Exploring the intersection of art and blockchain technology, we delve into strategies that can boost NFT adoption among artists. Uncover the potential of this digital revolution and how it can redefine the art world's landscape.
Blockchain-based method for minting digital files of original artwork
One of the biggest technological advances in recent history is creating new income streams and audience development opportunities for artists, yet many are hesitant to get involved.
- In our latest report, “Making a Living as an Artist,” we asked 500 US-based artists how they felt about creating NFTs.
Your Artistic Journey
A technological revolution has struck the artwork, and now is the time to join in
Barriers to Creating NFTs
They don’t understand how to find buyers for their NFT
- Environmental concerns due to high energy use of proof-of-work blockchain technology
- NFT’s are a trend, and some artists are skeptical that they will be used to the time and effort required to participate in the space
- There is a steep learning curve
- Security concerns because of the complicated aspects of NFT, blockchains and crypto
Three Changes That Would Increase Adoption
Education: Artists don’t know how the technology works, how to find buyers, or how to keep their assets secure.
- What could change – is greater access to educational resources.
- Pricing Guidance: Artists who had already created NFTs told us their biggest challenge was learning how to accurately price their work.
- This is where partnering with a curator or working with an online gallery can help, as they’ll have a wealth of experience in pricing work and a strong sense of the market trends.
- More Partnerships: Artists would be more willing to enter the space if they could partner with another artist, gallery, or platform to not only show them how to get started but who could help market and reach the right collectors.
