Digital art has been around for more than thirty years now; however, the advance of blockchain technology has introduced a new way of publishing artworks. It does not limit artists only to digitized versions of their creations, while making art global and accessible to everyone. Enter NFTs.
What is an NFT, and How to Create One?
A non-fungible token (NFT) is a form of a digital asset recorded on the blockchain, guaranteeing an artwork’s uniqueness. Traditional cryptocurrency tokens like Bitcoin are tradable, and there is a large quantity of the same token available for purchase. Unlike Bitcoin, each NFT minted on the blockchain is unique. Once sold, an NFT changes ownership completely, and the person selling it, does not have access to more of the same token.
This scarcity allows NFTs to serve as certificates of authenticity for artworks. The fact that no two NFTs are the same means that these tokens can effectively represent unique artworks on the blockchain, thus ensuring security for both artists and collectors. Ownership over each NFT is strictly recorded on the blockchain, which means that artworks published as NFTs can never be falsified, copied, and distributed illegally, as there won’t be a record or historical data of such transactions. In essence, NFTs allow artists to protect their artwork from fraud, while guaranteeing collectors that they have ownership over a unique, authentic piece of art.
Once an artwork or project is registered, it is minted and signed by the creator’s wallet, then stored on IPFS, a fully distributed data storage . This NFT contains information about the creator, date of publication and the creative process details submitted by the artists. Once this NFT is minted, it becomes the digital representation of the artwork on the blockchain - it has a specific address and can be transferred from one wallet to another. However, the information stored in the NFT can never be altered, thus ensuring that whoever has ownership over the NFT has ownership over the original artwork itself.
NFTs are the Future of Art
Why do we need NFTs? Artists can share and sell their art online as much as they want, correct? In theory, artists have the Internet at the tip of their fingers. However, simply publishing an art project online leaves them susceptible to fraud and theft. NFTs bring several significant improvements to the table of art trade.
No Intermediaries
Auction houses and art dealers have had control over art trade globally for years. Serving as intermediaries between artists and collectors, big names like Christie’s and Sotheby’s have control over more than 80% of the market. With NFTs, this control is given back to the artists, as they retain full ownership over their artwork and the rights to sell it as they find suitable.
Eliminating intermediaries’ role in art trade is essential for bringing back both financial and creative freedom for creators. Without the trend-setting limitations pushed forward by auction houses and dealers, artists are in full control of their creative process and are not restricted by “what sells” in the eyes of a centralized marketplace.
Tier-based Involvement
Minty.Art is designed in such a way to allow artists and patrons the highest level of flexibility when it comes to interactions with artworks. By introducing a tier-based system, Minty.Art gives artists the opportunity to diversify their projects to suit a larger pool of potential collectors.
For example, imagine an artist is looking to publish a single piece of artwork on Minty.Art. This means that their pre-sale event focuses on one centerpiece, which is the main product to be released by the artist. However, the platform allows artists to create several different involvement tiers when publishing the project. A tier 1 involvement would guarantee the patron the NFT corresponding to the centerpiece. A tier 2 involvement, however, could give the patron a signed physical copy of the artwork alongside the NFT. Tier 3, on the other hand, could include everything from the previous tiers and a personal dedication from the artist. In this sense, minting NFTs for artworks allows artists the flexibility to create exclusive package deals, which cater to the desires of different collectors.
Sound Investment
Last but not least, NFTs represent a sound investment for art collectors and patrons. As an immutable, indestructible record on the blockchain, NFTs can never be stolen, lost, destroyed, or falsified. In this sense, blockchain technology has the potential to solve a century-long concern with the authenticity of artworks. Once minted on the blockchain, NFTs become an indestructible record of ownership for the given artwork.
NFTs and Minty.Art
NFTs are revolutionizing the art world and Minty.Art is here to facilitate. Artists need to take back control over their creative process and artworks. NFTs are the solution.
By publishing their artwork on Minty.Art, artists enter a new era of creative freedom, facilitating better exposure worldwide while simultaneously ensuring better revenue streams. The Minty.Art platform is designed to create a bond between artists and patrons, allowing them to create together, with the final result published as an NFT on the blockchain. This process gives back artists their creative freedoms while introducing them to a platform where they can meet truly dedicated fans of their art. Minting NFTs allows artists to bring their work into the new era of creativity whilst ensuring the security of their work for themselves and their patrons.
Creating NFTs and sharing them with the world is quick and easy with Minty.Art. You can sign up as an artist or collector here.