Before the invention of NFTs, artists had to rely on networking, making important connections in the art world and hoping that art galleries would showcase their work and sell it. If you weren’t well-connected, you had to be well-known in order to get your art sold, and even then there was always someone that took their commission or fee.

This is no longer the case for established or emerging artists. NFTs have now allowed them to have agency over their own art in the digital sphere. It also means they can sell their art at whatever value they believe it’s worth. Overnight starving and struggling artists have sold pieces of art for hundreds of thousands, even millions of dollars.

What are NFTs?
Firstly, NFT stands for Non-Fungible Token. These tokens are stored on blockchains, where the person who owns the artwork will place a link-up of said product to the blockchain, proving ownership. Blockchains are developed in such a way that they are nearly impossible to hack into, making these files extremely safe and secure.

Non-fungible essentially means it is completely unique and cannot be swapped for something else. For instance, if you trade one bitcoin with another, both will be worth the same thing.

The blockchain that holds up NFTs form a portion of Ethereum, but it keeps the information differently than it would for Ethereum, which is also a cryptocurrency like bitcoin. Interestingly, other blockchains have also started administering their own types of NFTs.

What Does This Even Mean?
If you have a link on that digital file in the blockchain, that means you own that product - you and you alone. Therefore, you are the only one who can choose to sell it as you see fit.

Even real estate can be bought with NFTs, or pieces of it at least. NFTs have taken the art world and turned it on its head, so much so that even traditional art galleries and auction houses like Sotheby’s and Christie's have jumped on the bandwagon, partnering with NFT artists.

Buying NFTs
Whether you are a buyer or a seller, the first thing you will need is some form of cryptocurrency. You can then choose an NFT platform that is reputable and secure, such as Marketplace.

For example, Ethereum will be stored in an e-wallet, such as Metamask. You must purchase Ethereum, via bank transfer or credit card, and then store it in your wallet. Once it is there, you can then visit any platform that buys or sells NFTs.

If an artist wishes to sell their product, they must first join a marketplace. There is a small fee that needs to be paid, and once they have done that, they can start the process of ‘minting’ NFTs. As soon as their work is on a platform, interested buyers can bid for the whole thing or a piece of it - and this can continue for as long as the artist or owner desires.

NFT Art is Changing the Art World… For the Better
Digital art was available to pretty much anyone who has access to the internet, thus it wasn’t considered very valuable. The rarer something is, the more value it has, especially creative works.

NFTs have given ownership of this digital product to one person, which now means that if you want it, you have to buy it - pushing the resale value higher and higher. This is great for any creator who chooses to use NFTs to auction their work.
This also means that art dealers and galleries are no longer the go-betweens, which means they can no longer own other people’s work or take money from a creator.
Also, unlike conventional art purchasing, buyers are given more options on how to buy and what to buy. There are also several factors that help in deciding the value of a piece of work.

Conclusion
Democratizing and decentralizing the world of art and digital creation is what NFTs are doing. Not only do artists have more freedom of expression in what they create, but they have the agency to sell their work on their terms and with what value they assign to it, with no middleman. Being in a digital arena also gives them a far wider audience that they can reach and thus, far more potential buyers.

Image: Pixabay