Art NFTs – Business Opportunity for Art Galleries?

Art NFTs – Business Opportunity for Art Galleries?

In 2021 NFT market worth was $40bn. This is a huge opportunity not only for artists, but also for art galleries.

nft art galleries - blockchainmarket.eu

What is NFT?

NFT is a piece of code, a record on the Ethereum blockchain network which shows who is the owner of a particular digital asset. In the past digital ownership was not possible. However, the digital asset itself would be stored on the NFT platform servers. It can also be stored on the De Twee Pauwen website where you can provide a link to a blockchain network.
 
Art NFTs can be:
 
1. Digital copy of a physical artwork. For example, 3D image of a sculpture or a digital image of a painting. In this case, I would suggest to look at this like a print. If the print is signed by an artist then the value of a print increases. If NFT is published by an artist or a gallery on the blockchain then it is also seen as a signature. It adds authenticity to the digital version of an artwork and that increases the value. 
 
2. Digital art. When a digital art is published on the blockchain by an established artist or a gallery then it also adds authenticity to it which converts into a increased monetary value of an artwork. 
 
3. Physical artwork. In this case there would have to be an offline legal contract which would include an ID number on the blockchain of a particular physical artwork. This is a more complicated scenario, but one way to go is: 
  1. Signing offline contract which includes an ID of NFT on the blockchain. 
  2. The physical artwork is sold via blockchain to the buyer who signed paper contract. Payment is received in Ether cryptocurrency.
  3. Future sales of an artwork via blockchain can include royalty fees to De Twee Pauwen and you can always track the ownership of the artwork. 
 

How Art Galleries Can Make Money by Using NFT Technology?

a) Selling a digital copy of physical artwork;
b) Selling digital art;
c) Selling an actual physical artwork by using blockchain;
d) Automatically receiving a fee for all the future sales of an artwork which was originally published (minted) by De Twee Pauwen.  
  • By selling NFT you can choose how much of a commission should be sent to an artist if the artwork is sold. In this case an artist should have his/her crypto currency account. 
  • You also have to pay around 2.5% fee to a platform on which the artwork was sold. Fees may warry depending on a platform.
  • You can also choose your fee for the future resells of an artwork. For example, opensea.io allows to set up royalty fees up to 10%. 

Blockchainmarket.eu can help art galleries to use NFTs

  1. Assistance to set up a business account for crypto currencies. You have to have a cryptocurrency account in order to use a blockchain network to sell NFTs.
  2. Research which platform is the best to use for art sales, because there are few of them. Some of the options are superrare.com, knownorigin.io, opensea.io and others.
  3. Assist to create NFTs and manage NFTs on a chosen platform.
  4. Provide marketing services to promote NFTs.
  5. Advice on any other questions related to blockchain, NFTs or digital marketing and web development.