NFTs: A trade tool for artists of all ilk to milk

Living up to Bengaluru’s fame as the IT capital of India, city-based artists are exploring technological advancements in the art field with many of them transitioning to the non-fungible token (NFT) space.

From photographers, painters to digital artists, NFTs are acquiring new fanboys with each passing day.

“Initially, we had to wait for art galleries to exhibit our works or look out for exhibitions. Then came the social media era where we tried to pitch our work on Instagram and Twitter. Now, we have NFTs which provide us a 24/7 global market,” said Mayank Tiwari, a member of NamasteyNFT, a platform that aims to empower and support emerging creators through an artist-driven community fund.

Many artists said that most of them started using NFTs to sell their products only last year.

“In March last year, an NFT by Beeple was sold for $69 million. That is when most of us understood the potential the technology has,” explained Bharathiraja Muruganandan, a 2D animation artist from Bengaluru who is also a member of Fandefi, an NFT platform based out of the city.

Artists say the NFT is a revolutionary idea that is changing their lives for good.

“Traditionally, artists create works and wait for recognition. Monetising the artwork has always been a challenge for artists. NFTs have changed this belief and given artists an opportunity to market themselves and build a brand of their own,” Tiwari said.

The transition, however, comes with its own challenges. While understanding the technology and making the right choices are the key, marketing and building a reputation come next.

“There is an initial investment we have to make to get on board and convert our works to NFTs. We will then have to market them through Twitter and such other platforms and wait for collectors to buy. Though it is challenging, results have been encouraging. I earned three times more than what I invested in just a few days after joining the NFT space,” said Vikas Gurjar, a Bengaluru-based photographer who joined the NFT space last
November.

Swarathma, a city-based contemporary Indian folk-rock band, also recently ventured out into the NFT space, selling its first NFT for $700.

Though the community is growing, artists say the technology still has to reach the rural areas.

“I have been participating in the Chitra Santhe for the last 10 years. Wonderful talents from rural areas participate in the event and many of them still believe that’s the best place to sell their work. We need to spread the word so that rural talents get an opportunity to sell their work from wherever they are,” Muruganandan said.

Expo on May 14, 15

On May 14 and 15, NamasteyNFT will be hosting a mega summit that will exhibit 300 NFTs of various art forms, including 2D art, animation and photography.

“We are expecting at least 80 collectors from across the globe at the event. NFT is nothing without supportive technology and Bengaluru is the Silicon Valley of India. We felt that there is no other better place than Bengaluru to host a collaboration of art and technology,” Tiwari said.

Artists from across India are travelling to attend the summit. “It is a great opportunity to showcase our work and also learn from the experience. While only renowned artists were able to sell their artworks before, NFT has provided an opportunity for all the artists to let the world know their talent,” said Ayush Dixit, a photographer travelling from Kolkata to attend the summit.

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