A revolution in three letters: "NFT". Non-fungible tokens are revolutionizing several industries, including the traditional art market; for artists, they bring a new perspective to the commercialization of work.
Until the recent past, the digital art market was quite restricted. Either the artist needed to be very well known, or he would end up earning income from single (and often copied) works. But with non-fungible tokens, that perspective has changed.
Today, the more an artistic work is copied and replicated, the more it becomes known – which results in the appreciation of the original production and also of other pieces by the same author.
What are NFTs? What are the most used NFT marketplace sites? This article about NFT art marketplace shows you what you need to know about NFTs.
What is NFT Art Marketplace?
NFT is the acronym for "Non-Fungible Token." In the digital world it is possible to "tokenize" and sell practically anything: currently it is possible to buy a sports image, a tweet, or an artistic creation.
The question we all ask ourselves is: what difference is there between the image of a digital work that I see on my screen and the one that the buyer of that image has? It would be the difference between seeing the Mona Lisa or owning the Mona Lisa, if you accept the analogy.
When a visual artist sells us an NFT, we are the authorized owners of that work, which is unique, the rest would be spectators ... in addition, these works are bought using blockchain technology and are paid with cryptocurrencies (the latter is not essential, since more and more means of payment are accepted) which means that the buyer has a digital certificate containing all the creator and creation data: the sale token, which is a blockchain code.
The advantage of this NFT marketplace for artists is being able to more easily monetize digital arts - whether they were originally digital or "physical" that were later "digitized" and, thus, commercialized in the virtual space.
Doing this in a market that is growing in attention, interest and some fascination on the part of some people is an opportunity.
As for the consumer, the appeal lies in consuming a purely digital product - in this case, a code, its metadata - that is guaranteed, certified as unique.
But what are the challenges in the NFT art marketplace?
Challenges of Selling Digital Art Projects
The main challenge of selling art online, identified by 50% of the platforms surveyed, is to build a relationship of trust and create a consolidated brand image for buyers. However, this percentage has decreased over the last few years –64% in 2019 and 56% in 2020–, with which it could be said that these platforms are succeeding in being perceived as interesting and safe.
This is reinforced by the decrease in concern about the reluctance of buyers to buy their parts online: only 23% of platforms have considered it a significant challenge in 2021, compared to 56% in 2020.
Another of the most important concerns is related to the management of the shipment and delivery of works of art. 38% of the platforms surveyed considered fulfillment (the process of receiving, packaging and shipping goods) their main challenge for the future. However, if we compare it with the 50% of 2019, a positive evolution is appreciated in the sector.
During 2021, 46% of online art purchases on NFT marketplaces were carried out through mobile phones and tablets, which is posing a new challenge for online platforms. 23% consider it a priority for the future NFT market, enhancing the usability of their web pages and developing responsive content.
Another pending challenge in this market is the increase in the complexity of taxes and fees at borders, which worries 46% of platforms. A percentage that was 30% in 2020 and 21% in 2020. The cause they point to Brexit has hampered trade and export relations between the continent and the United Kingdom.
Finally, 48% of NFT marketplaces are concerned or very concerned about cybersecurity. A factor referred to by 37% in 2020 and 22% in 2019.
The challenges of the coming years are to see how insurers are able to adapt to these new trends and continue to protect artists in the NFT marketplace sites.
Top 7 NFT marketplace sites
The NFT boom has caused countless NFT art marketplaces to spring up like mushrooms. Unfortunately, these new NFT marketplaces are becoming more numerous by the day, making it difficult to filter out the truly valuable marketplace for NFT.
That's why we've filtered out the most proven, original and most used NFT marketplace sites:
OpenSea
OpenSea describes itself as the largest NFT art marketplace for NFT artworks. It specializes in 200 categories of digital assets, including game assets, domain names, collectibles, and art.
Ethereum (ETH) is the most popular payment method, but OpenSea also accepts payments in other cryptocurrencies.
Recently, OpenSea created a way for creators to create NFT for free through a process called lazy minting. This means that the token will not be minted until purchased; Only then does the buyer pay the success fee.
Rarible
Rarible is a community-owned NFT art marketplace connecting 20,000 creators and collectors. Rarible has its governance token, RARI, which is distributed to community members. RARI gives active members the power to influence the direction of the platform, such as voting for platform updates.
Because Rarible is a rarity NFT marketplace, it categorizes hot deals and hot collections on its user-friendly NFT marketplace website.
In the Explore category, you'll find a variety of digital assets for sale, including art, game cards, virtual real estate, domain names, and music.
You even have the option to create an NFT on Rarible for your digital item without putting it up for sale.
Binance NFT
Binance is one of the biggest cryptocurrency exchanges in the world. But nowadays, you also have Binance NFT, an NFT crypto art marketplace where you can buy different types of non-fungible tokens. From GIFs, animations and digital artworks.
The NFT crypto art marketplace is based on the Binance Smart Chain blockchain. The standard functionality of Binance NFT includes the creation of tokens and offering for sale at a fixed or auction price. A potential buyer can find a token by choosing the token he likes on the main page from several categories.
Binance is a centralized crypto exchange, therefore, in order to take part in NTF projects, you need to register on the exchange and then verify.
Crypto.com
Crypto.com is known as a platform where you can invest in cryptocurrencies. But just like Binance, they also have an NFT crypto art marketplace where you can mint, make, buy and sell non-fungible tokens.
You can mainly buy NFT artworks via the Crypto.com NFT crypto art marketplace from well-known companies and artists.
Many famous people and companies like UFC, Snoop Dogg, Aston Martin and Ari Hersch are partnering with Crypto.com.
Foundation
Another NFT art marketplace is Foundation. This platform has made an impression when a fierce bidding war cost Nyan Cat $580,000.
By placing itself at the forefront of “The New Creative Economy”, the Foundation aims to bring together digital creators, cryptocurrency enthusiasts and collectors.
Users can discover digital artworks and featured creators in their respective tabs on the site. Bids are made in ETH, which is held in MetaMask (the cryptocurrency wallet used by the Foundation).
MakersPlace
MakersPlace is a rare digital art marketplace dedicated to bringing together original digital creations from the world's most creative minds. The goal is to help digital creators protect and sell limited edition digital works to fans and collectors.
MakersPlace stands out from other rarity NFT marketplace because it specializes in digital art.
This marketplace for NFT is easily accessible to anyone who does not own cryptocurrencies as it partners with Stripe to support credit card payments worldwide.
SuperRare
SuperRare is a rarity NFT marketplace for artists. This NFT art marketplace connects digital artists and collectors to exchange unique works of art in its marketplace.
In addition to allowing customers to buy directly from artists, SuperRare rarity NFT marketplace also allows creators to award a 3 percent commission on secondary sales in the secondary market. This is based on smart contracts, similar to the traditional royalties an artist would charge.
Collecting artwork on SuperRare NFT art marketplace is easy: sign up and plug in your Ethereum wallet.
Conclusion
NFT is transforming the landscape through which NFT artists promote and sell their digital artwork. It's not just a fad. It's here to stay, mostly for people who value authenticity and value art.
With dazzling sales in gaming, sports, art and digital collectibles, NFTs are poised to disrupt the e-commerce landscape: they have managed to put a price on the aesthetic and emotional value of digital items.
Although the marketplace for NFT is still in its infancy, it already offers promising prospects for the future.
Have you found the perfect NFT marketplace for artists? Let us know in the comments!