Why Digital Artists Should Invest in Crypto
If you’re a digital artist, chances are you’re familiar with NFTs and the booming NFT marketplace. But it’s not just the NFT marketplace luring more artists to invest in crypto; digital artists have many opportunities to succeed in the crypto world. Here are a few options for artists and some insights into the benefits of investing in cryptocurrency and other blockchain projects.
Understanding NFTs
A non-fungible token or NFT is an immutable record of ownership over a digital or real-world asset. These records are housed on blockchain networks, making them highly secured and nearly impossible to tamper with. NFTs can be any file type, making them widely accessible to digital artists of all mediums. NFTs can be anything from music, videos, and art to business agreements, real estate contracts, and other personal records. NFTs are held on blockchain networks and can be accessed through the owner’s digital wallet.
The Digital Art Market
In the last several years, many celebrities and famous artists have endorsed the NFT marketplace; some are even creating their own NFT collections, like Snoop Dogg. NFT technology benefits artists because it can help solve challenges in the digital art world of provenance and valuation. NFT minting creates digital scarcity, which adds inherent value to that NFT and its right of ownership. When you mint an NFT, you encrypt the digital art file and your information as the artist. That NFT will forever be on the blockchain network and cannot be tampered with. As the NFT is continually sold within the network, all transactions and exchanges are recorded and kept with that asset.
Further, when artists mint their NFT, they can opt-in to receive royalties as their artwork is resold in the future. Many benefits exist to minting your artwork into an NFT and joining the NFT marketplace. Digital artists who struggle to sell their work should consider the benefits of listing on an NFT marketplace like FTX.
To get started in the NFT marketplace, you must select a platform and cryptocurrency to invest in. Not all platforms are compatible with all cryptocurrency blockchains, so be sure to do your research before investing in a particular blockchain or token. Once you’ve selected the platform and blockchain, you can open a digital wallet, fund it with crypto, and then begin to mint, bid, and invest in NFTs. If you’re unsure which blockchain to invest in, consider joining an online crypto community like FTX to stay in the know on the latest crypto and NFT hype.
The Metaverse
It’s not just the NFT marketplace that digital artists should be exploring for investment. The metaverse project is a vast digital endeavor that utilizes NFTs and cryptocurrency to create a self-sustaining digital economy of scale that users can access and freely exchange within. The metaverse will be a series of synchronous digital universes where users can create, exchange, and sell anything from digital art to experiences on the platform and digital real estate in the form of NFTs. As a digital artist, if you’re interested in the metaverse projects, you can invest today and start creating your own digital assets within the metaverse to sell and exchange with other users. As the metaverse gains users worldwide, more and more opportunities will become apparent to those who actively participate and create assets within these digital universes.
Today there are many resources and opportunities for artists new to the crypto world who want to get their foot in the door and invest. Start minting your artwork today and exploring the creative options available to you within the digital crypto world.
