Are NFT artists the nouveau riche of tomorrow?

We can ask ourselves the question, in fact.

Are NFT artists the next blockchain millionaires? Hmm, the question makes sense today with works by the artist 3D Beeple sold for more than 60 million euros…

NFTs clearly seem to be changing the way digital art works at least. And, for artists, this turns out to be a real opportunity to seize.

Artists who use the non-fungible token become rich overnight. And, tomorrow, the golden boys will no longer be WallStreet traders but web artists.

What a beautiful perspective. But, is this really the case? Or is this just another fad in the world of cryptos?

What will happen to artists and is blockchain really making this profession bankable?

This is the question of the day and I will try to answer it as best I can.

Blockchain artists, the millionaires of tomorrow?

For an artist today who sells his works on NFT marketplaces, then, he would find an audience hungry for new things and this type of product. Likewise, he would find a buying public there. It is not for nothing that the NFT marketplaces to buy and sell are gaining more and more users. OpenSea for example, has quickly become the leading marketplace in terms of transaction volume.

With NFTs, a new world opens up to artists. It’s already easier for them to sell their work.

Until then, the work of artists had even suffered from the Internet. We lost copyrights, we used, copied and used their work in an unlimited way. It's hard to really make a living from it and only freelancers or experienced artists have until then been able to find their way.

NFT artist Grassetto — Grassetti, an artist who is all the rage with highly acclaimed works that sell for (very) high prices.

Now, an NFT artist will finally be able to find a way to pay for their work. Without it being complicated. Without him having to work for an agency or something. No, now he can sell his works directly, on the web, without an intermediary. And, all while enjoying visibility like never before.

NFT marketplaces on which you can create, sell and buy NFTs are booming as OpenSea or Rare.

The big advantage for artists is that it can set a commission on all future resales. The amount of royalties is also set by the artist himself.

So, it’s a kind of lifetime passive income that the artist can create. You imagine? It would then be a highly profitable profession.

The blockchain will have served to highlight and put the artist back on a high footing by allowing him to be remunerated in an honorable manner.

What a marvel this technology is, isn't it?

NFT artist — Zombie Stars #019 – Dikasso (Collab)

Does an NFT holder own ownership of the work?

This is perhaps the first question we ask ourselves when we discover the concept of non-fungible tokens. At first glance, one would think that the work belongs entirely to us. However, as was the case with the NyanCat video, it is a video purchased for more than $500 yet everyone already owns it. It has been circulating on the internet for 000 years and can be downloaded unlimitedly.

In fact, that's not what interests the owner, it's not so much the fact of having the deed of exclusive ownership. His work certainly circulates on the internet, but the fact remains that he is the owner of his NFT. We can trace the history of his work.

We therefore have a mix of all possible advantages: the NFT artist is paid for his work and the collector can possibly resell his NFT to another buyer who wishes.

It must be understood that for this type of NFT, it is really a collector's mentality that is at work here. In the same way as in real life, art lovers can spend fortunes to own the object of their stars or to buy a master painting.

It's the same mechanism except that here, the object in question is a token on the blockchain, a unique NFT.

You should know that there are also works of art which have been tokenized and which have their NFTs. In this case, the owner enjoys physical possession of the work.

Have NFTs (already) entered the classical art sector?

In fact, until now, we were talking more about digital works of art.

However, you realize that the art sector cannot avoid taking an interest in it.

This is the way for art to modernize itself, just as financial services have modernized with the appearance of bitcoin and cryptocurrencies.
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There are already recognized artists who are already making use of NFTs, in fact. We can cite for example the famous table block 21 by the artist Robert Alice which was sold in a Christie's auction for over $131. Moreover, the work is linked to the world of crypto and also contains a key opendime.

NFT artists are all the rage and are (finally) considered in the classical art world.

So whether it's pure digital art or classic art that would be sold via NFTs, it's perfectly compatible.

Artists are starting to emerge and earn comfortable sums like the famous artist Pak Pak who sold some works for more than $530,000 in ETH.

And, of course, he's not alone in this. We are seeing more and more NFT artists earning very interesting sums.

When we wondered if NFT artists are not the millionaires of tomorrow, it is not just a simple vague question…

Why are people rushing into NFTs?

You know, in the end, what's happening right now in the honeydew of digital art in the blockchain is in fact what's happening in the art world already.

Finally, we were even used to master works or paintings being sold for millions of euros, weren't we?

The art collecting frenzy will in all likelihood move from the real world to the digital world. Nothing more surprising than that.

Finally, there are four main reasons which seem to explain this incredible enthusiasm for NFTs and digital art in general:

The covid-19 situation with worldwide confinement has closed the majority of museums and cultural exhibitions. We would have missed art but above all art has been "consumed" more in its digital form. A trend therefore linked to the lockdown situation just as we have consumed more digital content in general.

The excitement of the new : The media talks about it a lot and everyone talks about it...It's part of the new excitement of being part of something that's happening before our amazed eyes. We are revolutionizing art and cryptocurrency is finding a sector other than that of finance. It’s fun, it’s cool, let’s go!
The possibility of owning a work of art that we like; Everyone can become an art collector today. The ultimate aristocracy of crypto holders perhaps, but in any case, here again, we are only reproducing behavior already present in real life.
The speculation. With the record sales, there are both art lovers and savvy speculators who buy NFTs and works for the sole purpose of being able to resell them later. Finally, here again, this is also done in the traditional environment.

This is how I would end this article. That said, we can also make some criticisms and think that it is a speculative bubble and nothing more. A bubble which is reminiscent of that of contemporary art, in the end. NFT artists are no exception. We could also debate for hours and remember the speech of those who said that bitcoin had no future... It has been 10 years since he proved us the opposite and he also shows that the generation that succeeds him always interferes more and always better in aspects of our daily lives.

And by entering into art, the blockchain makes it possible to give it an unexpected boost of youth and benefit for all of humanity... Because yes, ultimately, what makes man, man if it isn't this irresistible appetite for Art...?

👉 See the others articles that talk about NFTs.

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