By: Tonya Mead, PhD, MBA, M.Ed, Corporate Trainer and Behavioral Scientist
The NFT (Non Fungible Token) market is exploding. As such, opportunities for NFT creators, developers and digital artists are ramping up. Deloitte, a consulting firm, forecasts NFTs (in the sports field alone) will generate approximately $2 billion in sales globally in 2022. The CryptoJobs List posted more than 5000 jobs from roughly 1800 companies in 2022. The list is constantly expanding! As a result, the website has received about 85,000 resumes and applications.
What is the process of selling and buying a NFT ? Once the NFT creator sells a digital NFT, the creator (NFT digital artist) often does not retain control over the rights to the digital file once it enters the digital marketplace. A NFT provides digital proof of ownership. A NFT or the digital file can not be altered once it has been minted. The proof of ownership can be found over a unique code found on the blockchain.
The blockchain is an online ledger or decentralized database. It gives someone proof of ownership that is digitally linked to piece of digital art, a digital video, digital audio, or digital coupon. Please remember the aforementioned sentence: digital art, digital video, digital audio, and digital coupon. The key aspect of a NFT is that it represents something owned in the digital space. NFT buyers can not actually hold a tangible piece of matter in their physical hand. This means that the actual, tangible, underlying physical asset remains with the NFT seller. NFTs can be transferred or sold virtually, but not copied or divided into smaller parts.
As an example of the promise of riches that a NFT digital artist can acquire, Fortune magazine chronicled the backstory of a wildly popular NFT, the Doge Pound. What is the Doge Pound? It is a collection of 10,000 cartoon dogs displayed in a NFT format. These cartoon dogs were created in July 2021. The NFT digital artist who created this batch of NFTs has achieved total sales of almost $90 million. Of this $90 million figure, the NFT digital artist, Kyle Van Dyn Hoven, has been reported to receive 5 to 6% in royalties from each sale.
NFT Digital Artist Job Responsibilities
- Create art, illustrations, paintings, sculpture, literature, audio and video products
- Mint to the blockchain or NFT marketplace
- Identify, conceptualize and execute other artists art work onto the NFT with drops (minting into the NFT marketplace)
- Engage and collaborate with other NFT digital artists
- Collect and curate your own or other artists’ NFT art (paint, sculpture, literature, audio, video)
- Brainstorm token and smart contract behavior
- Stay up to date on blockchain and NFT trends
- Develop a business development strategy for NFT minting based upon these key factors: price/quantity, presale planning, sales format (eg wl, auction)