Here’s Why NFTs Are Still Relevant For Artists In 2023 

If you are a digital artist, the chances are that you are wondering whether Non-Fungible Tokens (NFTs) are still relevant in today’s digital art market. And, how these can be used to monetize your art, safeguard your rights, boost your reputation, and build a passive income stream from your artwork.

In this blog post, we’ll explore why NFTs have maintained their standing as essential components of the digital art world in 2023 and how they remain one of the most important tools for today’s digital artists. Let’s dive right in. 

NFTs in Today’s Art Community: An Overview

New technologies are reshaping the digital art environment in today’s market. From VR dominating installations in LA to blockchain infrastructures ensuring that artists are compensated as needed, the role of emerging technologies is more important than ever. And, NFTs are not an exception. 

NFTs, or non-fungible tokens, are digital assets linked to an underlying physical asset. NFTs exist within blockchain frameworks and benefit from their properties.

In the field of digital art, NFTs give artists more control over how their art is shared, monetized, and attributed, allowing them to generate income from both physical and virtual transactions. Additionally, thanks to NFTs, artists can now authenticate their work using technologies such as multi-signature wallets, proof of origin protocols, and smart contracts. 

What Makes NFT Still Relevant for Digital Artists

Non-fungible tokens allow digital artworks to become tradeable and verifiable assets. They enable artists to create scarcity and securely store their work on the blockchain, which gives them the ability to verify the ownership and authenticity of each piece of art. 

Below we’ll look at why NFTs are more relevant than ever. 

Ensuring Resale Royalties Are Paid to Artists

One of the greatest benefits of creating NFT art is that Non-Fungible Tokens allow for smart contract royalties. In turn, artists can easily enjoy the long-term economic benefits of their work by automatically tracking and collecting royalties from future sales. This ensures that the creator receives fair compensation for their work. 

Confirming Ownership of Artworks

NFTs are a great way for artists to confirm ownership and establish the provenance, originality, and authenticity of their artwork. This gives both artists and buyers the peace of mind that they will be able to identify the original creator in any resale transaction. 

In turn, this can help an artist have more control and autonomy over the flow of profits associated with their art. Moreover, NFTs allow digital artwork owners to benefit from exclusive rights, such as the ability to create limited editions and organize exhibitions.

Enabling New Forms of Art and Entertainment

NFTs are supporting the digital arty industry by enabling the emergence of new forms of art and entertainment, such as crypto gambling games and play-to-earn games that use native cryptocurrencies. 

This type of innovation makes a wealth of entertainment opportunities available to both creators and fans alike.

Boosting an Artist’s Career

NFTs can help creators build a portfolio of work, which is then securely stored on the blockchain. This allows artists to showcase their artwork in different locations, organize exhibitions, prove the ownership of certain artwork, and ultimately improve their careers. 

Additionally, putting artwork up for auction through platforms like OpenSea provides greater exposure to new audiences and allows artists to showcase their skills and signature styles. 

Fuelling the Growth of Digital Art

In 2021, the global digital art market reached an international value of over $65 billion, which helped revitalize the art world. Although many technologies contributed to this market’s growth, NFTs are playing a vital role in ensuring a fair environment for all artists.

Today, they allow the digital art scene to flourish by providing openness, access, and trust in how artworks can be exhibited, traded, and potentially experienced like never before. With NFTs, established and aspiring creators can monetize their artwork, start building an audience and create a career out of their skills. 

Ultimately, while technologies are developing at unprecedented speed, NFTs are more valuable than ever for today’s digital artists.