NFTs for Creators
You’re a creator? Why selling your artwork as NFTs might be right for you.
In the growing creator economy, smaller groups of enthusiastic fans increasingly gather and build a community around a creator and their work. This means that you don’t have to be a traditional commercial success as an artist anymore – rather, a niche but dedicated community that supports and identifies with your work can allow you to thrive as an artist.
In such, NFTs have potential beyond their hype, and beyond just being another revenue channel. The flaws of the current technology notwithstanding, the development of the NFT market regarding creators needs to be observed.
To reiterate what sets NFT technology apart: A non-fungible token (NFT) is a digital certificate of ownership stored on a blockchain. They are used to reliably authenticate and transfer asset ownership. This means that current and past owners, as well as the creator of an NFT, can always be verified.
What value can creators derive from selling their work as NFTs? Let’s look at two advantages which carry notable potential: The selling of digital assets as such, with all its benefits, and using NFTs to develop fan engagement and loyalty.
1. Digital asset sales.
With NFT technology, selling digital media directly as digital file is finally a viable option for creators.
Digital art can be bought and owned digitally, making the purchase of physical assets elective, instead of obligatory.
Furthermore, NFTs can be linked to any type of media, so they are accessible to many types of creators. This invites new hybrid ways of making and displaying art: i.e., linking traditional art with time-based media like audio, video, or 3D art.
These digital NFT sales can generate additional revenue, without costing much extra work – if you use the right tool.
2. New ways to drive fan engagement.
Because ownership of the token can be verified in real-time, a unique connection between owner and creator can be formed. This direct connection allows the creator to build engagement through continuous involvement and rewards, all while receiving reliable feedback.
Let’s provide some hypothetical examples of how to build collectibles and gamification mechanisms for more engagement and reward your fans with exclusive content:
Access to an exclusive event, for example a meet-and-greet, as a reward for holders of high-value artwork.
You could surprise owners of all parts of a collection with continuous additional content.
A collection, in which each illustration, for instance, unlocks a unique behind-the-scenes video.
Access to an exclusive event, for example a meet-and-greet, as a reward for holders of high-value artwork.
You could surprise owners of all parts of a collection with continuous additional content.
These are just examples of how you could use NFT technology to incentivize and reward your fan community.
Because your fans are rewarded for their personal engagement and loyalty with unique benefits, they would come to associate something personal and uniquely valuable with your art. They can now express themselves and represent their identities by displaying the collections from the artists they support. (With developing technology, these rewards could in the future be personalized specifically for each fan.)
Apart from that, creators can gain reliable feedback about the preferences of their community by seeing who buys their work and how its market value develops through this process.
In such a way, NFT technology presents an opportunity for artists and creators to sell their art digitally, all while growing their communities around their brand. Artists connecting with buyers, getting feedback, continuously sharing their work, and growing with their communities – all this has real value for artists and fans alike.