Non-fungible tokens ( NFTs ) are increasingly moving the base of creative ownership from agents to artists and content creators. The digital revolution has shaken up the world in such a way that all creative industries, including art and fashion, are embracing this technology to market their content to customers. The technology behind blockchain has destroyed the need for middlemen and has given the power of monetization directly to the artists. While digital art had never been pegged on the same level as other art forms, the growth of NFTs have contributed in creating a paradigm shift in the perceptions of art lovers, which has given a boost to the artists who toil day and night in creating content.
These digital token work to certify the ownership of the content digitally when something is put up for sale by the artist. This content can be anything from a piece of music to a collection of digital artwork. In the music industry, for example, artists such as Steve Aoki, Kings of Leon and Eminem have already made millions of dollars by selling their content as NFTs.
An artist’s fans can make use of cryptocurrencies to purchase any kind of NFT. The artist can also embed contracts within NFTs to earn a percentage of resale proceeds, thereby making it very viable monetarily for any content creator. The demand for such NFTs can stem from the type of artwork or the celebrity status of the artist, and the token can be shared with anyone after it has been first sold by the artist, making it an easy way to share digital content.
The opportunities with NFTs for artists go beyond just selling their content. These tokens provide equal opportunities in terms of access to the content by making access to it a free-for-all affair, unlike when dealing with a middleman, where access can be decided by their whims and fancies. Anyone with access to the internet and an NFT marketplace can purchase these tokens with ease.
The allure of NFTs goes beyond merely making our digital lives more enhanced. The marketplace is democratic and easily available to everyone. While the traditional world of fine art is dominated by elite auctioneers and agents who try to sell it only to a select few, NFTs give the artist the opportunity to explore new audiences from different geographies. For fans, this means access to a greater amount of digital content.
NFTs are also becoming part of an increasingly expanding market and are playing a vital role in making the blockchain more accessible. The other advantage is the ability for creators to protect their intellectual property from theft or duplicates on the internet, which has for long been a source of great pain among artists.
Creators also look at NFTs as a platform they can make the public aware of, since it is beneficial to both artists and fans alike. The creator is empowered and is motivated to create more and better content that can be monetized, and fans have equal opportunity in terms of access to exclusive content.
The world is in the middle of a boom in interest for cryptocurrencies and investors are turning to the digital currency as an investment in large numbers. NFTs are very much a part of this digital transformation and are turning out to be a fast-growing commodity that can be traded over the internet, just like traditional fine art was being considered earlier. The total sales in NFTs crossed $2 billion in the first quarter of this year, according to a CNBC report, underscoring the growth that this once niche product is seeing in recent times.
NFTs are a massive opportunity and are very enticing as a product for both artists and fans alike. For the artist, the opportunity is in making their work available to a wide audience and with stringent copyright protections, while for fans it is quality content available at a platform open for all.