Artists can set their own royalty percentages and earn a commission each time their NFT is sold, which offers a different financial model than traditional art.
Understanding NFT Art
NFT art is a digital item owned by a person and traded on a blockchain platform. It allows artists to sell their work without needing a large network or physical space. These transactions happen on NFT marketplaces, making it easier for artists to reach buyers without heavy self-promotion.
To buy or sell NFT art, you need a digital wallet that can hold and send cryptocurrency on platforms like Ethereum or Bitcoin.
NFTs vs Traditional Art
NFT art and traditional art have several differences. NFT art lets artists set their own commission rates and receive royalties with each resale—something traditional art does not offer. Other differences include how art is stored, where it is sold, who buys it, and how volatile the market is.
Traditional art needs physical space and materials. NFT art is stored digitally using blockchain technology. Traditional art is sold in galleries and auctions. NFT art is traded online on NFT marketplaces.
Benefits of NFT Art
Creating digital art can be less expensive than creating physical art. Traditional art requires supplies like paint, brushes, and canvas. Digital art needs only basic tools like drawing apps, software like Adobe Photoshop, or a digital tablet.
NFT art also gives artists new income opportunities and allows them to earn royalties from future sales. Digital art also lets artists edit and experiment without damaging any physical surface.
The History of NFT Art
The NFT movement started around 2012–2013 with "Colored Coins," a type of Bitcoin that could represent different assets. These early ideas led to the development of NFTs on blockchains.
Blockchains are like digital ledgers that record every transaction in code. These transactions are grouped in blocks, and the chain keeps a permanent record of everything.
How NFTs Are Changing the Art Industry
NFTs offer a new platform for artists to sell their work and get paid directly. This model helps them reach global audiences and avoid traditional gatekeepers like galleries.
NFTs also bring more transparency. Ownership and history of each artwork are easy to verify on the blockchain, which helps prevent fraud and fakes.
NFTs are reshaping the way art is bought, sold, and valued around the world.
