What is NFT and How it will benefit designing and artist community

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There are lots of articles about NFT so why did you read this?

Because you didn’t get what NFT is after reading lots of articles.

Because you know a little bit about it and want to know more about it.

You are a Designer or Artist and want to know about NFT in the easiest way without any hurdles.

You read lots of articles about NFT but need expert and professional understanding.

..then you are at the right place.

What is NFT art?

NFT stands for Non Fungible Token.

Okay.. Okay.. Sorry. Let’s get straight to the point.

Before understanding the non fungible tokens, let’s understand what a fungible token is. If you bought a 30$ t-shirt from an online portal and if i return it to the online portal then i get 30$ in return or 30$ worth t-shirt again. So basically that 30$ value will contain exactly the same value if you exchange it with anyone. That is called a fungible token for example 1 btc will be traded or exchanged with the same 1 btc value that is called fungible token.

Now if You buy the t-shirt from an online portal for 30$ and get an autograph of Cristiano Ronaldo on it then it does not remain the same value of 30$, you can sell it or put it in auction for all ronaldo fans to get more and more value of this t-shirt. So it is called a non fungible concept.

Now come to Non fungible token that means if you have created any digital art piece or graphic or video, you can back that digital art/piece/graphic with non fungible token that represent unique existence and cant be replaced with any other token.

So basically these tokens are run on top of the blockchain and appear with a unique appearance. These tokens are difficult or nearly impossible to hack because they are developed and run on the most trusted or secure blockchain network.

How does it benefit design and artists?

Before we go through the number of benefits, we want to show some real life nft solds in tremending price.

Someone has paid $390,000 for a 50-second video by Grimes.

Another,

Someone has paid $6.6 million for a video by Beeple.

Okay if you are a designer or artist we think you get enough motivation to create your NFT but you are also aware about all its benefits from the technology side. So let’s see one by one benefits.

1. Ownership

Besides the crypto we never really got to own something that is totally digital. We have watched videos, graphics and images over the internet and always shared them, but there was never a concept of our own digital file or artwork.

With the rise of NFT’s, designers or artists can own the rights of their digital work. They can sell them and display them as they wish.

In order to sell them, a designer needs to have that legal ownership of that digital art or work.

After NFT is created it is minted and the transaction has a record on cryptocurrency service blockchain. Blockchain is fully Decentralized Technology to record the transactions and it is most secure that it is nearly impossible to change the transaction record. So this blockchain kept the information of the owner and it’s digital work. So it takes care of your ownership of digital work.

2. Best way to generate income

In above real life NFT Auctions we have seen how NFTs are sold in millions of dollars.

NFT is a very unique way to represent your digital art. It enables your wallet with lots of reward and royalty. It is a very quick way for designers to produce their work and earn rewards globally.There is no need to reach out to clients and wait for feedback, no need to wait for payments, no need to do change in work.

Royalties

Some NFT platforms like zora come up with royalties with NFT that means every single time your digital art is sold from one person to another you will get a royalty percentage amount you seated during the creation time of art. You can also prefer a well known Blockchain Development organization to build your own marketplace and add features like royalties, add collaborators and many more.

3. Global reach

There was a time when people organized the event in a physical art gallery where most busy people needed to attend that art gallery and be part of an auction for collecting art.

By the popularity of NFT, Royal Collectors across the global world appear online and be a part of your auction and collect your art. This will create the global competition among the global collectors and make benefits for getting the higher value than you imagine.

The crypto payments are borderless and across the globe you will get the payment instantly after the auction or bid is accepted or ended.

Take a real life example:

A collaborative artwork posted by visual artist Santanu Hazarika and singer-songwriter Ritviz was snapped up within seconds of going live.

The artwork was listed on the occasion of World Music Day and sold for 300 WRX (WazirX tokens) or $391.80 at that time.

Does NFT art have a long future?

If we answer this question that is too early. But this April shows the 70% rise in NFT arts and it’s price. As the Digital world adoption is going more and more from the last 20 years this NFT art has more potential to become future. If designers and artists create their work digitally then wasted opportunity if you are not creating NFT.