#3. Why Artists Should Care About NFTs?
3 ways artists can use NFTs
Don’t mind the fud. For artist looking to expand their audiences and try new things, here are a few benefits of Web3. Creatives can use NFTs (or digital collectibles) to build perpetual royalty streams, trusted ledgers that track your career progress over time, and allows you to create unique token-gated experiences for your users or collectors.
In today's video, we're going to talk about why artists should care about NFTs, or non-fungible tokens. First of all, what are NFTs? NFTs are a type of digital asset that use blockchain technology to verify ownership and authenticity. In other words, they allow artists to sell unique digital art pieces as one-of-a-kind items, just like physical art pieces.
1. Now, let's dive into why artists should care about NFTs. The first reason is NFT royalty contracts. With NFTs, artists can set up smart contracts that ensure they receive a percentage of every sale of their artwork in the future. This means that even if the artwork changes hands multiple times, the original artist will continue to earn a percentage of the sale price. This is a huge benefit for artists who may not have received proper compensation for their work in the past.
2. Another reason why artists should care about NFTs is digital ledgers. With traditional art sales, it can be difficult to verify ownership and authenticity. However, with NFTs, every transaction is recorded on a public digital ledger, providing a clear and permanent record of ownership. This helps prevent issues with counterfeit art and ensures that artists are properly credited for their work.
3. Token gated content is another benefit of NFTs for artists. With NFTs, artists can create token gated content, which means that only those who own a specific NFT can access certain digital content, such as behind-the-scenes looks at the creation of the artwork or exclusive updates from the artist. This creates a sense of exclusivity for collectors and incentivizes them to purchase the NFT.
Finally, smart contracts are a key benefit of NFTs for artists. As mentioned earlier, smart contracts can be set up to ensure that artists receive a percentage of every sale of their artwork. Additionally, smart contracts can be used to automate other aspects of art sales, such as setting a minimum price for the artwork or limiting the number of editions that can be sold.
Hope this has been helpful in getting you to think about blockchain/ web3 and how it can be useful for artists and their creative practice.
