Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english.

Today: Are NFTs just good for speculation, or are they a new way of helping artists?

Last time we discussed how NFTs get so valuable, but we didn’t talk about their real world use. Clearly, you’ve asked yourself: Does this actually solve any problems for artists?

Yes it does! Let’s dive in!

First, selling artwork as NFTs opens up a whole new market for artists who were traditionally constrained to selling locally - through galleries for example, which can also want a big commission. With NFTs, artists can theoretically reach the entire world through websites like OpenSea.

Second, some NFTs also allow artists to make a commission every time their artwork changes hands. Imagine you create a painting, sell it as an NFT for a few bucks, but it takes off - like those cryptopunks. With physical art, you’d never see any money after the initial sale. With NFTs, you could.

Third, NFTs allow artists to sell rights to the same artwork more than once. It’s like Picasso using print techniques to create a series of the same painting – it allows for more people to own and enjoy the same piece, and potentially more revenue for the artist.

And tomorrow we’ll wrap our series on NFTs with a look into the most unique, valuable, and bizarre NFTs that exist out there.

Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.