April 25 , 2024 Posted by admin
You mostly hear the word “NFT,” which is now breaking the internet. Social media like TikTok, Twitter and news channels like CNN and BBC all cover this topic. The discussions on these platforms surprised the world with what these are and how they work.
This not only creates curiosity among the general audience, but graphic designers also question NFT and wonder how it can benefit them and transform the graphic design industry.
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Now, let’s start!
What is an NFT Art?
An NFT, a full form of “Non-fungible tokens” (Non-fungible means cannot be exchanged or swapped), is a digital intangible asset you can own completely in the metaverse or any other digital world. A NFT can be in the form of any digital file. The word “digital file” means anything digital, like music, artwork, an article, or an image. It can even be a meme. Three years back, you heard of the photo “Digital Girl. The actual image was traded for 6500K dollars in 2021.
What do NFTs mean for designers?
Digital art Ownership
Business owners, writers, graphic designers, and animators make many creative things in the form of photos, art, videos, and blogs and post them digitally but don’t have ownership.
At that time, no system automatically allowed them to hold digital ownership over this digital file or artwork. With NFT, they can rent their digital artwork, trade it, and represent it however they want.
Here’s where the NFT comes, giving the authority to all those creators to hold legal “ownership” of their valuable digital work.
Thus, when NFT art is built, it is then “minted” and tokenized” on the blockchain—a digital decentralized transaction database where data is stored that cryptocurrency links together. No one can hack or scam this data, which shows that the creator’s copyright ownership cannot be tracked down. In other words, any digital masterpiece you build belongs only to you.
This, in turn, is a powerful system of giving formal recognition to the creator’s digital artwork.
Also, it is vital to note that many artists claim their work has been stolen, even protected with “NTF,” or deceitfully minted and sold by scammers.
There is no law to catch these scammers; thus, this “NFT” topic remains debatable regarding how to give these artists justice.
A novel way to generate income
NFT art is a new approach for graphic designers to earn revenue from digital artwork. Graphic designers can get the valued return of their creations with the simple process that NFT art gives with “royalties.” They don’t need to go after clients; no need to wait to get feedback and make changes or edit the work as per customer demands or no manual printing.
Royalties
Original graphic designers can take some money in crypto payments called Royalties. This suggests that when they sell their artwork, the artist can get 2.5 to 10% off all future sales. However, the “Royalties” they are getting depend highly on the chosen platform. For instance, An NFT platform called Zora allows users to buy/sell or trade their artwork on the spot via the “Creative share” option.
NFTs require support
Another factor is “Value,” which influences the graphic design landscape through the NFT occurrence. How do you value your digital artwork compared with the physical artwork?
Remember that the Cryptocurrency value determines the Crypto art and NFT worth.
Ethereum gives value to the NFT when users sell it, which is then converted into monetary value. For instance, NFT trades for 2 Ethereum, which is then converted into 2,225 dollars.
If the Ethereum value drops, the sold NFT or artwork value also slows down.
The NFT value is 100% reliable in the crypto coin.
A global reach
Previously, in physical artwork, the exclusive collecting and trading of art occurred in physical spaces. Artists and graphic designers collect cash at various events, such as exhibitions, until many world events slow down or stop.
The birth of NFT trading implies that art collections are now done digitally. This allows most graphic designers and artists to sell their work to buyers globally.
Like most other professionals, graphic designers need to perform odd jobs to maintain a stable source of income.
Stability takes time to grow; most comes via project turnover or loyal clients.
So, theoretically, an NFT can build income quickly by opening a surge of opportunities for all sorts of graphic designers, mainly the less privileged.
Like social media, which allows global access, the NFT platform allows artists an immediate right of entry into globalism.
Artists can also achieve NFT market exposure with a pre-existing digital following. However, the hurdle is converting these followers into buyers.
They can do this by following brand tactics, such as learning how to target their audience and build an emotional connection with them, but how do they do that? Here comes another trick part that needs work.
This advises investigating brand strategies to determine your best fits. If you lack a strong online presence, marketing is also a good approach to consider deeply.
Inclusivity versus exclusivity
The NFT art sector believes in bringing inclusivity to make cash by safeguarding the environment for digital artists.
Anyone with access to a PC can develop NFT, and it has the potential to ignite and change the lives of millions of artists, whether the graphic designer’s niche is square pixels (Nyan Cat video sold for $60000) or realistic, 3D motion graphics.
But there is one thing to be aware of: the expensive minting fee. Art “Mining” on the blockchain requires designers to outbid each other. NFT prices fluctuate between 80 and 1000 dollars, depending on the network and time. The creator’s artwork won’t be displayed on the market without payment.
A heavy environmental footmark
Regarding NFT artwork, one concern is affecting the digital environment.
Joanie Lemercier is a famous French artist. He once made headlines for selling NFT within 10 seconds and earning thousands of dollars.
Well, he feels shocked by one thing he doesn’t know: how much energy NFT consumes during his transaction, which is 8.7 megawatt-hours. This is equivalent to the energy consumption in two years in his office.
When his art was further put for trade and sold, it again consumed the same amount of energy. This horrified the artist, who thought that NFT-based art selling was an eco-friendly way to make money compared to trading physical artwork performed in art museums.
This forces Lemercier to launch a statement that discusses the lack of transparency regarding energy consumption in NFT trading from crypto side platforms when dealing with NFT trading.
Thus, for many designers, energy usage in NFT is alarming. This is not limited to crypto art trading; it extends to digital mechanisms called “proof of work” as a whole.
In the early 1990s, “proof of work” started and progressed to a large level for cryptocurrency mining to build and mint tokens such as Ethereum and Bitcoin. This states that a high-powered PC and high electricity consumption are required to achieve the most Bitcoin.
Working on the greener alternatives development is in process. Still, designers who want to trade their artwork (as NFT) cannot escape this harmful process that consumes high power as the Crypto world, like Bitcoin, will soon rule the digital world.
Has the NFT art business had a long life?
The answer to this question is between certainty and surety. NFT prices fluctuate like a roller-coaster. But because creators have so many possibilities, there is little chance they will lose their momentum anytime soon.
The world is becoming more reliant on digitalization, and NFT is the next thing that most designers and artists can be comfortable with when trading their artistry in NFT form.
Most businesses do their marketing digitally, which requires too much graphic design. Thus, businesses can waste the possibility of not making the NFT.
How to make an NFT?
The first thing designers should do is create a Crypto wallet to set up an NFT for trading. Here, they will store Ethereum. Mining fees must be paid for that. Afterward, you can link your crypto wallet to any NFT marketplace.
NFT marketplaces are OpenSea, Rarible, KnownOrigin, SuperRare, and Mintable.
Such places allow artists and designers to list their digital artwork for sale visually as an NFT.
Your listing can be like eBay or Etsy but with only for NFTs.
One factor to remember when uploading your artwork on these marketplaces is the quality you are giving.
You can make only one piece of artwork available for the trade at a time, or you can upload a collection of your artwork with many copies.
Note that the above is a very serious and huge decision you are making, as the quality of the original version and the piece’s exclusivity will directly influence its value.
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Conclusion
The crypto or NFT trade can offer a new way of selling creativity. It’s just the beginning and will soon become a common practice. Yet, the early NTF art period seems a bit unreliable for designers, but debates are ongoing on finding a better and solid solution.
Creativity industry people are excited about what comes next, as the hopes that could favor all artists and graphic designers are still there.
So you need something graphically designed and awesome. Hire LogoMagicians, one of the best logo design services in the USA. Our skilled designers can build anything. Just call us.
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