Today, art is more diverse than ever. Rapidly growing technologies open up new opportunities for creators, who can showcase their works in the virtual environment, use various tools to create digital art, and digitize and monetize their creations in new ways. 3D NFT arts are not exceptions in this context.
3D NFT arts: What Opportunities Do They Open Up for Artists?
One of the disruptive trends with a great influence on the world of art is NFTs. Artists can create 2D and 3D NFTs easily. But what are NFTs exactly and how to benefit from them? This article will help you to understand.
What Does the Word NFT Mean?
“NFT” is the word of the year for 2021 picked by the Collins Dictionary. While it continues to make headlines, many wonder what all the buzz is about and why suddenly we can encounter the term so often. Probably, you have heard that NFT is an abbreviation standing for non-fungible token.
At first sight, it may seem understanding NFTs requires technical knowledge, it must be complex and difficult. However, if you understand the meanings of fungible and token, things start to clear up.
“Fungible” means replaceable, interchangeable. It is something that you can easily replace. For example, the dollar is fungible as all the dollars have the same value for everyone. If you give one dollar to another person and they give you another one in return, it won’t make a difference. Or, when you go to buy a bottle of water, you will just take one of them. So a bottle is also fungible.
As for non-fungible items, you can’t replace them because they are unique. For example, diamonds, or real estate properties are non-fungible. They are special, and they have different values.
And what is a token?
In simple words, a token represents a digital unit of value that runs on blockchain technology. Blockchain is a decentralized database that stores records in the form of blocks connected one to another. There are several things you need to know about this technology:
- No single authority but a network of computer systems records data and creates new blocks.
- Blockchain allows peer-to-peer transfers which means two persons can interact directly with each other without the need for a third party.
- When data is written on the blockchain, it can’t be removed.
Blockchain ensures the security of transactions by converting information into code. It prevents unauthorized access to information and makes it difficult to hack the system. The technical process that blockchain uses to encode data is called encryption.
Crypto tokens are virtual currencies that are developed on existing blockchains. Digital assets, as basically everything, can be fungible or non-fungible. All Bitcoins have the same value at a certain time. So, Bitcoin is fungible.
On the other hand, non-fungible tokens (NFTs) are unique crypto tokens on a blockchain that have unique identifying codes. They can represent music, selfies, art, in-game items, gifs, animations, memes, domain names, and much more.
What Are the Benefits of NFTs for Artists?
One of the most popular and most expensive types of NFTs is digital art. Also called crypto art, due to the underlying technology, it has attracted a lot of attention. NFTs have been around for several years, with an idea for blockchain-based unique colored coins appearing in 2012-2013. However, it was in 2021, when the NFT boom started. The total market size of NFTs reached $41 billion last year, coming closer in value to the traditional art market which was $50 billion in 2020.
In March 2021, graphic designer, artist, and animator Mike Winkelmann, known professionally as Beeple, sold his artwork “Everydays: The First 5000 Days” for over $69 M via an auction at Christie’s. The piece of art presents Beeple’s works that he made over 5444 consecutive days which is more than 13 years. It continues to be the most expensive crypto artwork sold.
Among successful NFT artists are many teen creators, who could earn millions selling their works. One of them is 13-year-old Nyla Hayes, who made $4 million in NFT sales from her collection “Long Neckie Ladies”
More and more artists are becoming interested in NFTs. Here are some reasons explaining that:
- NFTs show that the creator or buyer owns the original item
Being based on blockchain technology, NFTs have unique data that verifies the owner of the asset. They serve as a special kind of certificate, which allows the creator to store specific information inside them. For instance, artists can sign their works and include their signatures in an NFT’s metadata.
There is one question that rises very often; “How does it work if anyone can just screenshot the asset?” Yes, screenshots are possible, but it doesn’t change the fact of who owns the original. It’s important to note that all information about NFTs is visible on the blockchain. So, if someone tries to fake or sell an NFT that doesn’t belong to them, others can check the information and figure out who is the real owner and creator of the work.
- NFTs allow creators to enter the space easily
Emerging digital technologies have made it easier for artists to create and represent their works. Being able to monetize artworks without galleries or auction houses at scale is something that creators weren’t able to do before.
- NFTs allow artists to reach more people worldwide
Although physical art and collectibles can also be sold online, there are some difficulties related to shipping. In the case of digital art, this is no longer an issue.
- NFT arts allow creators to profit from royalties
Creators can choose to receive royalties when their works are later traded on the secondary market. This means they would have some percentage of future sales.
- NFT arts can be used in different areas
NFT arts have high demand which is growing along with the increasing use cases of the assets. People can use NFTs as their social media avatars on Twitter Blue. Facebook and Instagram are planning to allow the possibility on their platforms as well.
NFTs are widely used in manufacturing, gaming, fashion, and other industries.
Examples of leading brands creating NFTs
On International Friendship Day, 2021 Coca Cola launched digital collectibles with the avatars and 3D content creator company TaFi.
Leading sunglasses and eyeglasses brand Ray-Ban collaborated with artist Oliver Latta, otherwise known as Extraweg, and popular for his 3D Motion Designs. The company announced the partnership in October 2021 to launch the first-ever NFT eyewear.
