What NFTs Can Do for the Families of Dead Artists

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NFTs have successfully opened a new avenue for artists to get paid fairly for their work. We've all read about a handful of unknown artists make millions, all because the NFT space provided them with something that the traditional art market couldn't give - equal footing.

NFTs have successfully opened a new avenue for artists to get paid fairly for their work. We've all read about a handful of unknown artists make millions, all because the NFT space provided them with something that the traditional art market couldn't give - equal footing.

But there's more to NFTs than just affording the right to make money on the artist's own terms. Like all other success stories, there's a rather undervalued, but no less important, side to this: the beneficiaries. 

While it's not often discussed, it's no secret that many artists die broke. For whatever reasons - be it bad luck, poor management, or simple lack of exposure - countless artists have passed away without making any significant money from their work.

This means that in most cases, the closest people - their spouses, children, parents, etc. - are left with nothing more than memories that don't fill the hungry stomach. And while most works of art are undoubtedly priceless, they don't pay the bills.

Changing of the Guard

NFTs go against the traditional way of making money through art. It bypasses the need for a middleman, which in turn allows artists to get a greater percentage of the sale. This is a major game-changer, as it gives artists more control over their work and how much they earn from it.

When artists mint their works into NFTs, the term of the sale is governed by the "smart contract," which is a digital contract stored on the blockchain. This eliminates the need for an art dealer, gallery, or auction house, as the sale can be made directly to the buyer.

The smart contract may stipulate whatever the artist wants to happen right after the sale of the NFT. One of the perks of this blockchain-powered system is the addition of royalties. 

Royalties refer to the ongoing payments that an artist receives for the continued use of their work. It also means that even after the artist's death, their loved ones continue to receive money from the secondary market sales of the NFT.

It's a literal "changing of the guard" because the traditional art industry never gave the families of even the most famous artists the chance to earn money from the resale of their works after they died.

Tokenizing NFT Assets

Royalties aren't the only perk that the families of dead artists can enjoy from NFTs. Another is the ability to "tokenize" assets, which essentially means converting them into digital tokens.

Families of artists who've retained the rights to their work can do this by minting an NFT of the work and selling it on a secondary market. This would give them a chance to capitalize on the value of the work, which may have been undervalued or neglected in the past.

The concepts of "rarity" and "scarcity," especially of classical artwork, increase the value of a dead artist's masterpiece. It means that by tokenizing the work and making it scarce, the value of the work can be increased.

This would give the artist's family a chance to finally get the proper compensation that they deserve and eventually give justice to the artist who never reaped the benefits of a masterpiece that's worth more than what anyone could have possibly imagined.

Investing in Digital Rights

This refers to creating an NFT that's backed by the intellectual property (IP) of an artist. This would give the artist's family a piece of the pie, so to speak, as they would be able to earn money from the resale or licensing of the work.

In the world of NFTs and the blockchain, digital rights can be sold separately from the actual artwork. This means that even if the artwork itself is not sold, the artist's family can still make money from it.

It's money that families of dead artists deserve to get, and it's something that only NFTs can do for them. If other people can benefit from the work done by someone, then the artist's family should too.

Preserving the Artist's Legacy

NFTs offer a new way of looking at art, and it's something that could very well be the future. It's no secret that the artworks and masterpieces of the past are becoming less and less under the control of the artists and their families.

NFTs could very well be the answer to preserving the legacies of artists, especially those who have died. The ownership and control of artwork are returned to the artist's family, and they finally get the recognition and compensation that they've been deprived of for a long time. 

When an artist's masterpiece is minted into an NFT, the smart contract will provide the necessary conditions that specifically preserve the artist's legacy. So, even if the digital version of famous artwork is already in someone else's possession, there always will be recognition of the hand and skill of the artist who made it. 

The Role of Art Galleries and Museums

Galleries and museums of the art give a monetary value to the artworks in their possession. These organizations carry the responsibility of taking care of the artworks they hold. And in so doing, they help preserve the value of an artwork and the artist's legacy.

The problem is that they reserve the right to do whatever they think is necessary to make money from their collections. It means that they're the only ones who can mint NFTs of artworks of dead artists. But with the dwindling number of art gallery and museum visits, it's becoming more and more difficult for these organizations to keep up.

The problem is that not all galleries and museums are on board with minting NFTs. Some believe that it would devalue the physical artworks they hold, which could very well happen if people start buying NFTs of popular artworks instead of visiting the galleries and museums where they're housed.

On the other side of the coin, minting an NFT of artwork means that it'll be properly catalogued and recognized as a valuable piece in the digital world. It also opens up new opportunities for these organizations to generate revenue, which can fund their operations and future projects.

It's fair to say that most artworks transformed into NFTs these days are from digital artists with a ton of prospects of making it big. The artworks from artists who no longer are in this world are gradually being minted into NFTs, but there's still a long way to go.

The key here is for the art industry to change how it looks at NFTs. They should start seeing it as an opportunity to help preserve the legacies of dead artists and generate revenue for their families. It can be done with the help of blockchain technology, and it's something that could very well be the future of the entire industry.

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