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NFTs may seem like a complicated concept for many. However, it comes off with its unique ownership and digital art. Nonetheless, in today's time, India has significantly developed in the NFT market. As more and more people are becoming interested in digital art, NFTs can serve the purpose.
NFTs refer to non-fungible tokens. A non-fungible token in non-interchangeable and unique data is stored in a digital ledger. These digital tokens may represent pictures, videos and audio. However, these should be individual items and can utilize blockchain technology most effectively.
Digital Artists are Accepting NFTs
With the Indian artisans facing many challenges, NFTs can play an essential role in revolutionizing the entire market. Digital artists have quickly adapted to NFTs. They are venturing into a new area to understand the selling of digital art. These are non-transactional and can be a practical choice for selling off as NFTs.
NFTs have been taking over the entire world. It is no longer a foreign concept. In the Indian market, NFTs have become a significant part. Digital art has been a substantial aspect of blockchain technology. Even influential personalities across the world have been using NFT. Indian personalities like Amitabh Bachchan, Sunny Leone and Salman Khan have been introducing their own NFT. NFT registered digital art has become an essential part of buying and selling collectables.
NFT is a sector that creators and digital artists have significantly dominated. It has become an accessible medium for screening, and most of these in today's time are created digitally. According to many digital artists, this NFT is one of the most significant aspects for digital artists in today's time. They can store their digital art and make the experience rewarding. Moreover, the coming in of NFTs has been playing an essential role in reducing commission risks. The artwork can be easily minted as an NFT and will be preserved in Blockchain technology.
Furthermore, the artists can generate or mint the tokens through blockchain technology. These will eventually become non-fungible because they can't be replicated. As a result, the token can easily be transferred from one user to another. These are the regular digital files that cannot be copied. The token can easily be combined, thereby ensuring the uniqueness of the file.
What are the challenges that artisans face?
The artisans face a significant number of challenges when they put up their art. Some of the common challenges faced by the artisans in the Indian market include:
Exhibition cost
Every artisan must hold an exhibition. There shouldn't be any high price for displaying your artwork. However, irrespective of how good an artist the individual is, exhibitions can cost a lot.
Renting a space for an exhibition cuts out a significant amount from their range. This prevents them from getting access to the best.
Physical space
Before creating digital art, artisans create physical art. Physical art will eventually take up a lot of space. Every artisan will need to have a physical location or gallery to store their art. These spaces are usually available for purchase or rent around urban areas.
The rural artists, however, do not get access to these facilities. As a result, either their art gets damaged. Furthermore, renting these places in urban cities will cost a lot.
Duplicates
There is a high risk of forgery and duplicating the art. Whenever you create physical art, the risk of copying is too high. The original artist may not always get the due, especially when the art falls into the hand of a fraudster.
As a result, it prevents potential buyers from purchasing the artwork. The duplicated artwork is available at a much affordable rate than the original artwork.
The platform for demand aggregation
There is no platform for artisans to display their artwork. As a result, the potential buyers cannot get the opportunity to interact with the audience. Furthermore, not many artisans are financially affluent to access these platforms.
Getting the fair price
The lack of a platform can, however, be a risk in many cases. The hard work will eventually not pay off. The lack of a venue will often prevent the individuals from getting a fair price. The artisan should know what the price of a particular digital art should be.
Can NFTs help the artists?
NFT is sure to bring a revolution. However, in the digital art field, it may not be an easy thing to do. The artisans who are to use NFT may often need to skip several steps. Every artisan trying to use their digital art as an NFT needs to have an online presence. Being active on social media platforms can play a significant role in leveraging your online presence. Moreover, with the help of your online presence, your art will become a crucial point of attraction.
It is necessary to describe the background of NFTs. The art will eventually become authentic and desirable once it is turned into an NFT. Being active on different platforms can, however, be of great help. However, selling your digital art as an NFT can be essential in reaching out to a global audience.
Compared to physical art, digital art will eventually be of great benefit. Being active on different innovative chains can, however, be of great help. Every NFT offers a royalty which is very rare in the case of physical networks. These kinds of deals are, however, not available on material items. Every NFT is registered in the blockchain. Therefore, there are very few chances of these being duplicated. There will be a constant flow of credit for art that will be beneficial in the long run.
Final Thoughts
Energy-hungry servers require minting NFT. Therefore, it is advisable to be extremely careful. While minting NFT, tonnes of energy will be consumed per minute. With the development of technology, NFT as digital arts can help in the long run. These aren't traditional digital arts. Therefore, there is a lesser risk of the token being copied. With the help of digital art as NFTs, artisans and art will eventually benefit. There will be no involvement of the traditional system. However, the artisans will need to be extremely careful while registering their digital art as NFT.
