Non-fungible tokens, or NFTs, are gaining popularity around the world, particularly in the blockchain industry. It has become a hot topic that is here to stay as technology ushers in a new economy and challenges traditional business and trade practises. When it comes to celebrities as powerful brands, the goal isn’t just to increase engagement or revenue, but to grow a market with the potential to discover new prospects.
According to the analytics firm DappRadar, NFT sales reached $2.5 billion in the first six months of 2021, a significant rise from $13.7 million in the same period in 2020. Furthermore, according to BrokerChooser, India has the most cryptocurrency owners in the world, with about 100 million, compared to about 27 million in the United States and 17 million in Russia.
What exactly are NFTs?
NFT stands for Non-Fungible Token, and it explains practically everything. To begin, the term “non-fungible” simply means that one object cannot be replaced with another.
A token in an NFT is just a certificate of validity kept on a blockchain, making the currency traceable and accessible to everyone. As a result, an NFT is a one-of-a-kind virtual money that can be represented by paintings, videos, music, or any other kind of digital creation. Scarcity, creator, uniqueness, utility, and liquidity premium are all aspects that contribute to their value.
NFTs are typically issued on a platform where non-fungible tokens are traded. The NFT marketplace is what it’s called. Minting NFTs on NFT markets means minting NFTs from one’s own account. Artists can sell them or show them in their NFT store for visitors. People can mint NFTs within minutes of creating the artwork on NFT marketplaces.
1.Create a Wallet for Cryptocurrency – According to the number of accounts, MetaMask is the most popular bitcoin wallet. Aside from Ethereum, there are other wallets that are compatible with different blockchains.
2. Select an NFT marketplace – Producing NFTs is similar to producing an actual coin. Converting a digital file into a blockchain-based NFT is another example. As a result, users can convert any digital file into NFTs via NFT marketplaces. NFT art can be shown and sold for profit by collectors or female artists. NFTically, Foundation, MakersPlace, and Mintable, for example, allow users to develop and launch their own NFT marketplaces.
3. Find the Best Communities– There are three elements that every NFT project has going for it. Finding NFT communities can assist artists in developing practical expertise on minting NFTs for conferences, courses, and personal sessions, as well as creating a rarity with original work and establishing a personal community with which to communicate and network.
Please be aware that there are a few costs to consider while transferring the NFT to the digital realm.
First, you’ll have to pay the gas price, which is a cost associated with all cryptocurrency transactions. Furthermore, much like others involved in listing your NFT, you must pay a fee to use the service.
However, the world of NFTs is still evolving, and certain platforms will allow you to pass on the minting fees to the buyer, or you can always mint an NFT with no fees that is backed by a blockchain.
NFTs for Women Artists
Traditionally, art collectors obtained Collectables through galleries, auction houses, and art-collecting publications. Today, however, with the emergence of high-tech NFTs that can be collected, the need for art has expanded substantially.
While the rise of blockchain-based digital artwork is impressive, the majority of the prized NFT artwork has been created by men, ironically. Take, for example, digital artist Mike Winkelmann, better known as “Beeple,” who made NFT history in 2021 when he sold “Everydays: The First 5000 Days” at Christie’s for almost $69 million.
Unfortunately, there are a few high-profile counterexamples in the NFT field to break the male dominance chain. Reese Witherspoon’s production firm, ‘Hello Sunshine,’ has announced that it will develop feature films and television programmes based on the Ethereum NFT collection World of Women (WoW).
Female creators are being empowered by NFTs to use their identities and voices to reach target investors who are interested in their businesses and art.
How do you make money using NFTs?
NFT platforms provide women with much-needed financial security, which is difficult to come by outside of the virtual world.
Today, there has been a significant improvement in the profiles of potential digital art-collectible consumers, raising the value of the art and promoting the artists. Artists also benefit from secondary royalties and complete control of IP rights. Another component that artists manage is their level of community involvement, which leads to the attraction of more investors.
NFTs have also introduced alternate digital subscription models, based on current industry trends. This indicates that organisations have chosen NFT as an alternate subscription model. For example, Time magazine has established TIMEPieces, a new effort that offers NFTs from 40 artists as an alternative to Time.
How can NFTs help women artists generate money?
1.NFT for rent: The practise of “renting” is one way women artists can make money with NFTs. Renting an NFT entails loaning it to someone for a set amount of time in exchange for money. Rent can be collected by encrypting NFTs and storing them in smart contracts. Their NFT is automatically returned once the rental time has ended, and the transaction is finished. One such platform is reNFT, which allows artists to rent their NFT.
2. Royalties can be earned from your NFTs: Women artists and creative people can profit from secondary sales of their work thanks to blockchain technology. Smart contracts facilitate this by allowing artists to track the performance of their works.
3. Put your NFTs on the line: Staking is a mechanism for protecting the network from malicious actors and keeping it safe and operational. Users can stake their NFTs and tokens to help protect and improve the network. Women artists can make passive income by staking NFTs and locking them for a set period of time. Users can stake their NFTs on platforms like Kira Network, NFTX, and Only1.
4. Toss your NFTs in the opposite direction: Buying an NFT when it is minted and then selling it for a greater price on the same marketplace is known as flipping. This does not, however, imply that every NFT project may be flipped. Because NFTs can be extremely illiquid, thorough investigation is essential.
5.Your Dream Projects Can Be Crowdsourced: NFTs are a fantastic tool for artists to find funding for their dream projects. Micro investors can also help women artists and innovators realise their dreams by investing in their ventures. In exchange, they can earn a cut of your future profits or any other service you provide on a mutually agreed-upon basis.
NFTs are forging the future of community-led commerce and entertainment for ‘women of tomorrow,’ providing an equitable platform to all, regardless of gender or financial background. NFTs are a marathon, not a sprint. As a result, creating an NFT network for female artists is critical to long-term commercial success.