The real beauty of cryptocurrencies is all transactions are as fast as the speed of light as are transactions for artwork. The simple way to transform your art onto the crypto platforms and start selling art with blockchain in minutes is to create some Non-fungible tokens (NFT’s). I have written about the platforms in detail, and explain their ease of use and reliability in my previous post here, The Rise of NFT’s.
The main advantage NFT’s have on an artist’s work is that the transactions are all identified and recorded on the blockchain ledger. There is total transparency of an artist’s work and, of course, the speed of the transaction. Unlike banking or purchasing trading commodities, art does not necessarily need a speed of light transactions. Still, in an age where the internet has broken down geographical borders and dissolved complicated international banking procedures, it is relevant that purchasing a piece of art is quick and easy. People don’t have time to send faxes anymore or even make a phone call. At auction level buying art with speed and accuracy is expected and can often raise the price of an artwork.
Art is highly subjective, so what is ‘hot’ one day is perhaps of lesser value the next, so it’s a plus for the market to have fast transactions. Generally, most art is an investment and hopefully will go up in price. There is generally no urgency to buy with speed. Still, like anything, we hate missing out on opportunities, and anything that can save money and time will always be an attraction and a driving force for humanity.
As humans, we are keen to make things better and thus make our lives simpler, so we have more time to spend how we wish. NFT’s undoubtedly fit this category. The other beauty to artists is being able to own and keep the original piece of art if wished. A sculptor could sell copies of his sculptures online as an NFT and still withhold the original. This is not a new idea and Andy Warhol cottoned on to this famous marketing idea with his Campbells soup cans. This gives much more power to the artist and provides a safety net knowing the original work of art is at hand and with the artist.
How to start selling your art
NfT’s can be viewed anywhere as long as you have a phone. This could create a paradigm shift and one of the exciting elements of cryptocurrencies. Most people now have access to a phone, meaning they can buy art from anywhere and be part of the community, shifting perceptions and opening new opportunities. The crypto world including NFT’s that rely on Etherum opens up markets in remote Africa, India, and North America. Parts of the world who before now could not engage with the art world as they had no access to art galleries. If you wish to buy a piece of artwork through blockchain you don’t need a bank account. This is incredible diversification. There is no incentive to buy art if you have don’t have any way to pay for it or own it. NFT’s will create a new wave of artists who will access platforms to show their work and sell at reasonable levels. All these factors contribute to diversification in the art world and, for the first time, create total transparency for the artist and buyer.
NFT’s are like a regulatory body documenting your artwork. Buying art with Bitcoin automatically sets the sale price, and details the product purchased. NFT’s open up a new sort of trading world for artists as there is more flexibility buying and selling with no agent fees or gallery costs. The Artist and the buyer are much more compatible, offering an open dialogue to negotiate if wished or at the same time enjoy complete anonymity in the sale.
As Sabuhi Gard highlights in her article, New crypto tax regimes Bitcoin is growing and regulating as more and more institutions and individuals start investing. Bitcoin is an asset, but perhaps in the future, we will be buying and selling artwork and our coffees. The first mining company, Argo Blockchain, has recently been accepted on the London Stock Exchange. The company is pushing boundaries for greener and more efficient ways of producing energy. Cryptocurrencies and NFT’s are accelerating the demand for mining to become environmentally friendly, and there are many different avenues to be explored.