Sportswear giant Adidas launched NFTs in collaboration with popular NFT collection Bored Ape Yacht Club, NFT influencer Gmoney and comics series Punks Comics in December 2021. Holders of the assets would be able to unlock access to merchandise and virtual experiences throughout 2022. Later, in January Adidas announced another NFT project with the fashion house Prada and digital artist Zach Lieberman. Called Adidas for Prada re-source, the collaboration aims to join fashion, design, and crypto allowing the co-creation of artworks.
Why Are 3D NFTs on the Rise?
3D NFTs have become a major development as the next step up from 2D NFTs by integrating with games, metaverse, tokenizing digital manufacturing items, and beyond. Everything in the three-dimensional virtual world, including game characters, or avatars, can be easily converted into a 3D NFT.
These tokens drive the growth of the metaverse, which is a combination of 3D digital worlds powered by various modern technologies such as virtual reality, and augmented reality. The metaverse allows users to interact virtually. Here NFTs play an essential role as they represent ownership of digital assets, showing that an in-game asset, virtual land, avatar, or any other item belongs to a certain user.
The metaverse and 3D NFTs are growing rapidly. Besides gaming and entertainment, the metaverse has other use cases such as advertising, branding, live events, etc. According to an analysis by Bloomberg Intelligence, the metaverse market may reach $783.3 billion in 2024 vs. $478.7 billion in 2020 representing a compound annual growth rate of 13.1%.
Currently, with the rapid development of technology, there is a huge demand for 3D models. In the last months, many leading companies such as Meta, Nike, Disney, Gucci, and others announced looking for digital artists, 3D artists, and metaverse-focused jobs.
Why Create Parametric 3D NFT Arts and How to Monetize Them?
Leveraging modern technologies, creative people now can bring their ideas to life easily, experiment, and monetize their works. Parametricism, algorithms, and vectors carrying most of the computational work help many talented people on their way to success. 16-year-old vector artist, NFT creator Jasti, who presented his first crypto art at the age of 15, earned around $1 million in NFT sales. You can see many parametric 3D NFTs as well as 3D items for metaverses on the NFT marketplace OpenSea. One of the platforms focused on parametric and generative NFT artworks is Parametrise. The NFT project Parametric Artefacts features various designs created based on parametricism.
The parametric design provides artists with limitless opportunities, allowing them to create fine art, items for virtual environments, characters, stickers, and much more. Creators can make changes easily, achieve desired results and introduce their works fast. One of the comfortable ways of creating parametric 3D models is the cloud-based parametric modeling platform BeeGraphy which allows 3D artists to generate parametric models online, collaborate with teammates, and download their 3D parametric creations in various file formats supported by several 3D editing software. Later, artists can turn the results into NFTs and sell them on an NFT marketplace or in BeeGraphy’s 3D models marketplace.
How to Create, Showcase and Sell 3D NFT Artworks?
If you have created a 3D or 2D work that you want to tokenize and sell, you will need to follow these steps:
1. Pick an NFT marketplace
To reach more people, it would be better to create 3D NFT and display it on large platforms. The largest NFT marketplace is OpenSea. Among other popular platforms are Rarible, Nifty Gateway, SuperRare, and others.
2. Set up a crypto wallet
As NFT platforms are based on blockchain, you will need a crypto wallet to interact with them. Most marketplaces are based on the Ethereum blockchain, and it would be better to have a crypto wallet that supports Ethereum, for example, MetaMask, Trust Wallet, Math Wallet, Enjin Wallet, and others.
3. Fund your wallet
You will need to purchase some cryptocurrency (in most cases Ethereum’s Ether) to pay a fee that an NFT platform requires for minting an asset. Note that fee costs differ based on Ether’s price and the network activity.
4. Connect your wallet to a marketplace
You will see a wallet icon on the platform. Click on it, agree to the terms and conditions, and verify your profile.
5. Follow the step-by-step guide of the NFT platform you chose
The platform will guide you on how to create NFT online, upload your work, where to fill the title, description, etc.
6. List your NFT for sale and earn money with NFT
You can decide between selling options by choosing a fixed price, timed auction, or unlimited auction. It’s important to take into account that each platform has its policy and pricing. There can be a listing fee, an NFT minting fee, sale commission, and transaction fee to transfer funds from the buyer’s wallet to yours. Our advice is to estimate all the factors before deciding on the minimal selling price so that the sale would offset fees.
To get your work noticed, you can tell about it via social media.
Why Do NFTs Have Value and What Is the Role of 3D Crypto Art?
3D NFT arts are growing in popularity. Not only do various metaverse platforms now need 3D models, but also, 3D NFT art is demanded in graphics, advertising, gaming, and apparently in every industry.
Will NFTs be a part of the future? It’s a question for endless arguments. While one camp sees nothing special in NFTs and thinks the hype will eventually calm down, supporters mention the benefits of the sector and how it allows people to create crypto art and collect digital works, eliminating barriers that existed throughout history, and securing ownership rights.
At the same time, technological development and growing use cases of NFTs indicate that the assets are here to stay. Many believe that crypto art will create a future where the art looks much different, and accessible, and where communication between artists and their supporters will be more direct and effective.
One thing is sure. 3D NFT arts will continue to be a much-demanded category. Why not create yours and join thousands of artists who are already in.