How NFTs are developing a new branch of e-commerce for artists

Non-fungible tokens (NFTs), the newest and hottest term on the cryptocurrency channel, are making unforeseen, albeit virtual, connections in the economy.

By harnessing the power of the blockchain, NFTs ensure that digital creations can have proof of ownership. Providing a digital ledger and giving the NFT the ability to remain unique, this technology essentially builds a timeline of ownership to translate the data that certifies a coin’s value – stamping the digital file with author details and authenticity art.

With the ability to verify authenticity, digital artwork can have its own market, and even major retailers are jumping on this shiny new bandwagon. Nike recently bought a virtual shoe company that makes NFTs and sneakers for the Metaverse and Adidas has teamed up with the Bored Ape Yacht Club, PUNKS Comic and gmoney to sell original merchandise and apparel in the Metaverse – showing that even e-commerce giants are taking their bets.

Ultimately, this has led to an exponential acceleration of collaborations across technology, retail, and creative industries. Venly, a leading blockchain technology provider from Belgium, recently announced its collaboration with Catawiki, an online auction marketplace instead, to help create and distribute NFTs that depict the work of Jeroom Snelders, a Flemish cartoonist. .

Let’s take a closer look at these three entities and why collaboration between technology companies, e-commerce and creatives is an inevitable evolution for the future of retail.

Integrating blockchain into retail

Venly is a blockchain technology provider that creates tools and products to help businesses take advantage of blockchain technology. Their overarching vision is to create both developer-friendly products and an intuitive interface for end-users, with simplicity, top-notch UX, and high-level security at the center of everything.

Their company has already been recognized as a digital pioneer, delivering breakthrough innovation to companies such as Atari, Ubisoft, Bondly, Shopify and other industry leaders. With this blockchain-independent peer-to-peer marketplace, artists can promote their collections and retain royalties on any secondary sales. Every time an artist’s NFT is resold, the artist will automatically earn royalties of up to 10%.

“NFTs are a great tool for digital artists, as they allow them to continue to earn money as their works become more successful,” said Venly Marketing Director Yan Ketelers. “With Venly, artists have access to incredibly user-friendly tools to interact with their audience.”

New streams of NFTs are disrupting existing online transactions and opening doors for individual artists who might not be able to afford a retail platform otherwise. Either way, finding new ways to allow customers to pay digitally will not only play into the consumer market, but will also help platforms play in an increasingly digital and diverse online economy.

Retail platforms are also on board

Working with new payment options will be a way for e-commerce platforms to not only join the inevitable digital interface, but also cut costs, as crypto has much lower fees.

Catawiki, one of the leading online buyer’s and seller’s marketplaces, has recognized this by partnering with Venly to sell the work of Jeroom Snelders, one of Flanders’ best-known cartoonists. Offering more than 75,000 special and unique items at auction each week, Catawiki forges an auction-style marketplace with in-house experts in the fields of art, design, jewellery, classic cars, collectibles and many more who organize their platform selection, making it a perfect conduit to sell NFTs.

From May 31 to June 12, well-known artist Snelders auctioned off 40 works of art on the Catawiki retail platform, including some of his best works for Belgian weekly Humo and Reddit. Along with the physical print, buyers received an NFT of the cartoon in a Venly wallet, where they were able to store their digital assets securely.

“We are very happy to be working with Belgian icon Jeroom and Catawiki in hopes of bringing NFTs a little closer to people through this auction,” continued Venly CMO Yan Ketelers.

Venly was able to accomplish this mission of helping NFTs become more accessible by simplifying the process of setting up a blockchain wallet. Accessing NFTs through Venly is as simple as clicking a link in an email and choosing a PIN, which makes storing and trading NFTs seamless for its users. With top-notch security at the heart of it all, NFT holders were able to securely store Jeroom’s unique tokens in their Venly wallet, turning their very own piece of digital art into a unique, verifiable collectible.

Blockchain technology is enabling the creation of a new global, open and digital financial system that will empower people in all sectors. In 2022, we see more and more that NFT commerce will become just another branch of e-commerce. Through collaborations between technology, retail, and the arts and culture sectors, whole new opportunities are rapidly opening up for artists in the retail world.

Disclosure: This article mentions a client of an Espacio portfolio company.