Why Develop an NFT Marketplace for Artists

As the world of crypto art and NFTs becomes more mainstream, so do consumer questions surrounding the development and benefits of NFT marketplaces. Some of these questions have been addressed by Daniel Uricoechea, a Colombian photographer who has been involved in the NFT space for over a year and has dedicated himself to educating other artists about the advantages and challenges of this digital platform.

Exploring NFTs for Dummies: The Essential Concept

NFTs (Non-Fungible Tokens) are digital assets that are unique within a Blockchain network. This technology allows for the identification of and use of assets in a variety of ways. NFTs can represent visual art, writing, music, or a physical asset. They are one of the many ways that Blockchain technology is being used to create a new digital showcase for artists.

NFTs are differentiated from other forms of digital assets by their cryptographic identifiers that are stored in a Blockchain. This unique identifier gives each NFT its uniqueness, making it an irreplaceable token. Different networks, such as Ethereum, Binance Smart Chain, and Solana, support various forms of NFTs. These tokens can have real-world applications such as real estate, virtual real estate, and artworks.

Advantages of Entering the NFT Market for Artists

There are several advantages to entering the NFT market as an artist. One of the primary benefits is the global market access. Because the art market is online, artists can sell their work to an international audience. Moreover, NFTs can provide property rights to the artist, ensuring that they retain a royalty on all future sales of their work. The creator can determine the percentage of the royalty, typically 10%, which means they will receive a percentage of the sale price each time the work is resold. This provides a constant stream of income for the artist long after the initial sale.

Types of Art and Challenges in the NFT Space

The NFT market is not limited to visual artists. Writers, musicians, and other forms of artistic expression can also benefit from this platform. There are countless uses and potentials for the use of technology in the NFT space, making it a versatile platform.

However, artists can also face challenges in entering this market. Two of the most significant challenges are a lack of knowledge about the technology, including Blockchain networks, cryptocurrencies, and security concerns. Additionally, language can be a challenge, as the predominant language in the NFT market is English, which can make it difficult for non-native speakers to express themselves and their art.

Main Learnings from NFT Experience

Experience in the NFT market has taught artists that it is not just about how to sell their work, but how to build a community. NFTs have connected artists with people who appreciate and purchase their work. The most common channels for interaction include social media platforms like Twitter, where discussions around crypto art are most frequent. Other platforms such as Clubhouse and Discord are used for more specific topics and initiatives. Instagram is another platform where artists showcase their projects.

Recommendations for New NFT Art Buyers

Those interested in purchasing NFT art should first determine their reason for buying: whether they are art enthusiasts, collectors, or investors. Once this is clear, they can start exploring the market. Platforms like OpenSea, KnownOrigin, and Super Rare are popular among new creators as they provide a starting point for showcasing their works. Instagram and other social media platforms are also helpful for finding specific pieces.

Supporting Artists and Educating the Community

By promoting their art on these platforms, artists can not only sell but also educate their community about NFTs. Daniel Uricoechea, along with NFTartists Diana Pelenur and visual artist Jimena BuenaVida, has taken this a step further by creating a Podcast called NFT Outer Space Show, which is available on all digital platforms. This initiative aims to inform and educate the NFT community about the benefits and challenges of this technology.