Build A Profitable Art Business Today, A Comprehensive Guide To Web 3.0, NFTs & Art

Alexis Fedor

Before we dive into Web 3.0, NFTs & Art, let’s check in… how are you feeling? We know that the mere mention of something so super-serious-sounding may have you checking your blood pressure right now. (What’s the reading, is it good?). You might say, look, all this stuff is WAY too left brain, I’m an artist, just let me live my best right brain life! I will think later on how to Build A Profitable Art Business Today.

But here’s the thing, learning about Web 3.0, NFTs & Art and preparing your art business for the web 3.0 marketplace can be…wait for it… FUN! Especially for super artsy and creative types! (When it’s done right of course). You’ll learn crucial information that’s going to help you continue to make and sell your art AND grow your business in a rapidly changing online landscape.

Build A Profitable Art Business Today, A Comprehensive Guide To Web 3.0, NFTs & Art

Table of Contents

Web 3.0, NFTs & Art: Understand Them and Your Business Will Prosper

That’s one of the goals within our Artists In Business Profit Canvas Program: to teach you simple and key strategies, in an artist-friendly manner, that’ll grow your art business, AND that we swear will not make you suddenly break out into a panic-induced rash. And when it comes to teaching you about Web 3.0, NFTs & art, there will be no rashes on our watch!

The reality is, online marketing as we know it is about to change FOREVER. Instead of thinking, oh God, not another tech revolution, you should ask yourself when it comes to Web 3: what are the new opportunities for artists? There are a lot! And if you don’t adjust your art business practices, you might get the proverbial rug pulled out from right under your feet. (It’s a beautiful rug, you are an artist after all, and we don’t want it to get yanked!).

We’d like to share a story about an artist who lost almost everything because she wasn’t prepared for the web 3.0 marketplace. Before you check your blood pressure again, don’t worry! The GOOD news is this artist was able to react and pivot her art business and eventually land on her feet.

But we will tell you that the stress and trauma she experienced during this tumultuous and unexpected time is not something we would wish upon anybody.  But more on that later.

We get all kinds of artists wanting to know about NFTs and the NFT marketplace. And we will get to NFTs in this article, but BEFORE addressing NFTs, it is essential for the success of your art business to really understand and be able to navigate the Web 3.0 marketplace. Because once you do you’re going to be 800 steps ahead of the game.

So we’re going to start by giving you a little background information on Web 3.0. And the first question is…

WHAT THE HECK IS THE WEB 3.0 MARKETPLACE? (also known as Web3 and Web 3)?

GREAT QUESTION. Here’s a quick overview, and don’t worry, we’re not going to get into all the minute technicalities like HTML5, CSS3, and Javascript frameworks. Why? Because it’s not bedtime yet.

The evolution of the internet can basically be categorized into three parts: Web 1.0, Web 2.0, and Web 3.0.

BEFORE WEB 3.0 THERE WAS WEB 1.0

Long before the Web 3.0 marketplace came about, Web 1.0 was like the first generation of the internet. (Remember dial-up???). With its advent, suddenly you had the democratization of information. You didn’t have to go to a library or university to look things up. Plus you didn’t have to ask your parents who’d give you an incorrect answer and act like they knew what they were talking about. (Like did you know that carrots actually don’t help you see in the dark and eating blueberries won’t in fact turn you blue?).

Web 1.0 existed roughly from 1991 to 2004. The creators were mostly developers who built websites, and most of the people using the internet at this time were content consumers. It was known as the read-only web with static material available mostly in just text or graphic format. It was typically read and viewed and there was little interaction on the web pages. (Little interaction? Imagine that, a world with no trolls! Take us back!).

AFTER WEB 1.0 CAME… YOU GUESSED IT! WEB 2.0

As things progressed, people realized, WOW! It’s a lot of work to maintain my own server. So you had the creation of all these big tech platforms like Facebook (FB), Twitter, and YouTube. For example, it was much easier to just sign up and have a FB page than it was to maintain your own website. (We all know somebody whose website still has a bio and photo of them from 10 years ago…)

This era of the internet was known as Web 2.0, commonly referred to as the interactive read-write and social web. And it was accessible to pretty much anyone who had a connection. You didn’t have to be a developer to create online because many apps enabled the average Joe and Jane to become a creator.

But of course, progress has its downsides. Web 2.0 made it so that you pretty much have no control over your data and how it is stored. Businesses would frequently track and save user data without your permission. Though we don’t want to scare you, just look yourself up online and you may be astonished at what you find.

