NFT, the term has flooded the world. Whether you are scrolling through social media platforms or reading articles over the internet, chances are high that the NFT word is somewhere popping up in between. While NFT already has its set of appreciators, many of us are still new to it.
Let’s start by understanding the term!
NFT stands for Non-Fungible Token. The non- fungible part means something that can not be interchanged or replaced. If we break it down further, NFTs are the irreplaceable assets that exist in the digital world and incorporate the blockchain systematics into its functionality. NFT can be anything. It can be an artwork, any article, tweets, music or even memes. They are owned digitally and find their presence only over the digital universe.
As the Managing Trustee of JD Institute of Fashion Technology that caters to the design industry and paves the way for the design enthusiast in the field, I took a deep look at the benefits of NFT.
The design industry has always been the flagbearer of new trends that sweeps the market and consumers off their feet. Since NFT has become a part of pop-culture, the creative minds can leverage on it and get the best out of it.
But how will NFT benefit the creative field?
1. Giving Way To The Digital Art:
Making a mark in the digital world has become a necessity of today. With new techs and softwares coming into the industry everyday, any individual with a creative bent of mind can use them for their benefit and deliver astounding pieces of digital art. These arts pieces can be converted into NFTs and garner their own appreciators. NFT is unraveling the limitless possibilities that come with the combination of art and technology.
2. Income Generation:
With NFT comes the flexibility to turn your passion into income. You can auction or sell your digital art over the internet and by transferring the digital ownership to someone else, you can receive the reward that you deserve. Moreover, you can also earn royalties, everytime your artwork is used by someone. Many individuals are also becoming a constant investor and trader of NFTs and earning huge sums from the comfort of their couches.
3. Drawing In Global Attention:
The internet brings you the world just a click away. Converting your art pieces into NFTs opens the door of opportunity to get global eyes. The buyers of your artwork could be from across the world, who recognise your effort and are ready to invest in it. Many celebrities and brands are also entering into the market of NFTs to get global recognition.
4. Ecological Footprint:
When we look at the NFTs from environmental lenses, the artists and the collectors both are pushing the boundaries to make it more eco-conscious. With digital art, waste generation is reduced. Also, the NFT markets and platforms are pushing in the environmental friendly services to bring overall sustainability.
Artworks have a market of their own but transforming them into NFTs is bringing the world closer to the artists. Many of us are fond of collectibles but due to space constrictions, we don’t get many of them. However, NFT is opening the door to those aficionados of arts and giving a platform to the artists to get the rewards for their creations. To conclude it, the NFT market is unsurprisingly dynamic but is proving to be the new arena to serve the art and creative industries.