Non-Fungible Tokens are quickly gaining fame. From art to music, even autographs, these digital holdings are quick to sell out. Last year, an artist named Beeple created a collage of 5,000 NFTs. This marvelous NFT Art was virtually auctioned at Christie’s and got sold for $69 Million. This is just one example. There are a number of growing artists who are emerging out of this new coterie of art connoisseurs.
The NFT Art presents a beautiful intersection of art and technology along with a certificate of authenticity. It is bringing a new found respect for the branch of artistry. One factor that has helped NFT art become a major player in the world of artists is the Ethereum Blockchain. You must be wondering that how is it so? How have Ethereum Blockchains made way for this new art form? What exactly is NFT Art and can you also create NFT? Here, we will address each of these questions.
What is NFT?
In simple terms, an NFT is a cryptographic asset built on a blockchain. But what does it mean? And why is it called NFT? The answer is simple. It is called NFT because it is a non-fungible tokenized asset. This means that every NFT is unique. Each NFT has some unique identification code and metadata that makes it different from all the other NFTs.
NFTs are often utilized as virtual representations of real-world objects such as Real Estate, artwork, etc. They can be bought and sold online on any NFT marketplace by using cryptocurrency. They are generally encoded over the same software as cryptocurrencies.
NFTs contain ownership details so as to establish identity and facilitate an easy exchange. An artist can add some unique identification mark, such as a signature, on their NFT to make it even more pristine.
What is NFT Art?
The introduction and growing popularity of NFTs has opened the door wide open for artists. They no longer have to rely upon auctions and exhibitions to sell their creations. The artists can convert their artwork into NFT Art over a blockchain. They can then release their NFT art over the marketplace. One of the biggest benefits of doing this is that artists can sell their art directly to customers.
NFT art exists on blockchain. All the ownership and transaction related information is stored on blockchain only. They present a wonderful opportunity to artists to monetize their creations. It is to be noted here that in addition to the sales proceeds, an artist will also receive royalties. This means that the artist will receive a small percentage of sales, every time their NFT art gets sold.
How to Create NFT Art?
You are not the only one who wants to jump on the NFT bandwagon. There are millions of people who are dying to try their hands on the NFT art. In order to make an NFT of your artwork, you will first need to mint your NFT. Then, you will need to choose an NFT platform and a digital wallet. Some of the most popular NFT platforms are SuperRare, Nifty Gateway, etc.
You will also need to buy some cryptocurrency before you can start trading. After this, you will need to connect your wallet to the NFT platform. The next step is to click on the “Create” button on the NFT platform. You will get the option to create a single work or sell the same file multiple times. Lastly, you will need to upload the digital file of your artwork that you want to turn into an NFT. That’s it! You are good to go.
How to Sell/ Trade on NFT Art Marketplace?
The next important step is to select how to sell your NFT art. There are three ways to do it. The first is the “Fixed Price” method. Under this option, you can set a price on your art and sell it instantly. It works similar to selling an art at an art studio. The second option is “Unlimited Auction.” Here, people will make bids on your artwork. The one with the highest bid will get the NFT art. The last option is the “Timid Auction.” This auction is open for bidding for a limited time.
Before putting your NFT art on auction, you will need to set a minimum price. Additionally, you can add some description for your listed item. You will also get an “unlock when purchased” option. This option will help your buyer to receive a high-resolution copy of your art. It is to be noted here that all NFT exchanges are carried out through cryptocurrency only.
Blockchain Technology, NFT and Real Estate
Much like artwork, NFT is becoming widely popular in the real estate sector. The real estate connection put NFTs in a whole new light. Michael Arrington listed the first real estate NFT in May 2021. It was an apartment that he listed on the real estate platform Propy. It is interesting to note that Michael had purchased the property using Ethereum smart contracts. The NFT was sold for a hefty sum of $93,000.
The need for having real estate NFTs arise from the humongous ownership transfers. It involves a great deal of paperwork. This is where NFT real estate transactions step in. They offer greater efficiency with better streamlining. They empower buyers to gain complete and sole ownership of the property within minutes.
The distinctive feature for NFTs are the underlying ownership rights. The unique allocation of sole ownership through blockchain technology makes it a promising asset. It makes it easier to buy and sell NFTs in public marketplaces.
How is NFT Art Redefining Artwork?
With the arise of NFT art, artists can easily sell and make money with their art. The Smart Contracts and Royalties make the process even more profitable for the artists. The best part is that royalties are automatically added to the artist’s wallet. He does not need to struggle with payment platforms and logistics. He does not even need to keep a track of his NFT art.
In addition to this, NFT art also saves artists from paying commission to art galleries. This commission used to be set around 30-50% of the entire sale. Artist also did not get anything from the resale of the artwork. With NFTs, artists are entitled to receive 10% of total resale proceeds.
An important aspect of the NFT art is that artists control every aspect of their work. Right from listing to promotions to sale and resale, they get to play a central role in everything. In return for these huge benefits, they are only charged with a nominal fee.
In his introduction of the first Italian Crypto Art exhibition, Jason Bailey said that NFT artists are not dependent on galleries, auction houses, and other agents to sell their artwork. They can do in independently and can earn what is rightfully theirs.
Some Popular NFT Arts
If you are curious to learn about some of the top NFT artworks of all times, then this list is for you. We have picked some of the top NFT Art of all times. Take a look.
1. Gucci Ghost by Trevor Andrew:
For preparing the Gucci Ghost, Artist Trevor Andrew has borrowed the expensive rings that come with the luxury brand Gucci. This NFT art has a cute, sporty and comical appeal. It comes as a trip GIF that’s both fun and alluring. This entrancing art piece was sold at $3,600.
2. Human One by Beeple:
Human One is said to be one of the strongest standouts in the world of NFT art. The thing that makes it unique is that it not only comes as a digital commodity but its physical counterpart is also present. The electronic sculpture of the Human One was also listed for auction on Christie’s. Both the sculpture as well as its virtual counterpart got sold for a whopping $29 million. It is so far the second most expensive NFT sale.
3. Ringers by Dmitri Cherniak:
Ringers is a thousand-piece series by artist Dmitri Cherniak. It is one of the most expensive and popular art form in the NFT sphere. The artist was inspired by strings and wires to come up with the concept. It denotes the countless number of ways to represent a single thing. It is both captivating as well as enlightening.
4. Seasons by Blake Kathryn:
Seasons is said to be one of the most therapeutic GIFs. The artist, Blake Kathryn wanted to create a vibrant, dreamy and whimsical feel to the floors featuring different seasons. NFT pick sold for $22,938.19. Its rich hues are aesthetically appealing. It also features a soothing background music.
Finite by Pak: Another captivating artform from the mysterious artist Pak. The mesmerizing loop, Finite is one of the most prolific NFT art of our times. It is captivating, moody and extremely dramatic. It makes an effective narrative. It is no wonder that the art piece got sold almost immediately at a hefty price of $800,000.
NFT art presents a wonderful opportunity to artists all around the world to monetize their creative work. It minimizes their dependence on art galleries and auction houses to showcase their talent. The artists can now directly reach out to customers. They also get a share in the resale from their art work. NFT art is quickly transforming the artistry landscape.