Here’s Why I Was Wrong About NFTs
It’s perhaps the BEST thing that happened to small creators
As creators, it’s our responsibility, to be honest with our readers.
A couple of months back, I wrote an article talking about how NFTs aren’t a good idea for small creators, which at that time made sense. It was stemmed from seeing famous people joining the bandwagon of launching their Non-Fungible Tokens.
Celebs like Ellen DeGeneres, her Woman With Stick Cat NFT, Gary Vaynerchuck coming out with his VeeFriends, and models like Kate Moss selling her sleeping video as an NFT, the future of digital token for small artists and creators like me looked bleak.
There was a handful of small creators leveraging smart contracts to make a living from their art. But, unfortunately, their journey wasn't even covered by the mainstream media.
My curiosity about the new art renaissance made me spend the next couple of months researching the NFT space and watching the trends closely on Twitter and Discord.
The news I have consumed, and the stories that have made me change my mind are first-hand information. My research showed me a different side of NFTs which makes it a lucrative route for small creators.
With NFT and brands moving towards art and illustrations, being an artist has never been this lucrative.
In this article, I talk about how the digitalization of art is one of the best things that has happened to small creators, and you don’t even have to be an artist to reap its rewards.
It’s The Renaissance of Art
I don't remember the last time the world was as obsessed with ART as they are today.
Calling myself, an artist felt like an insult in front of my developers and MBA graduate friends.
People have been making fun of artists for generations — calling them names and making Starving Artists a socially acceptable phrase. However, NFT changed the narrative entirely.
Ever since Beeple sold his art for $69 Million and became a poster boy for tokenized art, NFT got into everyone’s radar.
People who've left their full-time jobs in tech to become NFT artists. Most artists made more money in weeks than they ever did in their life.
If you follow the hashtag #NFTCommunity on Twitter, you will find hundreds of stories of people paying off debts, buying their dream house, and investing money in new equipment to create more art.
But what if you’re not an artist or even afford the gas fees to mint your art on the Ethereum blockchain?
Use Solana or Other More Affordable Blockchains
Initially, the fee to create Smart Contracts on the Ethereum blockchain cost users around $2 in gas fees to deploy a store. But it started to rise rapidly as Ethereum’s network became increasingly clogged.
Ethereum is also limited on how many tickets a user could mint in a single transaction.
With Solana, the gas fees become 50X lesser than that in Ethereum. And because of higher scalability, Solana network has jumped to the seventh spot among the world’s top 10 most significant virtual coins in September.
Polkadot, another project by Ethereum’s co-founder Gavin Wood also has some NFT projects that can offer what ERC-721 can offer. A few projects to look for are RMRK, Unique Network, and Enjin, where you can earn and trade your NFTs.
WazirX NFT, a new initiative by a successful exchange WazirX, can be an excellent start for artists from India. The gas fees and art pieces are far more affordable can create a cult for artists and collectors from developing countries.
It’s Not Only For Artists
People who are not artists can also leverage NFTs.
You can do this by collecting art you believe in and investing in upcoming artists like a VC. You can either hold the art and wait for it to increase or flip it when you’ve gained the desired return.
You may not get lucky with identifying the next CryptoPunks if you’re not an experienced collector, but you can’t still bait on exciting projects that have to potential to scale. Getting into the space itself will introduce you to some amazing talent that can become the next Squiggles or Mekaverse.
You don’t have to write about creating the art of paying huge gas fees on Ethereum to get your art available on the blockchain.
Crypto collectors are the new VCs.
You Don’t Need a Huge Following
The biggest issue that I had with NFTs previously was not seeing any successful small creators with a small audience size.
“Having an audience and a loyal community is the first step to make money online. Once you have a community of superfans, you can sell them your products, services, or merchandise, and they’ll happily pay for it.”
The audience is the degree of the creator economy. With such a competitive market and big names dropping their art every day, it’s normal for small and new artists to get overwhelmed.
Having a million, 100k followers doesn't matter if you have a dedicated community that supports you. For example, artists like Surya and Botox Collection successfully sell their art with a community of 1500 or 500, respectively.
Community Is The Key
NFT community is so generous and helpful that every small creator can find many collectors and artists supporting them at all times.
Prominent artists like Amrit Pal Singh, aka Toyface, featured by Foundation, Bahnace, and OpenSea, are offering pro bono coaching to new artists and are sharing their journey and lessons on Twitter spaces, even Clubhouse.
NFT community on Twitter is the sweetest, and I have had my share of fun and exchange with successful and new artists.
If you are kind and provide value, your community will collect your genesis collection and help you spread the word with their network, and you’ll witness the power of the Network Effect.
I got to speak with Amrit Pal and other notable names in the NFT industry because of the humbling community. You can also get a reply from your favorite artist if you approach them in the right way.
Parting Thoughts
Celebrities selling their NFTs may not make any difference to their lifestyles, but small creators can transform their whole lives by selling and flipping crypto art.
If you’re new, try connecting with small creators in the space, collect their art, and leverage that connection to build a community around it. Talking to these creators made me realize how it’s still early in this space, and if you do it the right way, you can reach your target.
Even if you’re not an artist, there’s a lot of space for you to explore. Photographs are the new trend in the space, and nobody knows what will be the latest addition. But learning and nurturing your relationship with your community will always give you an edge as a new NFT artist.
Good luck with your NFT journey :)
This article is for informational purposes only. It should not be considered Financial or Legal Advice. Not all information will be accurate. Consult a financial professional before making any significant financial decisions.
