NFT for Physical Art

As NFTs expand beyond just digital assets, the natural extension is physical art.

Perhaps the best indication of where the NFT market is going after digital assets comes from Justin Sun, who lost in a bid for Beeple’s Everyday digital work in a $69 million auction. He immediately sought to find physical art which had an NFT attached: https://www.bloomberg.com/news/articles/2021-04-01/guy-who-lost-out-on-69-million-beeple-nft-moved-on-to-picasso

In many ways, NFTs are exactly what the physical art world needs: better access by the public, more visibility, better incentives for creators and less friction in the sales process. NFT offer a solution to each of these issues. If you think NFTs were a boon for digital art, wait and see what it will do for physical art.

Artist or art owners are about to see the demand for their physical art massively open up as each NFT marketplace can be used to sell physical art. Much of the art world, particularly fine art, has historically been out of reach to the public – to the detriment of the artists, the public and the value of the art itself. We have Amazon for consumer goods, Etsy for crafts, eBay for used goods, but no easily accessible marketplace for physical art. But now, with NFT marketplaces growing, each piece of physical art now can be accessible to everyone with an internet connection. And as the market matures, the ability to search for and find physical art will only expand the market. Better access and visibility means more potential buyers, adding to value of physical art.

NFTs will also allow creators to more easily earn royalties for the life of the work. When it comes to cashing in on art, nearly all the major upside accrues to the collector on resale. With NFT’s, artists have the potential to benefit proportionally and perpetually as their works circulate through the marketplace over time, because percentage-based resale royalties can be baked into the terms of every NFT sale.

NFTs are exactly what the physical art world needs.

At the minimum, NFTs allow a receipt or certificate of authenticity system for each piece of physical art. By creating an NFT for a piece of physical art and transferring it to the next owner, they create a record system around the art that could live with it forever, adding to the value of the piece.

Opening up markets and modernizing transactions are only a subset of applications that NFTs open up. The art world is long overdue for innovations, and other attempts to innovate will likely be revived by NFTs. Exciting times ahead.

Anyone in possession of physical art should be creating an NFT for it, or at least considering it. If not, the next owner will likely create one and reap in the benefits. The only reasons not to create one currently is complexity and the cost, both of which we are working on to eliminate.

We’ll have more to say about this soon…

Create An NFT For Your Art

Coming Soon