10 Things Creators Must Consider About NFTs
Non-fungible tokens are trending everywhere in all domains of Art, and the majority of the famous or emerging artists are getting on board with their digital artwork. Musicians, artists, graphic designers, celebrities, and social media influencers join the NFT industry with regular artwork drops from NFT creators.
The NFT industry generated about $2.5 Billion dollars in the first half of 2021. The most expensive NFT creators sold their artwork for millions of dollars. The top NFT artworks mentioned include Beeple NFT’s “Everydays – the first five thousand days,” a collage of 5000 days of daily artwork from the artists selling for $69 million.
CryptoPunks are the most reputable NFT collection They had a trading volume of $10.67 billion in the third quarter of 2021.
What makes NFT so special? | Why are all the artists there?
The autonomy and financial freedom NFT offers opportunity to every artist with no discrimination whether they are from developed countries or under-developed ones if the artist is international with loads of awards or a talented freelance artist. Plus, the royalty every creator receives on every resell is worth appreciating, as any Artwork is like a win. It gets better and more worthy with time. There are many infinite benefits NFT has to offer the creators.
So if any new artist sells their artwork for $1000, which later rises to $-100 million, then the creator will receive 5%-10% of it. The artist will have NFT’s smart contract marking the creator as the sole copyright owner of the artwork. DAO charities are also there to support underprivileged artists.
Exclusive perks for members of the NFT creator’s community and how to keep adding value through artwork for creator’s buyers and collectors are some of the aspects I really appreciate. However, nothing is above the phrase ‘too good to be true, and therefore there are issues and threats you should be aware of as an NFT creator.
Let’s snap you out of the million-dollar NFT world and shift your focus towards some NFT regulatory frameworks educating the NFT creators on intellectual property rights issues, financial regulation, and taxes.
Starting Your NFT Creator Career
NFT creators who have already minted collections can skip this section. However, for the newbies, you can be a digital artist, singer, or collector who trades NFT artwork. Do join the NFT community on discord. You will make new connections and get expert advice and more.
- Learn how to set up your e-wallet on Metamask.
- Credit some USD or Ethereum into your wallet.
- Start minting your artwork, and Voila!
Now your journey as an NFT artist has just started, and this was the easy part. The hard work of investing energy, time, and money goes into promoting and marketing your NFTs before minting. If you are an NFT creator, working on one artwork takes a lot of effort and creativity.
What Value Your NFT Artwork Can Offer
ThankYou X and JN Silva warned all the NFT creators to be cautious of mingling in the trends and instead stand out with their NFT art collections. Your NFT art should have a vision, a special message and serve a dedicated community.
Like Party Degenerates ranked in the Top NFT in just 6 days because it stands out with its vision. Party Degenerates serve all crucial parts of their community, including members, collectors, buyers, Famous artists, and under-privileged new artists. Their art also reflects what they believe in.
Counterfeiting & Copyright Infringement of NFT Artwork
Okay, hurrah for the new artist joining NFT butwhat about the emerging or famous NFT artist and their artwork. Due to a recent rise in scammers and hackers and the NFT Marketplace not asking for prior copyright proofs before minting the artwork, these two factors have started a loophole meaning you should be more careful, or like many artists. You might be seeing your artwork even before you join the NFT marketplace.
Bijah Stephen shared information about the gap of NFT not asking for any prior proof of ownership before minting the artwork making the NFT system potential for art theft. Ethereum’s official site says that once minted. There is no chance of transfer of a ownership.
Buyers & Collectors Expectations About NFT Artwork
Well, this is something everyone wants to invest in NFTs and expect it to rise to gain monetary benefits. Here comes the regular NFT buyers and collectors, who have an eye for digital artwork and know which artwork’s value will rise soon. Remember that NFT links back to Ethereum blockchain, and Ethereum’s price never goes down thus, we can expect the same from NFTs.
Understanding the NFT’s Business Regulations
So the more multi-functional an NFT or crypto is, the higher the chance for theft and cons to occur arise. NFT experts have stated we should to expect further changes in NFT smart contracts to ensure fool proof security.
THE NFT World Is Not All Sunshine & $
Everything has a worth. Similarly, NFT is not only about earning millions of dollars by selling your artwork. You need to enter the NFT world with the right mindset, whether a creator, buyer, or collector. It is pretty easy for digital artists with loads of following to sell their artwork.
There are risks associated with NFT as it is also very volatile at times, and you are more likely to notice a decrease in value due to fear, uncertainty, and doubt.
Protecting NFT Creators | Considering all Legal Issues
NFT artists experience one thing for sure, that’s the uncertain rise and fall in their artwork values. Emerging creators with rising artwork value also have to deal with different intentional or unintentional violations of intellectual property.
Final Words from NFT Experts
NFT creators need to be actively engaged and cautious of every action, whether buying or selling digital artwork. You don’t need to worry a lot as NFT authorities have screened the potential copyright thefts and counterfeit cases. They are now planning to make it as secure as possible.
FREQUENTLY ASKED QUESTION
No, definitely not. By doing so, you will be closing your doors to infinite opportunities as an artist. As an NFT artist, you have to be cautious of hackers and others tampering with your original, not yet minted artwork .
The chances are higher if you are an accomplished NFT artist as there is a lot to deal with. Plus, many fraudsters are more likely to make a fortune out of any loopholes.
Yes, you can, as a new NFT creator, work on marketing your collections, creating great artwork, and growing your community until you reach a significant milestone.
Don’t you need to have one already! However, if you earn millions through your artwork, there are a lot of threats once you are in the spotlight.