3) NFT Fundamentals For Creators: How Creators Can Benefit From Selling Their Art on Bluemoon and Earn Royalties
The world of NFT is undergoing a major transformation, and Legion Network is all set to become the driving force behind this magnificent transformation with their NFT Marketplace — Bluemoon. A blockchain-based ecosystem is being created, which leverages the best of both worlds, i.e., technology and art, to provide a beneficial environment to creators, investors, and entrepreneurs, which will help them realise their true potential.
Legion Network is set to create the world’s first blockchain ecosystem that combines all the best services in the industry into one super application. Bluemoon’s vision is to transform the world of NFT into a beehive of creativity by providing content creators and all other stakeholders with an ecosystem that would allow them to raise their creativity and entrepreneurial skills to the next level.
How NFTs Have Changed The Concept of Digital Art
For centuries, the world of art has been a closely held community of creative geniuses and the few enthusiasts who want to buy a creation for a sum of money. There were also rampant impersonations and fake productions that imitated the original and thereby caused enormous harm to the original creator.
- With the appearance of the NFT concept, there has been a radical change in treating creative work. NFTs have fundamentally changed the concept of (digital) ownership.
- Artists can now put up their artwork without the fear of getting ripped off and sell their art at market value. They can sell their work of art or any other creation as a digital collectible. It can be reproduced as many times as required, with the royalty and ownership remaining with the original artist.
- NFT eliminates the need of having intermediaries when it comes to royalties, benefitting the artists and creators. It would also mean that the digital creator will not have to depend on the third party for fulfilling the mandate.
- The other revolution that NFT has brought about is the independence from galleries and art auction houses. Art galleries take a sizeable portion of the earnings of the creator(s). With NFTs, artists get to take home one-hundred percent of what they earn.
- Besides, artists would now no longer have to be dependent on third parties to showcase their creativity and would be able to connect with investors and collectors directly. It has provided the creators with the freedom to choose their audience and reach out to newer markets.
- The choice of the work has undergone a sea change too, and creators are now able to decide on the work themselves.
How Royalties Work For Digital Artwork
Royalties work differently in NFTs compared to the other spheres. Here, the artist is paid every time the artwork or the digital asset is sold on the digital marketplace platform. NFT royalties are perpetual and are executed automatically through smart contracts. Also, there is the option of choosing the royalties in most of the marketplaces. The standard royalty ranges anywhere from 5% to 10%.
There are a few differences between NFT royalties and conventional ones, as follows:
- NFT royalties are automatic, and the artists will not have to bother chasing them. They are coded in the smart contracts, ensuring that the terms and conditions are fulfilled each time a secondary sale takes place. If a specific agreement mandates that a part of the profit will go to the creator, the smart contract will execute it without exceptions.
- There are no intermediaries when it comes to royalties in NFT. It would also mean that the digital creator will not have to depend on the whims and fancies of a third party for fulfilling the mandate.
- One of the advantages of an NFT is that the returns are recurring. As the digital asset attracts more popularity with time, the returns keep increasing. All of it happens automatically, while the artist only needs to create the artwork once. It is the most significant motivating factor for content creators and artists alike. The rush to join the NFT bandwagon has undoubtedly seen an upswing.
However, what is pertinent for digital content creators and artists is that not all NFTs yield royalties. The smart contract must ensure that the terms and conditions must be specifically mentioned, after which they will get executed perpetually without much ado.
What Makes Bluemoon Stand Apart — How Can a Creator Benefit?
The best thing that Legion Network intends to do is throw open the field of NFTs to newer consumers. Currently, the world of NFTs is limited to a small community of artists, creators, collectors, and investors. That is a small space that ends up serving only a minuscule group of people.
Bluemoon aims to introduce a new set of consumers like corporate brands, celebrities, and game developers, who would be able to directly engage with their audiences and create communities of their own. This step will push consumers and allow artists and digital content creators to build more patrons and buyers. It can all be done without the fear of losing out on royalties and manipulations. The ownership of the digital creations also stays safe with the original creator.
The Legion — Bluemoon Network Ecosystem at a Glance
Bluemoon is one of the promises made by the Legion Network. It is an NFT-based platform that enables collaboration among stakeholders and provides a marketplace for them, enabling the easy collaboration of brands with the creators. Bluemoon will allow celebrities and corporate houses to engage with their fans and customers directly, allowing them to generate art and help gain popularity.
Bluemoon is ideal for game developers who will no longer work in silos for their creations but can crowdsource ideas to create NFTs for game designs and skins. The collaborative platform will protect the original creator’s rights and help them earn royalties from every secondary sale.
Final Words
Legion Network is on the cusp of revolutionizing the entire concept of NFTs. It will immensely benefit the original creators and everybody involved in the world of digital art. Legion Network stands for collaboration, commitment, and communication, which will help numerous artists and creators grow, both creatively and financially. By building a revolutionary ecosystem leveraging the best of technology, Legion Network would genuinely want to go into the history books as the entity that facilitated the best of human ingenuity.
Find out more about how you can get involved in the NFT world, through Legion's easy-to-use platform, and NFT education. Stay connected on socials linked below, or even join the telegram community.
References
Gomezz, A. (2021, April 10). NFT royalties: What are they and how do they work? Cyberscrilla.Com.
https://cyberscrilla.com/nft-royalties-what-are-they-and-how-do-they-work/
Legion Network. (2021, September 19). What is legion Network? How is it empowering entrepreneurs, creatives, and influencers?
https://legionnetwork.medium.com/what-is-legion-network-and-how-it-is-empowering-entrepreneurs-creatives-and-influencers-bfeb07ed1e9e
Shawdagor, J. (2021, July 24). The future of art? World-famous artists delve into NFTs. Cointelegraph.
https://cointelegraph.com/news/the-future-of-art-world-famous-artists-delve-into-nfts
Linkedin.Com. Legion Network.
https://www.linkedin.com/search/results/people/?facetCurrentCompany=%5B78008504%5D&sid=bhc
