NFT Digital Art Trend: A Guide for Beginners
NFTs or Non-Fungible Tokens were considered a liability by the experts during the initial boom. However, that notion soon changed, and NFTs continue to help artists make millions for their work. Digital art is worthless in the internet age as anyone can download an image, video clip, or audio without paying loyalty to the creator. However, that is gradually changing with NFT digital art. Here’s Lh’s Guide for Beginners on this amazing Trend!
NFT Digital Art—A Guide on the Hottest Trend in the Art Industry
What is NFT?
At its core, NFT is a unique crypto asset that isn’t mutually interchangeable. For instance, if a $1 bill is replaced with another $1 bill, its value remains intact. An NFT, on the other hand, is unique. Every NFT has a novel shape, size, and pattern that gives it a distinct character. This helps verify the ownership of a token.
NFTs are part of the Ethereum blockchain and can be tracked. They can be anything digital, like music, paintings, or videos. So, unlike crypto tokens, anyone can create an NFT. And there is no limit on the number of tokens in circulation.
How to Create Digital Art?
You don’t need to be a genius to create digital art. All you need are design skills and some creativity. Once that’s in place, follow this four-step process to protect your art with NFTs.
Pick a Blockchain
While several blockchains have begun grasping the concept of NFT, we’ll stick to Ethereum since it has a solid foundation for the technology. However, before you start, remember that NFT marketplaces are blockchain-based and can only be traded on forums supporting that specific blockchain. For instance, an Ethereum-based NFT can only be traded at a forum that supports Ethereum transactions. Here’s the Scanteam infographic for those who want to catch up with the basics of cryptos.
Get an ERC-721-Compatible Wallet
ERC-721 is an open standard that describes how to create unique tokens on Ethereum. There are several ERC-721-compatible wallets that you can choose from.
Add Ether Coins
Add Ether coins to your wallet. You can buy them at any crypto exchange using debit/credit cards, wire transfer, or any other payment mode.
Convert Your Art Into NFT
Go to a platform that supports NFT, connect your wallet to the exchange, and upload the artwork that you want to convert. Add a name and description, and you’re all set to sell it for ERC-20 tokens.
The Benefits of Using NFT
There are three major benefits of using NFT digital art.
- Claiming ownership of the original content
- Reimbursing the artist for his time, effort, and creativity
- Streamlining the art buying process
Experts agree that the NFT craze is a blessing in disguise for artists. Without NFT, digital art was distributed freely, and the artists neither got compensated nor recognized for their work. The NFT boom is a great opportunity for digital artists to capitalize on their effort.
Owning Digital Artwork
Before NFT, digital artwork was distributed for free, and there was no way of assuming concrete ownership of a file. NFTs grant artists the authority to rent out their creations, display them or sell the content to whomever they please. And since NFTs can be tracked, any digital artwork that you create, sell, or purchase can be traced back to you.
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NFTs streamline the purchasing process. There is no need to haggle, chase clients for payments, or edit the content according to the client’s requirements. Some NFT artworks offer artists 8-10% royalty on future sales, while others grant the buyer total ownership. This depends on the trading platform.
Collecting art is an exclusive business that’s reserved for physical galleries and real-world events. However, NFT has moved the process online, opening up the market on a global scale. Thus, allowing artists to focus on creating content instead of worrying about finding the right buyer.
The Drawbacks of Using NFT
NFTs often come under the radar for unregulated price surges and an unpredictable future. However, that is the bane of crypto tokens. NFTs are traded at whatever price the buyer and seller agree, and that’s why several digital artworks sold for whopping price tags in the past several months.
Moreover, NFTs can lose value overnight, posing heavy losses for the buyer. And although they offer recognition where it’s due, imposters can mint someone else’s artwork for a lot of money. Despite the drawbacks, NFT is the best way forward, considering the present circumstances.
What is the Future of the NFT Digital Artwork Industry?
It’s too early to predict the future of NFT artwork. Although the prices slumped by a massive 70% in April, it’s unlikely to run out of juice anytime soon. Even if this is a fad, digital artwork is the future, and not using NFT is a waste of good opportunity. If you’re already using cryptocurrencies, using NFT is a no-brainer.
Creating NFT digital artwork is an expensive process and features several advantages and disadvantages, as we described earlier. The cost of creating NFT includes transaction charges that are often overlooked. These hidden charges for Ethereum are called gas. The transaction fees fluctuate depending on market demand.
NFT Digital Art Trend: A Complete Guide for Beginners: A Summary
While NFT is here to stay, there is no saying how much it’ll affect the digital art industry in the coming days. But if you need a brief idea about blockchain and its impact on modern industries, here is a Scanteam infographic to help you grasp the basics. CEO Alex Lysak is an expert in finance and cryptocurrencies and has done an excellent job of breaking down the information for beginners.
Feature Image: Digital Art by Enzo Tommasi