Wooden art is a beautiful way to show your creative side while also adding a touch of nature to your space. Whether sculpting or taking on intricate furniture, the digital marketplace also caters to artists looking to sell their wood pieces.Â
But what if you could take that art one step further by turning it into an NFT? Here’s what our experts have to say.Â
NFTs Explained
NFTs, or non-fungible tokens, are digital assets that are unique and not interchangeable. Each NFT is one-of-a-kind, like a physical work of art. Unlike a digital file, it’s impossible to reproduce or copy an NFT, making it the perfect way to protect your creative work.
NFTs are stored on a blockchain, a digital ledger that records transactions. When you create an NFT, you’re creating a digital record of ownership that can be verified and tracked. It makes it easy for buyers to know they’re getting the real deal, and it also means that artists can keep track of their artworks and see who owns them.
Why Make NFTs from Physical Wood Projects?
We have seen a shift in how artists create and sell their work. Because of the pandemic, this situation has forced many artists to move their sales online, and we’ve seen a surge in the popularity of NFTs as a result.
NFTs offer artists a way to sell their work without worrying about piracy or reproduction. They also provide an easy way for buyers to verify that they’re getting the real deal. And, since NFTs are stored on a blockchain, artists can keep track of their artworks and see who owns them.
Selling NFTs from Wood Projects
It’s an exciting time for artists to get an opportunity to sell more freely to a much wider crowd. Selling your physical NFT art also has its pros and cons, so it’s best to do your research to determine what’s best for you and your artwork.
Advantages
1. NFTs validate the authenticity of your asset
Selling physical NFT allows you to connect with a global community of art lovers and investors. It would be easier to get buyers to buy your product bypassing the typical process of selling physical art like insurance, paperwork, logistics, and the likes.
2. NFTs offer more control to the artist
For example, you can set how many copies of your NFT [1] will be minted. In our case, we choose to mint our NFTs on different platforms, giving us more control over where we want to sell our work.Â
3. NFTs have the potential to generate more revenue
Because of their scarcity, NFTs often sell at a higher price than their physical counterparts. In addition, some NFT platforms also take a percentage of the sale, so you’ll need to factor that in when setting your price.
Drawbacks
1. NFTs can be expensive to create
If you want to mint your own NFTs, you’ll need to pay a fee to the platform in terms of gas. Gas is the fee paid to miners who confirm transactions on the blockchain. The amount of gas you’ll need to pay will depend on the platform you use and the size of your NFT.
2. NFTs can be volatile
Like any investment, there’s always a risk that the value of your NFT can go down. However, we feel this is something you’ll need to weigh against its potential to go up in value.
Where to Sell Your NFT from a Woodworking Project
Some of the more popular platforms allow for the buying and selling of physical NFTs like NFT Drops. It is an excellent option to connect with a broad community of art lovers and sellers. You can also check their platform for upcoming collectibles of other artisans selling art projects.
Tips on How to Successfully Sell Your Work
Establishing a roadmap is essential to help your buyers identify the authentication of your work. Artists have the freedom to sell NFT and physical work separately where the values differ from each other. We created a rarity system where we have our assets authenticated and stand out from the rest for this to work.
You can also sell your work with the NFT, provided that it’s under a credible custodian. Or destroy the physical asset after having the NFT minted. However, the latter will require proof of destruction to make the work authentic.
Artists also can sell their creations in different stages and mint that part as an NFT. You can sell these physical assets by parts as your work progresses.
Conclusion
Just like any investment, our team believes it’s essential to do your research and find the right platform for you. You should also consider the fees, the community, and the features offered. Once you find a venue you’re comfortable with, you can start marketing your NFTs and connecting with buyers.
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