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Are NFTs Good For Digital Artists?

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In this article, we dive deep into whether NFTs are good or bad for artists. Learn whether you should get into NFTs or stay away from them and whether you can benefit from NFTs as an artist. NFTs can bring good things to you but also many bad things, so it’s wise to understand the pros and cons of NFTs.


Key Takeaways

  • NFTs can be good for digital artists as they can make a living selling NFTs.
  • Managing an NFT collection can, however, be exhausting and cause anxiety, burnout, and depression.
  • NFTs provide a new audience to sell your digital art.
  • NFTs provide ownership verification.
  • NFTs can’t be uncreated. Once they are created/minted to a blockchain, they will be there as long as the blockchain is operational and working.

NFTs Can Make You Money

Non-fungible tokens (NFTs) are unique digital assets, such as artwork or collectibles, and selling them on an NFT marketplace can bring you some money. While NFTs can make you money, you must do many things right to sell your collection or individual NFTs in the NFT space.

In the last few years, the NFT space has become extremely competitive, and selling only digital art might not make the cut anymore. NFTs and NFT collections tend to have large communities, utility, social and monetary value, and offer some sort of innovation.

NFTs can be good for digital artists as they can make a living from them. However, getting those initial sales and traction for your NFTs and NFT collection requires a lot of effort, marketing, and hype building.

Best ways to make money with NFTs:

  • Create an NFT collection with utility, innovation, social and monetary value, story, and originality
  • Create a 1:1 unique NFT and emphasize the importance of the artwork
  • Earn royalties from secondary sales
  • Flip an NFT you just bought for a higher price
  • Create hype around your NFT collection through a highly-engaging marketing campaign
  • Build a massive community and a following for your NFT project
  • Stealth launch your NFT project
  • Invest in NFTs early on and sell when the floor price has increased
  • Collect 1:1 NFTs and sell when there’s high demand for the NFT
  • Become an affiliate for an NFT marketplace
  • Sell on smaller marketplaces with low competition and bigger exposure

NFTs Can Hurt You As A Digital Artist

NFTs can cause harm for a digital artist as anyone can copy an image from the internet and create an NFT from it. The sad part is that when an NFT is created, it exists as long as that blockchain exists where it was created/minted.

NFTs are, as of right now, still gathering mixed feelings from creators. On the other hand, the ones who succeed in the NFT market feel happy about how NFTs work and how they can make a living. The other part whose digital art has been stolen and created as an NFT might not feel the same way. Also, managing an NFT collection can take a toll on artists.

NFT collections tend to have a community, and in some cases, the community might become troublesome. The community might show resentment and anger that the NFT collection has changed its roadmap or utility, take a creative pause, or even close the project for various reasons (profitability, legislation changes, end of innovation, etc.).

Managing a community in the mentioned situations can create anxiety, burnout, and depression as NFT holder demands might pile up fast and suddenly.

Ways NFTs can hurt a digital artist:

  • Digital art can be stolen and made into an NFT
  • NFT collection and the community surrounding it can create anxiety, burnout, and depression
  • NFTs can’t be uncreated, and thus the digital art will live forever in the blockchain or as long as the blockchain is operational
  • Accidental or massive success in the NFT space can create pressure which can lead to mental health problems

NFTs Provide Ownership Verification For Artists

NFTs use blockchain technology to certify the ownership and authenticity of a digital asset, allowing you to sell the asset as a one-of-a-kind item that can be bought, sold, and traded like physical artwork. Some popular marketplaces for selling NFTs include OpenSea, Rarible, and SuperRare.

When you mint an NFT, you are the first owner and the creator of the NFT. The mint transaction can be traced back to you via on-chain data and thus verify that you truly created the NFT. While it’s possible to track down the creator of the NFT, it does not mean that the creator had the rights to the original digital art that was used in the NFT.

NFTs Can Provide New Kinds Of Benefits

NFTs bring new marketplaces and audiences to digital artists. Many people outside digital art communities hadn’t been exposed to digital art before the rise of NFTs. With NFTs, you can get new kinds of exposure and visibility to your art.

How NFTs can be good for artists:

  • Increased visibility and exposure: NFT marketplace can expose your work to a wider and newer audience
  • New opportunities: NFT marketplaces can offer different opportunities for you, such as collaborations, commissions, or exhibitions and features
  • New audience: NFTs currently have a specific kind of audience that is interested in buying and owning digital art in the form of an NFT
  • Diversifying income streams: By selling artworks in an NFT marketplace, you can diversify your income streams, reducing the risk of relying on one source of income
  • New terms and no middlemen: NFTs can offer better sales terms in the form of royalties, and there are no middlemen for taking a cut from the artwork sales

Conclusion

While many artists are making a living selling NFTs, there are at least an equal number of people that don’t make any money from NFTs. NFTs can be good as you can make a living from them, and they can also be used to verify ownership of a digital asset.

The bad thing about NFTs is that you can’t uncreate something that is created on the blockchain. The digital art will stay on the blockchain as long as the blockchain is operational. Also, managing an NFT collection can become troublesome if there’s a community that feels their needs, wants, and expectations are not met.

FAQs For NFTs And Digital Artists

Can you sue someone for selling your art as NFT?

Yes, you can sue someone for selling your art as NFT. This would likely be a case of copyright infringement, as the person would be using your artwork without your consent and profiting from it.

However, it is important to note that the laws surrounding NFTs and digital art are still evolving, and the specifics of such a lawsuit would depend on the jurisdiction and the specific circumstances of the case.

It might also be highly difficult to find and prosecute the person physically, as blockchain works by using digital wallet addresses (a string of letters and numbers) to identify owners, sellers, and buyers of NFTs.

So while you might have the right to sue someone selling your art as NFT, it might be hard to find the person from the real world.

Can people steal your art for NFTs?

Yes, people can steal your art and create an NFT from it. There’s no one stopping from someone copying your art on the internet and creating an NFT from it. The only way to avoid that happening is not to publish your art online and prevent anyone from taking a photo of your art and digitizing it to the internet.

Do artists benefit from NFTs?

An artist can benefit from NFTs in the following ways:

  • Make money and a living
  • Earn royalties from secondary sales
  • Verify ownership of a digital asset
  • New market, audience, and marketplaces to showcase and sell art

Are NFTs like digital art?

No. NFTs are not like digital art. An NFT, or non-fungible token, is a type of digital asset that represents ownership of a unique item or piece of content, such as digital artwork, video, or tweet. Digital art refers to any form of art created using digital technology, such as computers, tablets, or smartphones. This can include digital painting, 3D modeling, photography, animation, and more.

NFTs can be or include digital art, but they are not digital art.

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Okuha

Digital Artist

I’m a digital artist who is passionate about anime and manga art. My true artist journey pretty much started with CTRL+Z. When I experienced that and the limitless color choices and the number of tools I could use with art software, I was sold. Drawing digital anime art is the thing that makes me happy among eating cheeseburgers in between veggie meals.

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