NFT Crypto Art, Is It Promising for Artists?

The crypto art might be popular lately, and somehow it gives a fresh air for digital artists who’ve always been struggling about replication and illegal use of their art. The blockchain technology behind the crypto art brings the safety guarantee about the ownership. And the value of the currency used for crypto art might possibly give much profit. At a glance it’ll benefit the artist, however is it true?

Lately the story about Beeple who has sold his artwork for more than $69 million on Christie’s auction has become a topic everywhere. His artwork auction has been making him the third most expensive living artist at auction after David Hockney and Jeff Koons. Those moments made him famous and rich instantly. Many artists started to submit their artwork as NFT and hoped that would bring a big fortune as well.

Some artists who perhaps are not quite to Beeple level, that have been making their artwork as NFT, might successfully improve their livelihoods. It sounds interesting and promising. The crypto art or NFT give the chance for artists to monetize their artwork without going to certain platforms such as bigstock agencies. And for what happened it has proven that possible to everyone might earn profit and increase their income.

The crypto art might be the thing that artists have been looking for all this time. It secures the ownership and tracks it properly. Since it can track the information of the block properly, it is possible for artists who’ve been selling their artwork as NFT will be compensated from the secondary trade. It may create passive income for artists in the future.

Before everyone starts to be tempted to jump on crypto art, it is crucial to understand how it works first. There might be costs that weren't expected before. There are fees that need to be paid for the computing power needed or gas to verify the process, those are the time when purchase (buy and sell) and “mint” occur. Mint refers to activity when the creator or seller mints a token for NFT. Therefore, the seller might need to pay for his mint and sell activity which means the seller might need to pay twice for gas fees. The other thing that needs to be attention is the number of fees might change from moment to moment, it depends on its level of volatility. And the fees also depend on what marketplaces are used, it might be different from one to another.

About the fees that might be needed above, we need to think about it. Considering its initial payment, could the creator get profit from their NFTs? The answer can be yes and can be no. The story behind Beeple's success is he has been working in this field for over the decade to finally sell his first NFT. The key to successfully selling the NFT is the acumen and audience. The creators might need to think or create something out of the box and it is necessary to build their fan base and nurture them about cryptocurrency and blockchain systems. In other words, creators need to build their portfolio first before jumping to NFT. 

The creators better have their history because people wanting to buy their first NFT possibly do research before buying. Becoming an early supporter for artists in NFT might be gambling and the buyer is betting on them. Buyer needs to be convinced that the artist is promising. By building the fanbase it might help somehow. Even if the buyer doesn’t come from the fanbase, people outside might know that the artist has a good chance to be invested in. Selling NFT isn’t an overnight success, it’s a lifetime process. 

At the end, NFT has opened a new chance for artists to earn more income and be more appreciated. However, there are some cases that need to be attention. One of them is about crypto volatility. Since it’s a crypto, NFT might be a speculative asset. It can jump to obscurity and might be depreciated or it can give the endless earning. If you are considering it as investment, it might be the high risk-high return asset. Be ready for every possibility.

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