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Non-Fungible Tokens (NFTs) offer new ways to sell and distribute digital art, potentially creating new revenue streams for artists in the digital age. Here are five ways to monetize your digital art with NFTs.
This involves dividing ownership of the artwork into smaller pieces and selling them as tokens, allowing multiple investors to own shares in the artwork. For example, an artist can create her 100 tokens for one of her works of art and sell them to her 100 different buyers. Each purchaser owns a share of the artwork.
Related: How do you assess the value of NFTs?
A dynamic NFT is a type of NFT that changes over time, creating a unique and evolving experience for its owner. Dynamic NFTs can update artwork with external data sources, such as social media feeds or real-world events.
For example, The Eternal Pump is a dynamic NFT that changes according to the ebb and flow of the cryptocurrency market. Artwork becomes more complex and elaborate as the value of cryptocurrencies increases, and simpler and more abstract as the value decreases. Dynamic NFTs can bring a new degree of engagement and engagement to collectors as viewers can follow the artwork’s evolution and watch it develop over time.
I feel incredibly lucky to have been one of the lucky few who were able to get one of those. @dmitricherniakWorks of The Eternal Pump, @artblocks_io Today’s Artist’s Playground. Another great work by a great artist. pic.twitter.com/NRywp1kQaC
Pixel Pete (@pixelpete) February 22, 2021
Dynamic NFTs can be monetized in an auction where collectors can bid, with the highest bidder taking ownership. Dynamic NFTs are extremely popular due to their unique features and evolving nature, and can fetch high prices at auction. Additionally, a subscription-based system allows artists to offer exclusive dynamic NFTs to collectors for a fee. These NFTs can change frequently, providing subscribers with a steady stream of new content.
NFTs can be programmed to automatically pay artists a percentage of the sale each time the NFT is resold on the secondary market. This allows artists to profit from their work even after the first sale. For example, digital artist Pak had his NFT called “The Fungible” that he sold for $502,000, and the NFT was automated to pay the artist her 10% royalties on each subsequent sale. . Since then, the NFT has been resold numerous times and the artist has earned her over $2 million in royalties.
X/X: Cube
Fungible* Open Edition
The number of cubes you own will give you a set of personalized NFTs totaling the same number of interchangeable cubes. pic.twitter.com/p5qO4NgHJp
Park (@muratpak) April 6, 2021
This includes creating interactive, non-fungible tokens that users can play with and use in games. For example, Axie Infinity is a game that uses her NFTs as game assets, allowing players to buy, sell, and trade her NFTs to build game characters.
Additionally, NFTs can be rewarded for achieving certain goals or activities in games and apps. For example, a fitness app might offer non-fungible tokens to users who reach their daily workout goals.
Related: What is STEPN (GMT)? A Beginner’s Guide to Web3 Lifestyle Apps
Physical asset association using NFTs typically involves using a unique identifier or code to link a physical object to a unique digital asset. This provides a way to verify the authenticity and ownership of physical objects and also enables the transfer of ownership and value of associated digital assets.
In other words, NFTs can be used to represent ownership of physical assets such as real estate and cars. For example, a company called CarForce develops his NFTs that reflect his ownership of luxury cars. This NFT acts as a digital car key that allows the owner to enter and operate the physical car.
Related: What is Tokenized Real Estate? A Beginner’s Guide to Digital Real Estate Ownership
