Being an artist in the third decade of the 21st century is not as easy. Very few top artists manage to earn more than the average of their artwork, while many seemingly struggle.
With the appearance of NFTs, i.e. Non-Fungible Tokens, significant changes have taken place in the world market. Although called “tokens”, it was a way for fans to support their favorite artists by buying their NFTs.
Today, many world stars, not just artists, are owners of NFTs. For example, one of the most popular is Jake Paul NFT boxing collection, which attracts his fans and most fans of boxing sports in general. We also have NFTs of gamers, YouTubers, celebrities, and other famous people who earn money.
However, let’s first explain what NFTs or Non-Fungible Tokens are before we proceed with how they affect the art world.
Non-Fungible Tokens, better known as NFTs, refer to non-interchangeable units of data stored on a digital ledger called Blockchain. Once they appeared on the market, these assets mainly were photos, videos, and audio.
However, nowadays, there are Non-Fungible Tokens that are memes, tweets, GIF-s, and even real estate and some non-digital assets in the physical world. Since every token is uniquely identifiable, NFTs are way different from other cryptocurrencies on Blockchain, such as Bitcoin.
What NFTs ledgers claim to provide is proof of ownership, along with a public certificate of authenticity. Keep in mind that Non-Fungible Tokens do not restrict copying or sharing the underlying digital files. They do not prevent the creation of Non-Fungible tokens with identical files.
Since Non-Fungible Tokens have a decentralized nature, they’ve cut out the middle man. Artists from across the globe are now able to charge their products and services without any need for a third-party involved
It’s especially valuable for musicians who were once getting only 10% of what they earned while their publishing houses got 90%. Today, with the help of Non-Fungible tokens and Blockchain technology, these artists can finally charge for the amounts they’ve always desired and worked hard for.
There’s no need for distributing tickets to artists’ communities or fans because NFTs are being sold directly to them. Non-Fungible Tokens also allow content creators to connect directly with their communities and sell their tokens for what’s known as “exclusive content”.
Exclusive content, or artwork in general, is created so that it’s impossible to be copied or duplicated. It was initially designed to protect or copyright the work of an artist. In short, only one person can own the original artwork, or at least some people are able to own part of a scarce collection from that specific content creator or artist.
Non-Fungible Tokens are genuinely responsible for changing the world by how we, as human beings, communicate with each other and how we transmit information in general. When it comes to consumers, it’s always great to own something unique and very personal from your favourite artist or content creator.