3 Ways to Increase NFT Adoption Among Artists - Deepstash

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NFTs(Non-Fungible Tokens)

NFTs(Non-Fungible Tokens)

NFTs are a blockchain-based method for minting digital files of original artwork that is revolutionizing the art world.

With this new technology, artists can reach new audiences with their work, gain the ability to directly transact with collectors, be able to earn royalties on future sales, provide verifiable provenance to their buyers, and enjoy many more practical and creative benefits.

In January 2022, there were over one million NFTs sold totaling over $2 billion, with over 500,000 unique buyers.

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Top Five Barriers to Creating NFTs

Top Five Barriers to Creating NFTs

When talking to artists who hadn’t yet entered the NFT space, many identified the same barriers to entry.

  • They don't understand how to find buyers for their NFT.
  • They have environmental concerns.
  • They believe that NFTs are a trend.
  • They don't understand how it works.
  • They have security concerns.

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Three Changes That Would Increase Adoption: Education

Three Changes That Would Increase Adoption: Education

Much of the hesitation around wading into the NFT space has to do with uncertainty and confusion: artists don't know how the technology works, how to find buyers, or how to keep their assets secure. What could change - is greater access to educational resources. This can be done by seeking out other artists working in the space and connecting with the community on platforms like Twitter and Discord.

Curators and art advisors working in the NFT space can also give guidance and help them walk through creating their first NFT.

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Pricing Guidance

Pricing Guidance

Artists who had already created NFTs told us their biggest challenge was learning how to accurately price their work. Artists who are reluctant to join the space say the same. Pricing a work shouldn’t be arbitrary and needs to factor in medium, collector demand, the artist’s reputation, how much time it took to complete, and other variables. This is, again, where partnering with a curator or working with an online gallery can help, as they'll have a wealth of experience in pricing work and a strong sense of the market trends.

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More Partnerships

More Partnerships

Artists don’t want to go at it alone. Many said they would be more willing to enter the space and create an NFT if they could partner with another artist, gallery, or platform to not only show them how to get started but who could help market and reach the right collectors. This speaks to the number one barrier to entry for artists: finding a buyer for their art NFTs.

Artists can partner with online galleries and platforms to promote their work, and artists who create NFTs will likely find new audiences waiting for them online.

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