How NFTs Impact Artists’ Rights and Royalties in the Digital Art Market

As NFTs continue to gain popularity in the art market, one question that arises is how they impact artists’ rights and royalties. NFTs provide enhanced control over copyright, new revenue streams, and royalties on secondary sales for artists. By utilizing a blockchain-based mechanism, artists can assert and enforce their copyright ownership. With NFTs, artists can embed metadata, including copyright information, provenance, and authenticity, onto the blockchain, making it immutable and unchangeable by anyone. This allows artists to have complete control over their work and protects their rights in the digital art market. Furthermore, NFTs remove the middleman, allowing artists to sell their work directly to collectors and musicians to interact with fans. The hope is that artists can earn a larger share of the proceeds and benefit from the global reach and exposure that NFT marketplaces offer.