the art space through NFTs is faster and easier than doing it the traditional way.
Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however, no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the cryptocurrency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal, or accounting advice.