Non-Fungible Tokens (NFTs) Support
What Are NFTs?
Non-Fungible Tokens (NFTs) are, in short, a digital certificate of authenticity – a token – that cannot be replicated, with the information relative to the sale of that certificate stored on an unhackable digital spreadsheet of sorts – the ‘blockchain.’ The blockchain is associated with cryptocurrency (think Bitcoin and Ethereum) and offers a ‘log’ of purchases and transactions.
This might sound like digital jargon and gibberish, however the important thing to note when it comes to an NFT is that it is a snippet of code that is entirely unique – and that it can be attached to almost any digital asset. For example, a piece of music, an artwork, or even simply a photo or animated GIF. This NFT can then be sold (sometimes for eye-watering amounts of money) on NFT trading platforms such as Open Sea and Rarible.
With an NFT, the information of this sale is then recorded in the blockchain, giving it authenticity and value on the same level as exclusive collectibles and first edition trading cards, for example. Only in this case, the important part of the sale isn’t the product itself, but the ‘idea’ and satisfaction of owning it, in a purely digital sense.
How Can NFTs Help Musicians & Artists?
With the rising power of the digital age, and the huge boost in popularity of digital currencies such as Bitcoin & Ethereum, NFTs are an exciting way for artists and musicians to expand to a new, fevered audience of online consumers, without actually needing to sell any rights to music or even a physical product.
Which means, like the famed case of NFT investors selling a burning Banksy piece for over four times the artworks original worth, you can attach an NFT to any of your own artwork, whether a digital copy, photo or even the artwork itself, and place it on the NFT market for a vast profit. Of course, you don’t have to actually burn any of your work!
The exciting – and, from the position of the seller, lucrative – opportunities that NFTs open to artists is that you can sell and trade your works without having to lose rights, or even send an original copy of the work. In reality, purchasing an NFT of an image, or artwork, is the digital equivalent of purchasing the frame an original Picasso piece was put into. For the buyer, the consumer satisfaction comes from purchasing an irreplaceable, one-of-a-kind digital asset directly from the artist or musician they want to support.
As a Digital Marketing Agency always looking towards the future of Digital Marketing efforts, our team are well versed in the workings of the blockchain, cryptocurrency and it’s expansion, including NFTs. We can offer support and assistance to help you place your artwork on these NFT platforms to reach new customers, and assist with your journey into the new digital world.