A complete review of an NFT Art Marketplace

Introduction

The cryptocurrency world has been dependent on the frantic and bullish rise of NFTs in 2021. It is 2022, and the total market value of NFTs is around $ 23 billion. The NFT headlines roar millions. When an NFT is purchased, you may not necessarily own the artwork because NFT does not imply copyright or other rights of use until and unless exercise of rights is mentioned in it. You get a digital right when you buy an NFT. All the media’s eyeballs are in the arena for NFT sales.

Each transaction calculated on the blockchain network is recorded and is immutable. It offers users to acquire ownership of digital assets such as memes, media, tweets, art, articles, etc., in the form of tokens. All the calculated transactions are permanent, verified several times and can not be changed, as they are backed up by blockchain technology. Each non-fungible token is unique, therefore two digital assets can never be marked as the same token. In itself, an NFT offers a certificate of authenticity or a digital autograph attached to a digital asset.

An NFT Art Marketplace platform

It builds a bridge between collectors and creators. It offers collectors not only to own the artwork, but also to take ownership of it through NFTs. And when it comes to creators, it allows them to earn royalties when NFT is resold in different marketplaces across different geographical boundaries.

Problems found in a traditional marketplace

Society is full of challenges when an artist wants to turn to the paths that lead to profit. Interfering with a gallery or e-commerce site can seem like a lucrative opportunity. But the pitfall is that artists have to share a significant part of their profile with these intermediaries. You can be a painter, a fashion designer, a singer or whatever, whatever your creation may be, but your creativity always suffers due to the presence of several layers of intermediaries. It not only affects your professional growth, but also affects you personally, emotionally, on a broader scale.

We not only use technology, but also embrace it in all possible ways. There were times when technology impressed us with its mechanism. All major industries have adopted the latest high-tech technology and are thriving, indistinguishable from the music industry as well. However, the payments are still made through the traditional methods, ie through check-no modernization or reconstruction within payments. Although digital payments are ubiquitous, time-consuming processes are still being implemented. And in this whole process, there is no one but the artists who suffer from all aspects.

The most difficult challenge and problem that every industry faces is openness and ownership. When the aspect of distribution, the problem of transparency rises to its climax. Artists are waiting to lead a path that leads to commercial success. It has always been noticed that at certain points, the original content creators lose track of distribution when using a digital medium. Thus, ownership and openness are still in the dark for the artistic population. Thus, Lack of transparency and ownership results in making money for digital service providers, and the actual artist has a minimal share.

Not every artist benefits directly from downstream payments when the workforce changes in the international market. Even when they are quite famous, and their art is sold with great demand, they receive nothing. They do not even have a clue about reselling their art on the global market. They have no idea about it, which turns out to be a huge loss for them.

The luxury industry, more specifically art and collectibles, has long been defined by a number of factors, including the artist’s influence, scarcity, origin, authenticity, condition, technique and market dynamics. These principles in the field of art and collectibles have created a market with extreme wealth and desirability. Historically, objects such as art and antiques have dominated the art and collectibles area.

Solutions offered by an NFT Art Marketplace platform

• Lack of transparency has made this industry ripe for bad actors and fraudulent activity. With the use of blockchain technology, it creates unchanging records of authenticity and origin, and reduces the risk of fraud and counterfeiting in a legal way.

• Marketplaces democratize these seemingly enigmatic worlds by using technology to eliminate the gatekeepers.

• The commission taken out of an artist’s income by a traditional retailer or e-commerce site can run upwards.

• The goal is to give creators (artists, brands, retailers) direct access to collectors without excessive fees and intermediaries.

• NFT art marketplace enables these creators to sell creations directly to collectors with a minimal fee.

• Worldwide availability

• Own

• Transparency

• Traceability

• Royalty

• Instant payments

• Eradication of any intermediaries

Bottom line:

Getting the business done is what every creator / curator strives for. But to thrive in the market, you need the power of a non-functional token. The time has come for NFTs, and if you want to get started, it’s time!