A picture of a cat just sold for $19,000. It's digital art; for the most part, it's just a jpeg, so how why it's an image that can be copied and pasted, emailed, posted online, and replicated infinitely? How does this have any value?
Well it's special it has something called an nft a fancy digital token that says this is the original of my digital art the image can be replicated the token can't the original can now be bought and sold and more importantly collected like fine art if you bought a picasso you know what you're getting a canvas with some paint on it, what makes that painting special is the guy who put the paint on there was well picasso and the fact that there is only one canvas out there with paint on it in that particular way is what makes it rare only one person can own it over the last year nfts or crypto art has dramatically changed the art world and to be blunt flooded it with a lot of money it has completely changed the art world and i know i know it sounds hyperbolic but in this case there is some truth there and i will admit just mentioning crypto or the blockchain makes my eyes roll i get it but if you're making digital art of any kind you should probably at least know what crypto art is and what opportunities it can provide for your work so i'm going to try my best to decipher it and go down the rabbit hole so let's do this nft non-fungible token the word fungible is just so cool you just want to poke it with a stick this is the token that says hey i'm the original the reason the token can't be duplicated is because it lives on the blockchain.
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Oh another word to define the idea is simple a blockchain is a digital record of transactions it is a list in its simplest form someone gives me money a record is made of that transaction on a list i spend that money on something else a record is made on the list these records are called blocks and they are chained together to make a big old list each record needs to be verified by multiple computers so one system can't just jump in and invalidate the chain or make stuff up and this is how cryptocurrencies like bitcoin work so you can create a digital record of ownership for money using the blockchain why couldn't you theoretically do this with all sorts of other things too and that's exactly what people are doing with art so now you can track the ownership of any of these pieces the person who owns it can then resell it or license the rights to a museum to display it or even control the conditions under which it's displayed in okay so if that makes sense how do you take this digital piece of art that you created and turn it into something with a token on it that someone else would buy there are websites and marketplaces that allow you to upload your art and then add it to the blockchain and then sell it sites like wearable and open c are probably the most newbie friendly sites out there they're really easy to jump into and use and browsing the art on those sites they're it's i don't it's mostly junk memes and pop art that's just run through photoshop filters copious amounts of bitcoin fan art rudimentary 3d models that are being shopped as collectibles but who am i to say what is art one thing is clear is that the lower the bar is for entry for anybody to just get in the more people are just going to be jumping in and posting whatever they want in hopes of making a quick buck but and this is where it gets interesting there are sites out there that are more curated sites like super rare and nifty gateway and these act like more traditional art galleries or dealers curating artists and pieces that they show and that they sell and this is where established digital artists are making bank in fact christie's the auction house known for selling really expensive art they've teamed up with the artist beeple and they're getting ready to auction off his work to a more traditional art audience this is after beeple made 3.5 million back in december with an art drop that he did on nifty gateway and it's not just him lots and lots of digital artists have been cashing in and making hundreds of thousands of dollars selling their work this way over the last few months so can any artist with a following just jump in and make money gonna get to that in a minute but first i want to thank today's sponsor ZAK-DIGI you already know that ZAK is the all-in-one platform to build a professional website online store or portfolio but you can do so much more once your site is set up you can grow and engage your audience with Shopify email campaigns create powerful email content that matches your website with your existing products blog posts and logo so that your messaging is consistent and effective schedule messages manage your email list and even set up automations all within Shopify is easy to use interface head to Shopify.com for a free 14 days trial or ask ZAK-DIGI to create a free account on Shopify for you as ZAK is a Shopify partner so their trial won't be expired after 14 days and you can easily convert it to paid plan anytime when you're ready to launch just click here and ask ZAK-DIGI to create a trial Shopify account for you for free, also you can oreder them to design a beautiful Shopify store for you by clicking here and use the code ZAK45 on checkout to save 45% on your first purchase of a designing.
