Artists with curious minds are increasingly turning to blockchain technology to revolutionize how they create, share, and sell their art. If you've ever heard the term web3 art, this is what I'm talking about. In this post, we'll explore the top three reasons why this is happening.
Before we get into the why, let's address the stigma in the room. Blockchain notoriously gets bad attention. Maybe it's because it is an emerging technology that folks don't understand which can be really scary, or maybe its because folks have been known to lose money on the blockchain because they aren't being careful. Everywhere transactions are taking place there is opportunity to be scammed or to make poor decisions, and blockchain is no different. The first step in battling this stigma is education and clarity. For more on that, reference this article "A Creative's Introduction to the Benefits of Blockchain."
Now let's get into the good stuff! Are you an artist curious about the blockchain or web3 and wondering what the hype is about? If so, you're in the right place.
Let's explore why so many creators today are turning to blockchain as a home for their art.
Authenticity and Provenance
Blockchain's immutable ledger ensures each artwork's authenticity and provenance. (Woah that was a lot of jargon!) What this boils down to is a place that allows artists and buyers to verify the originality and ownership history of digital art pieces. This transparency builds trust in the digital art market.
Imagine you have a special notebook that never lets anyone erase or change what's written in it. Each page tells the story of a unique piece of digital art, like who made it and who's owned it over time. This notebook is like the blockchain. When artists put their art on the blockchain, it's like writing in this special notebook. It makes sure everyone knows the art is genuine and tracks its history from the artist to the current owner, all without anyone being able to fake or change those details.
I'd say this is a pretty cool feature of the blockchain!
Ownership and Control of Your Art
By minting art as Non-Fungible Tokens (NFTs), artists can retain more control over their work. They can set terms for usage, reproduction, and distribution, ensuring they are fairly compensated for their creations and any subsequent sales.
Minting art on the blockchain is like turning your digital art into a collectible card in a video game. When you "mint" your artwork, you're creating a unique, digital token on the blockchain that represents your art. This token is like a special key that proves who owns the art. It's a way to make your digital art official and secure, so it can be bought, sold, or collected online, just like a rare card in your favorite game.
If you're like me, and you're not a gamer, don't worry, this analogy is only one portion of what it means to mint art on the blockchain. You don't have to enjoy a game to understand that digital collectibles can come in many forms, it just so happens that the most common form is usually part of a video game! Art is breaking that boundary and transforming the concept of what a digital collectible can be.
Imagine you buy a special toy that comes with a unique code, proving it's yours and real. (Looking at you Pudgy Penguins!) In the digital world, we use a "token" to do something similar for physical items. When something physical, like a painting or a sneaker, is sold, a digital token, like a super-secure online receipt, is created on the blockchain. This token shows who owns the item and that it's genuine. The token can be an image that looks just like the physical item, or it can be a more ambiguous representation of the purchase.
Access to New Markets
Who wouldn't want to grow their audience? Exploring new places to showcase artwork is a great opportunity to find more people who enjoy the things an artists creates! The blockchain opens up new markets and opportunities for artists by removing traditional barriers to entry. Artists can directly connect with collectors and fans worldwide, bypassing traditional gatekeepers like galleries and auction houses. This democratization of art sales can empower artists, especially those who might not have had access to global markets before.
Imagine you made a cool lemonade stand in your neighborhood. Normally, you'd need someone to tell everyone how good your lemonade is and where to find your stand. But if you could put your stand on a magical street visible to the whole world, people everywhere could see it and buy your lemonade directly. That's what putting art on the blockchain is like. It lets artists show their work to everyone easily, without needing a middleman, making it simpler to sell and share their creations.
Additional Benefits
We explored three very enticing reasons why artists are looking at putting their work on the blockchain in this article. While the three reasons mentioned cover a broad spectrum of benefits for artists using blockchain, there are many more reasons why you'd want to explore blockchain for your artwork.
Additional benefits include enhanced royalties through smart contracts, increased transparency in transactions, the potential for community building and direct engagement with fans, and fostering a sense of digital scarcity which can increase the perceived value of digital art. These reasons collectively make blockchain an attractive platform for artists seeking to innovate, secure their works, and engage directly with a global audience.
In essence, blockchain technology offers a revolutionary platform for artists to secure their work's authenticity, maintain control over their creations, and access a global market directly. This shift not only benefits artists but also enriches the cultural landscape by ensuring a diverse range of voices and artworks are seen and appreciated worldwide.