For long artists have been considered the less-privileged class of society, mostly because artistry has never been accepted as a normal occupation. Artists throughout history have struggled to make their ends meet through their art, which has always been rendered invaluable at least in their lifetime. Times have changed now. Today, artists can earn a decent living with their artwork, especially ever since cryptocurrency and NFT became a thing.
You can easily convert your artwork into a digital asset and earn profits. Today is a good time for artists to be alive. Here is how you can earn from your artwork.
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What Is NFT?
NFT stands for Non-Fungible Token. This is a unique signature added to a digital artwork that makes the artwork an asset. The artwork can be in any form, it can be a painting, a song, a poem, musical notes, a physical item, an article posted on a website, or even a tweet.
This token gives a unique code to the digital file and protects it from replicas. This means that your original artwork will be the only one existing. Only one person can have ownership of this digital file, and whenever it is used on any platform, it provides a monetary benefit to the owner.
Converting Art Into NFT
Fine art can be converted into a digital asset in easy and simple steps. Firstly, you will need to have a digital wallet where you can make transactions of your cryptocurrency. You can either buy or sell NFTs through this digital wallet.
The next thing would be to create a store on the NFT marketplace. In this store, you can put your artwork for auction. It depends on people how much they are willing to pay for your artwork. This marketplace allows you to sell your artwork and earn NFTs that can be converted into traditional money.
How Does NFT Work?
NFT works on blockchain technology. When you convert your artwork into an NFT, it gives the artwork a unique digital signature that is linked with the original owner. People buy or sell that unique code to make NFTs work.
Money can be earned from the digital asset by minting NFT. Like you mint traditional money, NFTs also require some minting. You can either learn the complex process yourself or hire someone to do the job for you.
Future Prospects
NFTs have a very promising future. Since they use blockchain technology, the entire process is transparent. The added security in the transaction process makes it easier for investors to deal in NFTs. Very soon, apart from digital artwork people would be investing in real estate and stocks through NFT.
If you are not sure whether to convert your art into NFT or not, now would be a good time to do it. People are earning decent amounts from a single piece of art. One GIF was once sold at $40,000. NFTs see no boundaries. There are no limits to the artwork.