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So i know what you're thinking how can i get in on this i jumped into one of the beginner site and ran through the process this is wearable first i needed to buy some cryptocurrencies most of these work with one called ether in order to use it on the site i needed to get a digital wallet then i needed to connect that digital wallet to the site itself so here's the setup page what i like here is you can sell a single piece of art or you can make multiples think of these as like digital prints that you can sell multiple copies of so i went that route because i thought it was kind of a cool idea i thought hey wouldn't it be cool to have a collectible associated with the new channel so people who wanted to support it wouldn't just be like handing me 10 or 30 but instead would have a collectible to go along with it now here's the part i think is really game changing when it comes to artists you can get a commission as an artist as that piece sells so maybe you initially sell that piece for ten dollars you get ten dollars goes in your pocket you just sold it to somebody and then over time you become more well known someone wants to buy that piece from that collector they buy it from that person for a thousand dollars you get a commission from that secondary sale so for that secondary sale for a thousand dollars your ten percent commission gives you a hundred dollars and if you continue to get more popular and that person then goes on to sell that piece of work for ten thousand dollars like years down the road guess what buddy you get a thousand dollars in your pocket what this means is that the work that you're creating today could make you money for years and years to come that is pretty cool if this picasso sells again the artist or his estate gets nothing wow this is amazing so what's the catch there has to be a catch right is there a catch yeah there's there's a couple catches here the process here isn't free you have to pay for something called gas.
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And in this case gas is basically a processing fee you are buying that token and putting it on your art how much does that token cost well this is where it gets weird it varies based on supply and demand right now the demand for cryptocurrency sky high it's off the charts so the gas prices are also very very high it cost me 88 to create a token for my 10 pieces of art my initial plan was to sell them for 10 a piece but it turns out i would only make 12 when you factor in the gas price so i raised the price to 30 bucks what i didn't realize at the time is that i was doing all of this in the middle of afternoon some folks in the nft community were telling me hey if you post early in the morning or on the weekends you're probably gonna get much better gas prices and it's not just creating the token that has a gas price associated with it it's also buying the work like i said i priced mine at thirty dollars a pretty reasonable price but last i checked it would cost about sixty dollars in gas for someone to purchase that which means the entire transaction would cost the collector ninety dollars ouch if you're an established artist selling your artwork for thousands and thousands of dollars this price really isn't that big of a deal but if you're just getting into the space that's prohibitive there's also the environmental impact to all of this mining cryptocurrency takes powerful computers that use a lot of energy most of the power comes from fossil fuels and the increased demand also increases the carbon footprint of the entire industry and as this demand continues to skyrocket so does that environmental impact so that's one heck of a catch which brings us to the big question.
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Here can you make money doing this um i think i think that really depends ask yourself are there people right now who would want to buy prints from you already also ask yourself does your audience know what crypto art is if your answer is yes to both of those questions then yeah i definitely think you should be looking into this i was curious when i made mine and i just threw it up there i didn't tell anyone i just wanted to know if if it's just there will anyone buy it and after two weeks the answer to that is nope no one will look at it so i would say without a way to promote your work it's it's not really worth it the reason i made this video and started doing this research is because most of the videos and stuff being written about nfts right now really make this sound like a gold rush if you're a big named artist with a big following you could definitely hit the jackpot so there is that aspect to it so i understand why people are really excited about it but i don't think it's all necessarily sunshine and roses there's going to be a lot of people flooding the space in the next few months just because there is money to be made so here are some things to consider.
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I think nft creation are here to stay i think this is something that has changed the art world and changed our industry nft design have created a legitimate way to collect NFT digital art so if this isn't a fad or a bubble then the opportunity to sell your work will exist a year from now or 10 years from now so my advice would be focus on your work and the rest will take care of itself ignore the noise ignore the get rich quick types if this is something that interests you settle in and play the long game doing my research for this video i spent a good amount of time ease dropping on conversations artists were having on in the app clubhouse clubhouse is like if podcasts and twitter had a baby and then crashed every time elon musk showed up one thing that kept coming up over and over in these conversations by the artists who were doing pretty well on this was that for years and years and years they have been relying on client work to make a living and now they're able to sell their artwork directly to collectors and they don't have to do client work anymore which means they can spend eight hours a day really throwing themselves into the work they love and i thought that was absolutely amazing and from that perspective this is super exciting for them and our industry as a whole so is this the future is this the bubble is this a fad let me know down below what you think.
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