The relationship between NFT and Art

The scope of NFTs has widened, and now there’s something we know as NFT Art. Through NFT Art, you can support your favorite artists and have the right to own an artwork piece. Digital artists buy and sell these art pieces, usually at high prices, and earn profits.

What is NFT Art?

NFT, an abbreviation for Non-Fungible Token is like a cryptocurrency token that is unique. Cryptocurrencies like Bitcoin are fungible tokens, as they are interchangeable. As the name suggests, NFTs are non-fungible and one NFT cannot be exchanged for another NFT. Each NFT is rare and unique, and that’s what makes them important. So, NFT is a digital asset that you can own. The digital file type for NFTs can be artwork, music, video, or even a meme. You can sell these NFTs on NFT marketplaces for prices higher than the original price.

The Role of NFTs for Creators

Ownership

Before cryptocurrency came into existence, we never really owned a digital file. Sharing of videos and images was there, but no one really had true ownership of them. With NFTs, this whole scenario changed. Creators could display, rent, or sell their artwork online as they liked. Once you create an NFT artwork, it is then minted on the blockchain. As the blockchain is immutable, it allows for maintaining the ownership of the creator and keeps track of all its previous owners.

Monetary Benefits

NFT Art provides a way for creators to monetize their work. Depending on the platform the artist uses to trade their NFTs, some provide royalties to the artist. So, whenever the NFT is sold, the artist earns, say, 8–10% of it.

Final Thoughts

NFT has revolutionized the art industry and continues to. Owning a digital asset became possible because of it. It has the scope of monetization while keeping a record of the creator and all the previous owners. It also ensures the authenticity of the art piece, which is of great importance in the art world.

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