This started breeding a lot of distrust from the people using the platforms since they would have no idea how their data was being used. Governments, financial institutions, big tech, etc… all had the ability to meddle, and meddle they did.

Finally, people had had enough! They wanted to take back control of their own privacy and of their own data. This brings us to the current climate, where we are witnessing the birth of Web 3.0 and the Web 3.0 marketplace.

FINALLY, YOU’RE GOING TO TELL US ABOUT THE WEB 3.0 MARKETPLACE. YUP!

Decentralization and a decentralized future is the main distinction between Web 2.0 and Web 3.0. There is a massive trend happening right now where people are trying to get off platforms like FB or Twitter so that they can take back control of their own privacy and their own data.

Instead of running apps or storing data on a single server or database, as was the Web 2.0 model, Web 3.0 apps are built on blockchains and decentralized networks with peer-to-peer oversight. (A blockchain, in laypersons’ terms, is a way to store data without having to rely on a single company. It’s a highly secure, online record of all transactions/actions that take place making it very difficult to steal or distort). This empowers individual users by providing trust, security, and privacy when it comes to your information.

Build A Profitable Art Business Today with Web 3.0

In the Web 3.0 marketplace, your consent and permission are required to use your data. Which is a good thing right? You don’t want businesses surveilling, selling, or exploiting your data to advertisers and other third parties. Hence a decentralized future.

So that’s just a little history of how we got to the Web 3.0 marketplace. So the question is, what are you doing to prepare for it?

Before we break down NFTs we’ll tell you the story we mentioned earlier about how one artist almost lost everything because she was not prepared for the transition from Web 2.0 to the Web 3.0 marketplace. Spoiler: Don’t worry, she came out okay! But it was an incredibly stressful experience! It’s good to be prepared, for if this could happen to her, it could happen to you as well.

HOW GRETCHEN ALMOST LOST HER ART BUSINESS

Gretchen is a fantastic artist. She had a thriving art business living in Vancouver. When she was starting out, her winning strategy was simply to join FB groups related to her Signature Story Theme (WRITER’S NOTE: LINK HERE TO SIGNATURE STORY SEO ARTICLE) (how to lead a more consistent spiritual practice with a busy life) and connect with those who found her work appealing.

She’d build rapport with members and earn their trust before inviting them to join her community. A simple, effective strategy that eventually produced her very own happy community of consistent buyers…

UNTIL Facebook suddenly decided she was a bot and shut her entire account down permanently – with ZERO option to get it back.

And when we say ZERO, we mean it. She was and IS off FB FOREVER. How RUDE of FB wouldn’t you say? Gretchen is not a bot. You would have thought that FB would GET that every time Gretchen put a checkmark in the CAPTCHA, “I AM NOT A BOT.”

All of a sudden, Gretchen was faced with the possible implosion of her art business, simply because she wasn’t prepared for how the Web 3.0 marketplace is changing everything – including how people do business online and she was urgent to Build A Profitable Art Business Today, not tomorrow.

She lost more than just her FB account and the consequences were immediate. Gretchen’s entire audience could no longer reach her on FB. Her clients thought she abandoned them. She lost 50% of her sales for the second quarter of the year because she didn’t have email addresses for 50% of her FB audience.

Everything Gretchen had worked so hard to build was gone. All hope seemed lost…

Solutions to Build A Profitable Art Business Today

So what did she do about it?

Well, the first step was reconnecting with as many people as possible via email and creating a new group OUTSIDE of Facebook.

Next, she shared what happened, and asked everyone to invite those they knew who wanted to stay part of her artist community into the new group. And they did – her audience banded together to help her rebuild.

Gretchen’s transition into the Web 3.0 marketplace happened dramatically, but it for all of us who run an art business, it is only a matter of time before you may have to transition too. So like we asked you earlier in this article, when it comes to Web 3: What are the new opportunities for artists? We want you to start thinking about it NOW and get ahead of the game instead of getting caught flat footed or unprepared.

Though Gretchen landed on her feet, the stress was NOT worth it. At all. If you take anything away from Gretchen’s story, let it be this:

We’re entering a brave new digital world, BUT it doesn’t have to be stressful or overwhelming.

We are entering the post-cookie “METAverse”. A world built on the right to OWN our data, RESPECT privacy, and EARN trust. 

And believe us, you’ll need some very specific strategies in order to thrive in our new digital age if you want to compete in the Web 3.0 marketplace which we cover comprehensively in our Profit Canvas Program.

