What is Digital Art and how to monetize your art with NFTs

The phrase “digital art” was first used to refer to an early computer painting application in the 1980s. Users can perceive it in a variety of ways, including TV, the Internet, computers, and various social media platforms. This approach of creating art lends itself to a multimedia format. In a nutshell, digital art is a fusion of art and technology. It opens up numerous new artistic possibilities.

The creative industry has a lot of room for growth in the field of digital art. Nowadays, a lot of people are exploring ways to digitize as well as monetize their work, and artists are no exception. In addition to being quite enjoyable, many ardent and budding artists find this new form of art appealing. As enjoyable as it is to work as a digital artist and produce stunning works of art, there are a few things people might want to consider before committing to this career.

How can digital artists earn a living?

Although there are several ways through which digital artists can generate revenue streams, they usually rely on commissions by selling digital art NFTs, freelancing and more. Several digital artists have multiple sources of income. YouTube channels, online courses, and the sales of goods like stickers and T-shirts with personalized designs are a few sources of income for artists who go digital.

5 ways to monetize your art

Royalties

When the NFT is resold on the secondary market, the NFT can be set to automatically pay the artist a portion of their sale. This makes it possible for artists to make money off of their creations long after the first sale. An NFT named “The Fungible,” for instance, was sold by digital artist Pak for $502,000 and came with an automatic 10% royalty payment clause for future sales. The artist has since received almost $2 million in royalties as a result of secondary sales.

Ties to physical assets

Physical assets tied to NFTs entails connecting a real-world item to a special digital asset, generally by utilizing a special code or identification. While enabling the transfer of ownership and value of the linked digital asset, it can authenticate the ownership of a physical asset.

Tangible items such as a piece of real estate or a car, can be represented by an NFT. An NFT that represents ownership of a high-end car, for instance, is being developed by a company called Carforce. The NFT functions as a digital car key that enables the owner to enter and drive a real car.

Gamification

Gamification is the application of game design principles to non-game environments with the goal of motivating and energizing users. It can be a potent tool for designers of digital products who want to boost customer loyalty and engagement.

Fractional ownership

Fractional ownership is not a new method, but it has been, until recently, mostly related to high-value tangible assets such as real estate, vacation houses, and similar. One of the key incentives to invest in a percentage share of an expensive asset is sharing of its expenses or maintenance costs.

Under a fractional ownership arrangement, the vacation home’s owners pick when they will use it and when to rent it out, returning a portion of the investment to the buyers. The regulations governing each fractional ownership are laid out in the ownership and management documents, and each owner is only permitted a certain amount of access to each asset.

Dynamic NFT

A dynamic NFT is a kind of NFT that alters over time, giving the owner a distinctive and changing experience. Dynamic NFTs may employ outside data sources, like social media feeds or actual occurrences, to update artwork.

Dynamic NFTs can be sold at auctions, where bids from collectors can compete for ownership of the item. These can fetch handsome bids because of their distinctive qualities and constantly changing nature. Moreover, artists can charge collectors for exclusive dynamic NFTs via a subscription-based system. Customers can consistently access new content thanks to the frequent change in these NFTs.