The permission to classify this academic work is subject to the provisions of current legislation, the provisions of the UP Intellectual Property Policy and any provisions. I grant the University of the Philippines a non-exclusive, worldwide, royalty-free license to reproduce, publish and publicly distribute copies of this academic work in any form in accordance with the provisions of applicable law, the provisions of the UP Intellectual Property Rights Policy and any contractual obligations, as well as more specifically. Provide open access to the work thereby enabling the “fair use” of the work under the provision of the Intellectual Property Code of the Philippines (Republic Act No. 8293), especially for educational, scientific and research purposes.
In 2018, he enrolled in the Open University of the University of the Philippines in Los Baños, Laguna for the Bachelor of Arts in Multimedia Studies program. In order to break through to this new concept, one must first understand how cryptocurrencies and blockchain, which are key parts of the NFT economy, work. I went through the entire process of creating NFT art, from the actual artwork to the listing of digital artwork on OpenSea, one of the most popular NFT marketplaces.
This is due to the blockchain technology that already exists in cryptocurrencies, where NFTs are authenticated and a certificate of authenticity issued similar to a bill of sale. Even if other people have copies of the same art that you made, you still have a record on the blockchain that confirms that you created that work (Sorilla, 2021). NFTs are still a relatively new topic, but they have many potential applications in the field of multimedia.
The more artists create art in the NFT space, the more demand for NFT art would follow.
REVIEW OF RELATED LITERATURE
The game was based on the Ethereum blockchain, which protects the game from copying and gives it a digital identity in the blockchain network. This means that when purchasing an NFT, buyers should still be wary of the risks involved, especially considering the enormous amount of money involved in the transactions. More and more people are transacting using cryptocurrencies, and NFTs have skyrocketed in popularity in the past year alone.
They also accept dollars in the sale of NFTs alongside Ether, making it easier for the average buyer to acquire NFTs. In the past year, $2.7 billion worth of art was sold according to the 2021 Contemporary Art Market Report. In the Philippine digital art landscape, such as the case of the 9th Art Fair Philippines exhibition, they have taken advantage of the online world to exhibit artworks from local and overseas artists (Art Fair PHL Highlights Digital Art as It Goes Online, 2021).
One of the most famous NFT artists worldwide is Gary Vaynerchuk, known in the NFT space as GaryVee, and the creator of VeeFriends. Besides being an artist, he is also an influential figure in the NFT ecosystem, helping other artists and even celebrities launch their NFT careers. Although not necessarily true, being a famous person or celebrity can be a factor in the ability to create a successful NFT collection and command high prices.
In an article by Shawdagor (2022), celebrities can be successful at selling them, but not all can be successful in the NFT space. On the local scene, Luis Buenaventura II is one of the most prominent names in NFTs. This prompted him to file a lawsuit against Nifty Gateway in the Supreme Court of the United Kingdom (Pryor, 2021).
Online fraud and scams are also common in the NFT world, as some people have been scammed into purchasing fake NFTs from counterfeit sellers. Buyers and sellers should understand that NFTs are merely a digital proof of ownership on the blockchain, and not a physical asset. Therefore, it is important to have a reliable backup of the digital asset or have confidence in the website where it is stored, according to Adrienne Reid (as cited by DuChene, 2022).
The Surf Shark Society, which was announced as the Philippine NFT game exchange, was the victim of a "rug pull" that happened last March 3, 2022. In the end, the Surf Shark Team refunded everyone who bought their shark NFTs.
METHODOLOGY
RESULTS AND DISCUSSION
I chose UnionBank because it is very open to cryptocurrency transactions and it is one of the first banks in the country to adopt the management and operation of digital assets. My first attempt was to buy BNB, a form of cryptocurrency, because I thought I could make and post NFT art on the Binance NFT marketplace. This is also one of the reasons I became interested in NFTs to see if I can turn my art into NFTs.
In the price box when you hover over it you will notice that it says ETH on Polygon. You can sell multiple copies of the same NFT called semi-fungible tokens in Polygon. High gas fees for first-time users is another barrier to entry into the NFT market, especially in the Ethereum blockchain.
Not many in the general community know about Polygon as a blockchain technology that underpins Ethereum. The competition to sell NFT art is fierce, and since the promotion of collections is done through third-party social media, it is also disorganized. Without a good marketing strategy, even the best NFT art would not be able to capture the attention of potential viewers.
Although there is customer support to contact, they usually don't respond quickly and it's quite frustrating when transactions don't go through as quickly as they should. There is also the issue of privacy, which is constantly being studied due to the rapid changes in the NFT ecosystem. There are certainly opportunities for creators of NFTs in the digital art space, some of which are listed below.
NFT artists, once they become popular in the NFT arena, can command the same level of respect and popularity as traditional artists. Similar to the case with Nyla Hayes, NFT art has the potential to launch artists' careers. The more collaboration artists have done with other artists, the more people will be curious about the NFT art space and want to join.
Collaborations are also a great way to interact with the NFT community and learn more about the trade secrets of creating a popular NFT art collection. NFT art has sold for millions of dollars, but not all of them are worth millions.
SUMMARY, CONCLUSION, AND RECOMMENDATIONS Summary and ConclusionsSummary and Conclusions
Risks associated with creating NFTs include the need to invest in cryptocurrency to fund the wallet, paying OpenSea gas fees which is expensive, blockchain security issues, and dealing with crypto market price volatility. Other benefits include potential collaborations with other artists and exposure to a welcoming art community who are always eager to help those just starting out in the NFT space. A clear understanding of the risks and rewards associated with entering the NFT space is a must.
In addition to the digital art portfolio, artists also need to build a good social media presence with a decent number of followers. They should actively collaborate with fellow artists in the community, both in the non-NFT and NFT space. I believe NFTs are definitely here to stay and hopefully their long-term viability will become clearer in the future.
How to become a successful NFT artist - from a Filipino who has sold millions worth of digital art. After Bitcoin and Ethereum Prices Dropped, “Crypto Winter Is Now on the Line,” Says This Expert. Nyla Hayes, the 12-year-old who sold nearly $4 million in NFTs, will become TIMEPieces' first Artist-in-Residence.