Now that Web 3.0 is here, sites like FB have to SCRAMBLE to keep up with data restrictions. Much like the case of mistaking Gretchen for a bot, they’re making tons of errors trying to reorganize to meet new standards. BUT, this is GREAT NEWS, because the Web 3.0 marketplace is going to help every artist-run a business with a lot more integrity than ever before! It’s time to leave data mismanagement in the past!

Okay, deep breath, are you still with us? Great! Now that you know a little bit about the Web 3.0 marketplace and how important it is to prepare for, we’ll tell you a little bit about NFTs.

How NFTs are Revolutionizing Digital Ownership and can help you to build a profitable art business today

If you’re an artist, you don’t know what NFTs are, and you’re not on an NFT marketplace, you are missing out on a great revenue opportunity. NFT stands for non-fungible token… which we know, kind of sounds like a coin under your stove collecting mold. But, thankfully, it’s not.

It’s just a fancy way of saying it’s a unique digital piece of art that is not replaceable and can be traded and sold on the NFT marketplace. They can be drawings, paintings, sketches, music, renderings, etc… NFTs are designed to give the purchaser ownership of the piece, ownership of the original work in a digital space. The purchaser also gains the ability to post the image online, set it as their profile picture, and they can flex about it to their friends. I got the original, baby!

Think of it like the Mona Lisa, many have copied it but there is only one original. In the case of your NFT, people may try to copy it, but the original and its registry as the original will be irrevocably recorded on the blockchain. Plus, unlike the Mona Lisa, nobody will be able to throw cake on your NFT. Bonus!

So if you’re an artist, what does this mean for you? You can make your art into and sell them as NFTs. Once you do so you can connect with clients who love what you do and would want to support your craft by owning an original digital piece made by you. The client would receive one of your incredible pieces of art and would have the claim of ownership to it, as recorded in the blockchain entry. This is how NFTs are revolutionizing digital ownership today.

Build A Profitable Art Business Today with NFT

One way to go about selling your NFT is to find an NFT marketplace, such as OpenSea, Axie Marketplace, Larva Labs/CryptoPunks, NBA Top Shot Marketplace, Rarible, SuperRare, Foundation, Nifty Gateway, Mintable, and ThetaDrop, just to name a few. Each NFT marketplace is different, and some even allow you to get paid a percentage every time your NFT is sold or changes hands, meaning if it greatly increases in value and is sold or traded, you’ll see a piece of the action.

To distill it down, getting into the NFT game and joining an NFT marketplace is much like any art business venture: finding your community. When you find your community and you build it and engage with it right, the end result will be that you’ll have a new pool of people that will want to buy your art.

If you don’t believe NFTs as a viable source of income, just know that Etherock, a brand of crypto collectible that’s been around since 2017, recently sold a clip art of a rock on the NFT marketplace for approximately $1.3 million. Yes, $1.3 million for clip art… nobody in 1999 could have ever imagined that!

But even so, it’s really not about selling your art for exorbitant sums, really what it’s about is simply getting yourself into another marketplace that will allow you to share your art with more people… only it’ll be online!

Now we’ve covered a lot, and if you’re starting to feel overwhelmed by Web 3.0, NFTS & Art, we get it! If you’d like a little help or guidance, our Profit Canvas Program is a great place to start where we’ll introduce you to an entirely new world of possibilities when it comes to the success of your art business and the future of NFTs in the world of Web 3.0.

You can also start making small, incremental steps in understanding Web 3.0, NFTs & art. This can be achieved by micro-commitments, which we’ve talked about in previous articles. (WRITER’S NOTE: LINK TO “WANT TO MAKE MONEY MAKING ART? 2 SIMPLE TIPS FOR YOU TO START EARNING TODAY” AIB ARTICLE)

Micro-committments break down tasks into very easily manageable simple steps. You just focus on easily achievable, one-at-a-time steps, instead of focusing on the big picture which can be anxiety-inducing.

An example of a micro-committment to begin you on your NFT journey would be, take a high-quality photo of your art… That’s it. You can do that right?

Another step would be upload that photo to your computer. And zoom! You’re already two steps on your path to launching your first NFT. For more information on how to make an NFT (it’s easier than you think!), there’s a great source that breaks it down in its most simple form that you can find here: How To Make An NFT.

So hopefully you’ve now got a good overview of the world of Web 3.0, NFTs & art and how it can help you continue to live your best life as an artist and get your art business ready for the Web 3.0 marketplace. We believe in you, we support you, and by golly, NEVER GIVE UP ON THE DREAM!Build A Profitable Art Business Today