What Does the Future Hold for Artists in the NFT World?
Tags: web3
Published: 2023-01-25 07:47:21


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The NFT space in 2023 is witnessing a rapid rise in sales, with a market cap of over US$442 billion, a rise of over 19,000% in the last 30 days as of writing. While such a rise is attributed to a renewed interest in the NFT world, with some collections dominating, the role of artists in the process is eminent if you think about it deeply. Here, we consider everyone who creates something in the virtual world as an artist, not only your collectible-worthy digital art creators whose works sell for millions of dollars.
“NFTs are the Birth Certificates for the Offsprings of Creators” – Dane Scarborough.

## 1. Monetization Facilities

NFT artists or creators can have provisions for monetization as they can earn income utilizing the power of blockchain technology. Since non-fungible tokens offer proof of digital ownership and asset authenticity, artists can gain real value both in terms of money and recognition in the Web3 space. Mechanisms such as royalty commissions allow them to earn passive income at any time. NFTs also make the fine arts domain accessible to all, as it is easy to generate NFTs for creative works and appeal to the masses.

## 2. Heightened Adoption of Metaverse Technology

We all know how much metaverses have evolved post the NFT boom. These virtual worlds have been garnering interest from all ends due to their importance in establishing the future internet. Artists can utilize metaverse technology to create, exhibit, and sell their works in immersive ways using virtual reality and augmented reality. The increase in the acceptance of these worlds only widens the scope for creators as spaces for showing their talent, including spaces for exhibitions and concerts, have become must-have elements.

## 3. Forming Close-knit Communities

Having a close relationship with followers has become paramount for artists, and Web3’s emphasis on community building reflects the same. Newbie creators can benefit from niche communities, as these spaces might elevate them to the limelight if they do the right things. Platforms such as Discord, Telegram, Twitter, and Reddit have been generating vast amounts of content related to Web3, and artists tapping into these applications can easily emerge victorious by earning both income and community support. 

## 4. Offering Authentication and Ownership Proof

NFTs are considered revolutionary since they offer proof of authenticity and ownership, and digital fine art works have benefited immensely from them. These eliminate the traditional intermediaries that make the domain tough to crack with unnecessary rules and concerns related to the infringement of intellectual property (IP) rights. Everything is recorded on the blockchain, making duplicate entries void, ensuring both creators and collectors reap huge benefits. Artists can also benefit from having complete control over their creative works by defining how and where they can be used.

## 5. Added Digital Experiences

The advent of non-fungible tokens can also be advantageous to artists in yet another way – Phygital Experiences. Complementing NFTs for physical items or vice-versa can be ideal for artists to gain traction among the Web3 community. Such provisions mean even traditional creators can adopt Web3 technology without much hardship and reap benefits easily. Using creative works to offer real-life perks can also be helpful to artists to forge meaningful relationships with their followers.

**Shedding Wrapping Thoughts**

Therefore, we have seen the various ways in how NFTs can benefit artists. While this is just the beginning, the field is expected to grow big this decade, with artists gaining importance in Web3’s internet. If you ask me, I’d rather say that NFT marketplaces can help accelerate the digital renaissance movement, as these are places where talents are recognized.

**[NFT Marketplaces for Artists](https://www.blockchainappfactory.com/nft-marketplace-development)**’ Win in Tomorrow’s Internet Space: Do You Agree?