THIS ARTICLE IS ADDRESSED TO ARTISTS AND THEIR MANAGERS
Most artists have suffered from a decline in their revenue streams during COVID 19 Pandemic, when live shows were cancelled and art gallerias closed their doors. However some artists managed to leverage a new revenue stream in the form of NFT, more commonly known as ‘Nifties’ or Crypto-Art.
For those unfamiliar with non-fungible tokens or NFT, they are essentially digital items one can collect. The concept is similar to earning a new weapon in a video game or a skin for your in-game character. The difference lies in the fact that each item is stored on the blockchain, so they are exclusively yours and can never be deleted or copied.
NFT art can provide a new outlet for artists to diversify their revenue stream and release new art in a rare and tokenized form, while creating a scarcity effect which raises the value of their art to new heights. just imagine all of the die hard fans counting down the seconds for your next drop.
DJ’s have already caught on to this trend, and musical artists such as Carl Cox, deadmau5 and 3LAU already dropped some of their works on Niftygateway.com and some of them were sold for over 60K$ . 3LAU for example already has plans to release a new single, entirely exclusive in a token form.
Oh, and let’s not restrict NFTs only to artists! Brands are also quite aware of this trend — Nike with ‘CryptoKicks’, OGsports and Sony’s Playstation. The list just keeps on growing.
In a previous article I introduced a new concept I have been developing along an amazing group of over 15 digital creators (check us out on Instagram) where we aim to help all kinds of artists leverage this new trend of NFTs and capitalize on their intellectual property.
Are you going to be last one to catch the NFT boat which has already sailed away?
Personally for me, I think this is an amazing way to connect to your audience and reward your exclusive circle of fans with limited editions addressed only to them. I wish I had an original Freddie Mercury or Bob Marley nifty.
If you are an artist looking to diversify your revenue stream, want to mint Nifties or just join our brave family of creators, don’t hesitate to collaborate!
