What are cryptocurrencies and what are NFTs?
A cryptocurrency is a digital asset that is based on a cryptographic encryption (blockchain or shared accounting record) to guarantee its value and ensure the integrity of the transactions in which it is used as a payment currency, despite not having a regulation from any institution. They do not exist physically, only through a digital wallet.
The NFT (non fungible token, in English) is a digital certificate that guarantees that a piece -usually of design- is unique and unrepeatable for the benefit of those who pay for it. This certificate is digital and uses the same blockchain technology, which is the same as cryptocurrencies.What kind of benefits do women artists see to move to the crypto world?
First, they can promote their art without intermediaries, which considerably increases the profits they receive in each transaction that is made in cryptocurrencies through NFT platforms that serve to authenticate their authorship, according to David Yao, Binance’s Chief Operating Officer and specialist in blockchain and cryptocurrencies.
“Now, artists don’t have to go through a museum and a gallery, with their respective commissions. In addition, it pays for transparency, because an artist will be the same one who decides the price of each work instead of a gallery doing it without telling her the cost for which her work was acquired,” he said.
He also points out that thanks to the technology behind bitcoin, entire digital collections can be created whose value will be better valued while it is possible to certify the authorship and authenticate the originality of a work.
Mónica Zamora, co-founder of the consulting agency Esferik, speaker and workshop on nft’s and crypto art and director of the crypto art project Artcryp, points out that crypto platforms represent an opportunity to network women artists who, unlike the relegation they have suffered systematically in the traditional art world, here can collaborate with each other and maximize the exposure of their work.
“The biggest advantage of doing these collaborations is that the exposure to work is greater than what a local exposure could bring, because the crypto community is global and so the chances of your market expanding beyond the country are many,” he said.
Mariana Pedroza, designer and crypto artist (develops digital art that is valued in cryptocurrencies), ensures that a better valuation of work through crypto depends a lot on the artist, the point of his career and his objectives. That is, “it is not a magic formula either, you have to work and you have to learn from digital marketing because being an artist is not enough,” he said.
In his case, he explains that as an artist he has painted several canvases, whose beginning arises from an electronic tablet; therefore he chose to monetize that work that only remained in digital format, because it was already done and the physical works ended up being different from the original idea.
Not capitalizing is a waste, he says, because it is very expensive to produce that in a traditional way, that’s why I found the world of NFTs so attractive, because I do see it as a clear advantage that as an artist gives more accessibility to your work to audiences that would probably never know it otherwise.
“All the investments you make in marketing and learning to sell your work is less than the investment you would have to invest in the physical world for a gallery to give you a space or find more sellers because the art world is always speculative, etc,” he said.
Another benefit that Andrea highlights is that she has identified where her works are, that is, who her final buyer is, which in the end helps her to do a marketing job with greater inputs(information in the production process) by her clients and even have royalties in case a client intends to make another use other than collecting her work.
“However, it’s paramount to me to stress that doing NFTs isn’t going to change your life unless you don’t have a strategy to bring your art into a digital world. You have to learn about digital marketing, personal finance, cryptocurrencies, because if you only enter with design it will not be as profitable an option as it could be, “he said.
For artists considering entering the crypto world, Raymundo Cámara Sánchez, board member of Avocado Blockchain Services, explains that the most important data to consider is that there are cryptocurrency platforms and NFT trading platforms, which is the certified good that will be sold.
“The purchase transaction is done with Ethereum Blockchain and all the art collections are on that blockchain,” he said.
Who is getting on crypto platforms to promote their work? According to Raymundo Cámara, the artists are predominantly young women who understand technology and range between 25 and 35 years old; they also stand out for knowing how to generate community in social networks.
This emerging wave of crypto artists may encompass women who want to sell physical labor, not just digital; as well as others who are not dedicated to art.
Connie Ansaldi, CEO of Carnaval, a crypto art startup, explains that the fact that the promotion and sale of the material can be done from home greatly facilitates accessibility to women who are mothers or women who also have other activities and use NFTs platforms to create and sell as side job.
“They can do it in their free time and it combines a hobby with a profitable occupation, just 10 years ago many people did not know how to use a smartphone and nowadays almost anyone grabs one and intuitively knows how to use it,” he said.