The term “starving artist” has long been apt in the art world, but not in its traditional sense. Throughout history, artists have been short-changed by corporations and middlemen who have profited from their work long after the money they have received is gone, often only a fraction of their piece’s increasing value over time.
Many believe the advent of NFT and the decentralization of art offer a fairer, more egalitarian way of doing things. By creating and releasing artwork as NFT, creators can take back control of how their work is used and where it is used. And how they are compensated for it, making it more profitable for them in the long term.
The Utility of NFTs
While NFTs have many levels of utility, their most common use case is in digital artwork. Online works from artists such as Beeple, Grimes, and Pak are becoming popular and selling for vast sums of money.
Many believe the ultimate utility of NFTs will only be realized within the Metaverse. They will be used for everything, from proving ownership of virtual land and property to creating unique collectibles that we will use to decorate our virtual space.
Why Are NFTs Important for Artists?
According to the NFT artist pleaser, there are three significant ways that NFTs will become important to artists.
Firstly is their ability to include smart contracts, potentially revolutionizing how royalties are paid and how artists earn a living.
Before the advent of crypto, everything relied on trust. Signing papers, waiting for payments; plenty of third and even fourth parties involved, taking their cut. Once the piece is sold, that’s it for the artist.
Smart contracts can be programmed to execute every time a piece of art is sold or resold among collectors. The original artist can receive a cut of that sale. Continuing to earn from their work as it grows in popularity and value.
Secondly, what NFTs bring to the art world is provenance. Because of the blockchain nature, it can be used to establish where the artwork came from and where it has gone. And who has owned it along the way?
This is useful because prestigious gallery owners, renowned collectors, or even celebrities can impact the value of a workpiece.
It also ensures that the original creators can be acknowledged for their work. It is challenging for others to sell NFTs fraudulently.
The final benefit is that giving digital artwork value through its association with NFTs has created a new class of asset that reflects the more recent generations who live in the digital world just as much, if not more, than they do in the physical world.
The need for physical belongings will become less and less as the world moves into the digital landscape. Objects like art pieces will be valued and viewed more online.
NFTs have opened up a new world for artists, and they will grow through time for the benefit of everybody.
NFT Metaverse Gallery
Therefore, we’re helping to create a new art landscape with the upcoming launch of an NFT Metaverse Gallery in partnership with famed artist Mark Mallia.
The gallery will allow Mark and a small group of talented artists handpicked by Mallia to display their works in a virtual gallery for people to view.
The gallery will have two rooms, one featuring general pieces from the collection of artists and the second featuring exclusive works they have also designed.
To give even more value to the collectors, anyone who purchases a piece of art directly through the gallery will receive the 1/1 digital NFT version and a physical copy of the piece itself, bringing the art into the real world alongside the digital one.
For more information and to sign up for an entry pass to the gallery, visit https://arize.io/mark-mallia-metaverse-gallery/
Founded in 2018, ARize is an industry leader in the 3D and AR industries. With an ethos of putting the power into the hands of the creators, their vision is revolutionizing e-commerce, blockchain technologies, and metaverse spaces. ARize is on a mission to bring 3D and AR capabilities to everyone, supercharging the visual experience it brings.