Is the new boom in digital art sales a real opportunity or a trap?

NFTs have become an inevitable part of making a living as a creative person online, rushing to grasp the notion that cryptocurrency and blockchain technology are deeply entrenched. Some promise that NFTs are part of a digital revolution that democratizes reputation and gives manufacturers control over their destiny. Others point to the environmental impact of crypto and raise concerns about unrealistic expectations, saying the news is a digital artist. Bipal sold a JPG of his collected work for collected 69 million collected At Christie’s auction

As the trend to consider digital art as “valuable” is changing, however, it is recreating the same problems that have plagued artists for centuries: misleading hype, disguise of wealth collectors, and theft. Digital artists are already fighting scammers who steal artwork and sell it as a commercial product in user-produced T-shirt stores, for example. NFTs are just another thing for artists to check out now.

Newcomers must tie the practical, logistical, and moral condoms incidentally if they want to enter the fight before the current wave of interest passes. And as some artists turn their new digital creations into lucrative offers for friendly, enthusiastic buyers for new audiences, a question lingers in the background: Is the NFT craze benefiting digital artists, or are artists helping to enrich wealthy cryptocurrency holders?

“This feeling … amazing”

Eli Pritz, A Los Angeles-based photographer and animator, learned about NFT several months ago, only after talking to the Invite-NFT Marketplace Foundation. Another artist hired him for the site’s digital print business, but he then spoke to the foundation’s founder, Kevin Tehranian, who mentioned its NFT sales.

“I was, I don’t understand it. But it looks really interesting,” he said. “And there wasn’t a lot of information about it, but I was interested. He was the one who taught me about it. ”

Non-fungal tokens are a unique piece of information that is part of the blockchain, bought and sold with currencies that support the blockchain. Many of the things you hear about are supported by etherium.

If you haven’t heard of Ethereum, you’ve probably heard of Bitcoin. Same idea; Different blockchains and when Bitcoin is basically about exchanging money, but Etherium is better for exchanging resources. Any blockchain could theoretically support NFT, but it was designed for them. NFTs are sold anywhere in the various online marketplaces, where users can “mint” or make anything digital.

An NFT does not mean that you own part of the industry. Instead, you’re basically buying metadata that gives you arrogant rights – or often the opportunity to sell that NFT for even more money.

“The people who bought my piece did a lot of research. They decided to invest in me because they kept an eye on me and thought I was making promises. ”

It’s a lot to take, and seems a bit strange. Pritz was suspicious until he sold his first NFT minute in February. This is a short video piece he made for himself, without expecting to pay: it sold for about a thousand dollars. Creating animations is affordable and expensive, and historically it has become difficult to sell them online at a fair price. Perhaps the NFTs let him do it, he thought. Basically, though, the sales felt just fine. “The feeling that I love it because it’s worth it makes me feel amazing.” “The people who bought my piece were doing a lot of research. They weren’t the people I knew. They decided to invest in me because they kept an eye on me and thought I was making promises. ”

Tiffany Zhang, founder of Islands, a creative platform that focuses on revenue streams, says buyers aren’t necessarily endorsing artists as mere “cash grabs”. Instead, he thinks NFTs could be a different way for creators to create a fan base. The work of an artist comes with a sense of ownership bought in the beginning, as now the first famous gig saw a famous band. “If you’re an early supporter of a creator,” he said, “you’re betting on them.”

Pritz now feels like part of a community: he’s working with half a dozen other artists who do NFTO Mint, people he had never met before he jumped in a month ago. And, he says, theoretically he has doubled his monthly income. Money is everything in the ether than dollars and yet he has not cashed.

“You need to put legwork in it”

A difficult issue in understanding NFT is the jargon barrier; All the terms that describe how it works are known only to those who have already received crypto. As a result, NFTs come with a lot of information about its biggest promoters: the markets that sell them, the ones that invest in them and the artists that make them from everyone else it’s a bamboo.

In the midst of a sudden interest in this new avenue for their work though many artists have become guides for others.

Pingino Club, an artist and longtime cryptocurrency advocate, has been flooded with questions from other artists about NFT over the past month. “I get a lot of questions about why people are interested in it. It’s even from some of my programmer friends who know the crypto space, “he says.” They don’t understand why people are buying it. ”

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