What are Art NFTs and a Utility NFTs part 2
Art NFTs can be a great way for artists and collectors to generate income in the digital art market. Here are a few examples of ways that people are currently earning money through art NFTs:
Selling unique pieces of art: As I mentioned earlier, one of the main ways to generate income with art NFTs is by selling unique pieces of digital art. Collectors and art enthusiasts are willing to pay high prices for one-of-a-kind NFTs, and this market has seen some truly staggering sales recently. For example, in March 2021, the artist Beeple sold a single NFT for a record-breaking $69 million.
Offering limited edition series: Another way to earn income with art NFTs is by creating a limited edition series of digital art pieces. By limiting the number of pieces in the series, artists can create scarcity and drive up demand, which can result in higher prices for each NFT in the series.
Royalties on secondary sales: Many NFT marketplaces offer a feature called "smart contracts," which automatically pays the original artist a percentage of any secondary sales of their NFTs. This means that artists can continue to earn money long after their original sale, as their NFTs are bought and sold on the secondary market.
In terms of recent developments in the art NFT market, we've seen a lot of growth and interest in this space over the past year. Some notable examples include:
Record-breaking sales: As I mentioned earlier, we've seen some truly massive sales of art NFTs recently. In addition to Beeple's $69 million sale, we've also seen other NFTs sell for tens of millions of dollars.
Increased interest from traditional art institutions: As the market for art NFTs has grown, we've also seen more interest from traditional art institutions like museums and galleries. Some of these institutions are beginning to incorporate NFTs into their collections and exhibitions, recognizing their potential as a new form of digital art.
NFTs in the music industry: While art NFTs have been the primary focus of the NFT market thus far, we're starting to see more interest in using NFTs in the music industry. For example, in March 2021, the musician Grimes sold a collection of NFTs representing her digital art for nearly $6 million.