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.