In terms of whether NFTs are beneficial or detrimental, internet users are split. Some people believe the hype, reasoning that it affords them a unique chance to contribute to (or benefit from) the growth of the digital economy. Others aren’t convinced and often label them as scams. Several additional problems make NFTs contentious.
Does this pose the question, are NFTs beneficial or detrimental to creative professionals? In this post, I’d want to go further into this subject. But before we answer that, a little primer is in order.
The Benefits Of NFTs For Creative Types
Those working in the creative industries, such as 3D artists, composers, and 3D modelers, may use NFTs to “stamp” their work with the equivalent of real-world goods and services.
The following is a list of non-traditional forms of expression that may be used by creative professionals:
- Avatars made by a computer have been based on a predefined template.
- Original digital art, including commissioned pieces, was created by the artist.
- Costumes for use in video games.
- Memes.
- Videos that are hilarious to watch.
- Tweets.
- Destructive Non-Ferrous Specimens.
- Images, videos, and 3D model project files are all included.
If you’re a musician looking for some non-traditional practice alternatives, here are a few:
- Artwork for musical albums.
- Typical songs on an album.
- Automated musical compositions, analogous to the artist-created avatars that use templates.
- the words to a tune.
- Animated music videos.
- Tokens for use as a member of a group.
- Seats to the performance.
- The same digital asset types indicated for musicians also represent images and videos. The MP3, WAV, and FLAC file formats are the most used for storing musical collections.
Why Are NFTs So Beneficial?
In contrast to other digital items, audio and visual media cannot be kept on a blockchain. Blockchains aren’t optimal for archiving such data. The data is kept on a separate web server that is linked to the blockchain database.
This implies that NFTs determine how you and the content’s original author interact. NFTs allow you to show your appreciation for your favorite band or musician in the form of a digital transaction that takes place on a decentralized network.
You can’t purchase this painting with dollars, but you can use Bitcoin or Ethereum, or any other cryptocurrency that can be used on the blockchain. Many people choose to use exchanges like the crypto boom. Moreover, you belong to a select group of people. Although NFTs lack the physical properties that would normally determine their value, their ownership and worth are strongly influenced by intangible psychological factors.
NFT holders may freely purchase and sell them as they see fit on a secondary market because of their scarcity and credibility.
Benefits Of NFTs For Creative Professionals
Never Leaving
The form of NFTs on the web does not alter over time. If the blockchain network is operational, then everything is OK. Since the network is decentralized, this will take some time.
Artists Get to Set Their Prices
The great thing about NFTs is that the artists may release them on their terms, which might go against what the public would anticipate. Instead of producing commercial items to “fish” for engagement metrics, artists will be able to instead build communities of devoted followers.
Usefulness That Matters
Tickets purchased using NFTs may be used to get entry to a variety of VIP areas, like the backstage area of a performance or a private Discord server.
New Ways to Make Money
The cryptocurrency artists earn via NFTs may be invested or exchanged for fiat cash. In addition, when an artist or musician sells their NFT to a new owner, certain NFT platforms will cut them a share.
Synthetic Interactions
NFTs are more than simply a collection of virtual items to be collected. Artists may leave a lasting digital impression on their followers by designing novel methods for minting and acquiring NFTs. The lessons learned from these encounters may be used to form enduring alliances within the local community.
Expression in the Web3 Dimension
The use of NFTs in digital marketing is becoming commonplace. They may be used by artists to establish a foothold in Web3 cyberspace, which is characterized by decentralized networks that are resistant to internet censorship.
Downsides of NFTs for Creative Professions
Not Immediately Valuable NFTs
Everyone in the creative industry has the same goal: to become famous for their work. However, NFTs aren’t the best option for doing this. Making a digital work of art and then attaching a rare crypto token to it won’t attract buyers. The issue for many creators is not scarcity but rather anonymity. A more accurate way of putting it is that they are a lost chance at creating a genuine neighborhood.
Construction Of Nft Projects May Be Time-Consuming And Labor-Intensive.
It might be challenging to win over the necessary technical or financial sponsors for an NFT project. You’ll have to put up more effort, and it won’t do anything except add to your workload.
Unfortunately, Your Supporters May Be Unable To Take Part.
Some individuals find cryptocurrencies to be difficult to understand. Unfortunately, many individuals are locked out of blockchains because they can’t afford to purchase cryptocurrency. Even if they can acquire cryptocurrency, some people may not understand how to sell it. Therefore, your supporters may want extensive guidance to learn how to join your NFT initiative.
Risk And Reward Characterize Cryptocurrency Trading.
The tales of bitcoin markets collapsing are common knowledge. Your NFT holdings may suffer if the cryptocurrency market experiences a sudden and severe decline since their value is intrinsically related to that of the cryptocurrency.
There Are Several Issues With Web3.
Digital assets like cryptocurrencies and NFTs may be easily stolen by criminals. People utilize cryptocurrencies for shady dealings as well. This, combined with widespread crypto illiteracy, contributes significantly to NFTs’ unfavorable image. To protect yourself, your property, and your community from the harm that may be caused by dishonest users, you must learn the best practices currently in use.
Concerns About The Environment
Multiple computers are needed to power a decentralized network. That can’t be avoided. In general, the average power consumption and carbon footprint of a network of several computers are larger. An increasing number of people are worried about global warming, and you should think about how this may damage your brand’s reputation.
Concluding Ideas
NFTs have a wide variety of applications for the artistic community. NFTs may be used to fuel the digital expression of artists and musicians or to enable the development of exciting digital experiences for their audiences. The benefits of NFTs are debatable, and convincing the public to support one requires careful consideration.
