The truth is that, even though the cryptocurrency industry has experienced many ups and significant downs, crypto and NFTs continue to move quickly. As a result, innovations can materialize seemingly overnight, and the urge to experiment is constantly present, despite imitation and trend-chasing. All of this is in keeping with the ecosystem’s nature, in which traditional corporate borders and regulations have, at least up until this point, been mostly nonexistent.
Given all of this, I believe it should be no surprise that NFTs are evolving quickly and that several novel strategies are currently attracting interest.
Maybe one of my fav things about NFTs is all the benefits of creating and selling art (and other content) via NFTs that creators could take a fixed royalties payment every time one of their NFTs was sold. This was on top of being able to profit directly from initial sales, meaning creators could have a strong relationship with buyers, exercise close control over what they released, and then, through royalties, receive ongoing income from secondary sales. I think that ReelStar is doing exactly something like this.
But according to one article, this model attracted artists to work with NFTs, and while profiting from one’s art is still a tough process, it at least provided one more approach to experiment with, while creating an interesting, sometimes artistically inspiring crossover between the worlds of art, crypto, and finance. However, a flaw in the model is that royalties are not hard-coded into NFTs. That is, NFT marketplaces enforce royalties in a traditional web setup that, in this particular respect, doesn’t make full use of blockchain technology.
In spite of the outcomes being a little disorganized and the often confusing environment, we should anticipate a lot of fresh ideas and inventive applications in the long run. What do you believe to be the benefits and drawbacks of NFTs in art?