Discover 5 profitable ways to make money with your digital art and nonfungible tokens(NFTs)
Digital art is a thriving creative field with endless possibilities. Aspiring artists embrace this exciting medium, adding a new dimension to their passion and creativity. With the potential to open up new revenue streams for artists in the digital era, nonfungible tokens (NFTs) provide a fresh method for selling and distributing digital art.
NFT art encompasses digital assets on a blockchain, representing various creative forms like drawings, music, and more. It enables artists to monetize their work in the digital realm, expanding their reach beyond physical boundaries. Discover digital art using NFTs and enter the thriving NFT market. Here are five methods to use NFTs to market your digital work.
1. Fractional Ownership:
Breaking down ownership barriers, fractional ownership allows artists to tokenize their artwork, creating numerous tokens representing shares in the piece. For instance, an artist can split a piece into 100 tokens owned by a different investor. It democratizes art ownership and introduces collective investment.
2. Dynamic NFTs:
Dynamic NFTs, with ever-evolving features, find their place in auctions where collectors bid for ownership. Highly sought-after due to their uniqueness, dynamic NFTs can command substantial prices. Artists can also offer exclusive dynamic NFTs through subscription-based models, providing collectors a continuous stream of fresh content.
3. Resale Royalties:
NFTs can be programmed to automatically compensate the artist with a percentage of each secondary market resale. For example, the artist Pak sold “The Fungible” NFT for $502,000, and it pays a 10% royalty on every subsequent sale. This perpetual earning potential benefits artists long after the initial sale.
4. Interactive NFTs:
Interactive NFTs take the digital experience to the next level. Users can engage with these tokens in games or applications. Games like Axie Infinity employ NFTs as in-game assets, where players can buy, sell, and trade them to enhance their game characters. Additionally, NFTs can be rewards for achieving specific goals or activities within an app, creating incentives for user engagement.
5. Physical Asset Tie-ins:
Linking physical objects to digital assets using unique identifiers or codes verifies authenticity and ownership while enabling the transfer of ownership and digital asset value. NFTs can represent ownership of real-world assets, such as real estate or high-end automobiles. For instance, CarForce is developing NFTs as digital car keys, allowing owners to access and operate their vehicles securely.