Why You Should Turn Your Art Into NFTs
Why do people hate NFTs so much? Should you, as an artist, be turning your art into NFTs? Read this article to find out all you need to know!
If you’re reading this, you may be an artist that’s come across the strange term that everyone seems to be talking about at the moment… NFTs. In the artist space, other terms that are often mentioned alongside “NFTs” are usually “art theft” and “bad for the environment”, to the point where some artists are publicly taking a stand against NFTs.
Where does this hate for NFTs come from? If there’s so much hate around them, why would you want to turn your art into them?
Why Do Artists Hate NFTs So Much?
Before making a decision on NFTs, it’s important to understand why so many artists dislike them.
If you’ve heard of NFTs before, you’ve likely heard of OpenSea. OpenSea is the world’s NFT marketplace, and is home to well-known collections such as CryptoPunks and Bored Ape Yacht Club.
As said by Harrison Jacobs at The Verge, “OpenSea allows the creation of NFTs using “lazy minting”, where users list NFTs for sale without writing them to the blockchain.” This means that anyone can list an NFT for sale, without having to pay any fees – and with little to no vetting, it’s a great way for someone to steal artwork and make a quick buck.
Due to OpenSea’s popularity, this has been happening at an increasing rate – and artists are discovering that their art has been stolen and made into NFTs on the platform on a regular basis. This would understandably make anyone frustrated with NFTs.
OpenSea is also built on Ethereum, which uses a proof-of-work (PoW) consensus mechanism. PoW relies on miners competing with one another to validate transactions on the blockchain – ultimately wasting resources.
Each one of these transactions (according to Ivan Djordjevic at Unblock) amounts to about 220kWh of electricity – roughly 5-times what a HVAC system uses in an hour – and the typical life cycle of an NFT on OpenSea can create a whopping 153Kg of CO2 that’s released into the atmosphere – equivalent to what a modern passenger plane emits in an hour.
There’s little doubt that NFTs on Ethereum are a valid environmental concern.
Why You Should Create Your NFTs on WAX
So… you’re probably thinking that up to this point, I’ve done a great job of convincing you that NFTs are a terrible idea – and if you’re considering OpenSea, then yes, in my opinion, they are. However, OpenSea is thankfully not the only marketplace where you can mint and sell NFTs. Let me introduce you to AtomicHub, and to the WAX blockchain.
WAX and AtomicHub
WAX is a certified carbon-neutral blockchain with over 12 million collectors buying and selling NFTs. By using a delegated-proof-of-stake (DPoS) system – where “miners” take it in turns to process transactions rather than competing with one another – it also has no gas fees, meaning that transactions, such as buying and selling NFTs, are both very low cost, and much better for the environment!
We’ve found a more eco-friendly way to turn art into NFTs – but what about art theft? Surely if it’s very low cost, art theft must be rampant, right?
AtomicHub is an NFT marketplace on the WAX blockchain that allows users to create and trade NFTs.
To combat art theft and other malicious intentions, they utilise a whitelisting system. Anyone can create NFTs, but if you want your NFTs to be shown on their marketplace, your collection needs to pass a variety of checks (see here).
Part of this process includes proving your identity, proving your integrity, and proving that you create original art. Once all of this has been done, your NFTs will appear to users by default on the marketplace.
Own Your Work
Once art is minted and added to a blockchain, its information cannot be altered and is open to public view at all times. If you, as an artist, create an NFT, it can be easily proven that you were the creator, no matter who buys it or where it ends up.
Just think, if someone buys an art print but does not know the artist who created it, it may be quite difficult to find out – and may involve plenty of detective work. With NFTs, you can easily check the provenance of a piece using the immutable data (data that cannot be changed) attached to the NFT.
Get Paid, Instantly
Another benefit to selling your art as an NFT is the instant pay-out. When an NFT is sold, there’s no middle man – you get direct access to the proceeds. The cryptocurrency that the buyer paid to purchase the NFT will go straight into your wallet (minus fees) as soon as the transaction is completed. I mean, come on! How cool is that?
Receive Royalties from Secondary Sales
Not only do you get paid instantly, but every time your NFT is sold onwards, you’ll get a percentage of that sale in the form of a creator fee. This is specified by the collection owner, and thanks to blockchain technology, you don’t need to do anything but specify how much this fee is (0-15%).
The more popular your NFTs become, the more frequently they are traded, and the more royalties you earn without having to lift a finger. This is something that’s difficult to replicate in the real world, and made super easy with blockchain technology.
On top of turning our art into unique digital collectibles, artists can add a range of utility, or use-cases, for their NFTs. The possibilities are endless, and range from staking (loaning out) NFTs to earn tokens, using NFTs as membership cards, or being able to claim a physical item using an NFT.
Artists are discovering new ways to add utility to their collections every day, and this is awesome for both the artist and their fans as it adds new ways to enjoy your art, interact with your audience, and give your collectors extra value.
If you’re an artist that’s been considering creating NFTs, I hope this article has given you a better understanding of the benefits it can offer you, as well as alternative platforms you can use to create them. There’s an awesome, ever-growing amount of independent artists listing their works on WAX, and a quick chat with them will surely convince you that it’s been a great journey.
Want to learn more? Join the AtomicHub Discord to chat with collectors and discover other artists in the space!
Are you new to WAX and NFTs? Check out this article by Jazz Meyer, where she details the experience of buying her first NFT on WAX!
That’s it for now! Hope you all have an amazing day, wherever you are!