Wednesday, July 28, 2021
Home Technology This App Allows You to Create, Auction Art as NFTs

This App Allows You to Create, Auction Art as NFTs

From ‘Disaster Girl’ and the famous ‘Charlie Bit My Finger’ video to the man behind the ‘Dude With Sign’ handle on Instagram, the NFT or non-fungible token, mania has taken the world by storm. What was once created or captured as a light-hearted family moment is worth millions now, all thanks to NFTs. Ever wondered about creating your own art, turning it into an NFT, and auctioning it? If yes, then this might be of interest to you. Earlier this week, the SketchAR app, already assisting people to start their creative journey, announced its next step — allowing artists to upload, mint, and auction their creations as NFTs.

SketchAR said that while it had been helping artists for the past four years, the only thing missing was the option to showcase artwork and monetise it in the global digital space. And that’s what SketchAR plans to address now.

“For artists, entering the NFT field gives another area and format to create and distribute art — and offers their lovers one more way to support them,” reads a SketchAR blogpost.

The app maker says that it was ready to provide visual content creators with the monetisation opportunity they had been waiting for. Interestingly, if your community selects you as a ‘Creator of the Week’, your latest work automatically gets converted into an NFT and posted on the OpenSea marketplace.

Additionally, it said that the team can also choose the art pieces they like in the activity feed to turn them into NFTs for free. That’s why it’s better to create and share more, it said. “The main requirement is the artwork has to be made directly on the SketchAR app, which proves that the author is the legitimate rights holder.”

SketchAR has bigger and better plans for artists. In the third quarter of 2021, the app plans an NFT self-service, which will enable any artist to tokenise their art on-demand with its automatic listing on specialised marketplaces.

And by the fourth quarter, it’s going to have an in-house NFT marketplace to display the finest artworks created with SketchAR and call collectors’ and brands’ attention to them, thereby opening more monetising avenues for artists.

What are NFTs?

NFTs, or non-fungible tokens, are digital assets that a person can buy or sell. They do not have any tangible form of their own. They can be anything from collectible sports cards to digital sneakers. No two NFTs are identical. This makes the creation and circulation of fake NFTs difficult.

And because no two NFTs are identical, they cannot be directly exchanged with one another like cryptocurrencies. When people buy NFTs, they get certificates secured with blockchain technology. Though it’s still a relatively new trend in the blockchain world, it’s gaining momentum rapidly. Videos, in-game items in video games, and even tweets have been auctioned as NFTs.

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