Why you should consider using NFTs when selling your digital work
When blockchain technology comes up in conversation, many people think of cryptocurrency. However, NFTs are quickly becoming more popular, and it is a well-known term in many households.
These blockchain-based digital assets possess unique coding and are one of a kind. They also provide numerous benefits for artists who create artwork digitally.
Blockchain technology is still developing every day, and now many artists are using it to adapt their work and innovate. Here are a few of the most significant advantages of NFTs for digital artists.
What are non-fungible tokens?
For those asking, what is NFT? – an NFT is a non-fungible token, which is basically a unique digital asset found on a blockchain that represents ownership of physical and digital assets. They are often bought and sold online using cryptocurrency, and they can be created from tangible and intangible products such as art, memes, GIFs, and games.
The ‘non-fungible’ part of the name means that it possesses a unique identification code. In turn, it cannot be exchanged like for like, unlike cryptocurrency, which is fungible.
International market accessibility
One huge attraction for those with digital work is the fact that NFTs give you access to a huge global market. Using NFTs for your digital work, you can reach an international audience without having to physically go anywhere.
This is great for up-and-coming artists and those who produce work on a small scale as they have the opportunity to get their work across to many people across the globe. They do not have as many barriers to cross for exposure, such as a physical place to display their work or a reputation built from networking. Digital work can be easily accessed by all buyers.
NFTs are easier to distribute
Creating an NFT is simple. The cost is generally low, and selling and distributing it is easy when compared to physical work. Overall, NFTs are a lot more convenient.
Once you have digitized your work, you do not require storage space or specialist equipment. Both you and potential buyers can access digital work with ease, and it can be bought and sold seamlessly.
NFTs offer increased security
When it comes to selling an NFT, there are fewer risks involved. NFTs are completely digital, which means you don’t have to ship a physical product to a physical location. Besides the risk of transferring a physical item, a digital item will not suffer from physical decay as they are stored over the blockchain.
Additionally, NFTs also act as a digital signature, and there is absolute transparency when a transaction is made. Buyers are confident that they are receiving an authentic product and that they have true ownership of an NFT. An NFT offers proof of the creator, the current and past owners, and all related transactions.
Unlike a physical item, buyers can quickly access all necessary information about an NFT using blockchain technology. Not only can buyers be confident in the knowledge they have true ownership, but they also track the value of their NFT.