Thread by @LAMPphotography

Why Do People Collect NFTs? - A New Way to Directly Support the Artists You Love

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#nft #nftcommunity #supportartists

1) You know that artist whose work you’ve been drooling over on Instagram for the past decade? You followed them years ago, and they have brightened many of your lunch breaks with a gorgeous sunset shot, a beautiful acrylic painting, or a fun new animation.

2) Wouldn’t you like to support that artist with more than likes and comments, and perhaps help them create a career out of their art?

3) NFTs offer an exciting new way to support artists. When an artist mints their work of art as an NFT you can show your support by collecting it!

4) On the TEZOS blockchain, artists mint multiple copies of their art (known as editions) for a few TEZOS at a time.

5) This means that you can collect one (or more) pieces of their verified digital art for a few dollars to show your appreciation for their work, and to help them pay for the time and materials it costs to continue creating.

6) The best part is that you can grow with your favorite artists. As they become more popular, and start selling their work for increasing prices, you might be able to resell that NFT you purchased from them when they were just getting started for a much higher price!

7) You can buy art that you like today, just because you like it, and you might be able to make a profit later.

8) NFTs are great for artists. Most NFT platforms only charge a 1-3% commission when artists make a sale. This is a bargain compared to web2 platforms such as Etsy or Getty Images which take a much larger cut.

9) NFTs also allow artists to collect royalties on their work in perpetuity. When an artist mints an NFT, they set a royalty price that they think is fair for their work. If you buy an NFT, and then sell it in the future, the original artist will get a percentage of the profit.

10) This allows artists who are just starting out to set lower prices for their work now because as they grow their brand, they can still benefit from the increased value of their work years from now.

11) Royalties encourage artists to continue promoting older work even after it is sold, so that the value of older pieces increases for their collectors.