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Tuesday, February 27, 2024

Why Artists Should Join the Crypto World

In a world flooded with cryptocurrency and overflowing with the potential of reshaping the worlds of art and commerce, we are starting to see how the two worlds fused together could make for some big waves.

To advocates of the crypto world, the technology behind the ideas offers a transformative way of selling art. To those resistant to the crypto future, it seems to bring us back to the similar collective disdain for impressionism in the 19th-century Parisian art scene.

From various crypto coins to non-fungible tokens, or NFTS – digital tokens redeemable for assets that may be purchased, sold, or traded – these assets have become key cultural property that has revealed to us how far digital consumerism has advanced. Or are they merely the next scheme to make money-grabbers large sums of money?

How to Buy and Sell NFTs as an Artist?

While you are still trying to remember what “fungible” means, the art market – like digital jpegs – is growing in ways a tech startup could only dream about. Trendy artists with no long-standing track record of retaining value are thriving despite the risk. But how did this stroke of popularity emerge so quickly?

The real prize may not be a Picasso, but setting up your crypto wallet and learning how to navigate the NFT marketplace is a good start to learning how to buy and sell NFTs.

As the buyer, you will “load” your wallet with crypto tokens using cash (such as the US dollar). On certain platforms, you may buy cryptocurrency and store it in a wallet all in one place. These transactions are made using a blockchain-encrypted “wallet address” provided to each user. You can then buy NFT from the corresponding platform after you have the right crypto tokens in your wallet.

Buying or selling NFTs through drops, whitelist possibilities, and directly from artists’ or projects’ web platforms can be accessed through various markets like NFT marketplaces such as FTX. It’s the same as listing an item on eBay or another eCommerce platform if you buy an NFT from another maker.

NFTs have been resold at in-person auction houses. However, those types of sales have traditionally been reserved for the most famous and expensive NFT deals. Though the industry is growing and developing every day, the scale of advancement and benefits should not be overlooked. 

How Does the NFT Marketplace Benefit Artists?

Gaining more exposure to selling your work on your own terms are just a few of the liberating benefits of utilizing NFTs as an artist. Depending on your demand and access to a global market, you can have buyers making transactions in seconds. Your creations and resale value will show through your royalties. So, put your work out there because NFTs are opening doors for artists, setting the tone for how content ownership should be in the digital age.

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