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NFTs use blockchain, the secure and transparent digital ledger, to authenticate the uniqueness of digital items.
NFTs have exploded in other applications such as art, sports collectibles, and music. NBA Top Shot (a digital take on collectible basketball cards) is one example. Built by Dapper Labs, NBA Top Shot has surpassed $500 million in sales, five months after going public. And an NFT digital collage by the artist Beeple sold at Christie’s for $69.3 million. But more recently NFTs have seen price declines as some say that the hype is running out of steam.
Undeterred, Vilnius, Lithuania-based SketchAR said that NFTs representing unique authenticated artworks put on the blockchain have become a viable monetization option for artists. More than $2 billion was spent on NFTs during the first quarter of 2021, representing an increase of about 2,100% from Q4 2020, according to NonFungible.com.
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SketchAR aims to boost the creator economy by helping people produce and monetize their art. The app provides a design suite with features like AR-enabled drawing, AI that turns photos into illustrations, a public community feed, and digital courses for learning. Now when an artist is selected as a Creator of the Week by the community, their latest artwork is automatically turned into an NFT placed on the OpenSea marketplace. In the near future, SketchAR will enable any artist to create and auction an NFT on-demand. The artwork has to be created directly in the SketchAR app, which proves that the author is the legitimate rights holder.
“Fifteen years ago I realized I couldn’t make much money as an artist and only continued to make art for pleasure,” said Andrey Drobitko, the CEO of SketchAR. Now it’s different, he said, and he is excited to help artists to develop their skills and successfully monetize their art.
SketchAR is targeted at artists of any level, from novices to professionals. It provides functionality that lets people create art and share it on social media platforms to attract fans and build direct relationships with them. The app has over 800,000 followers on TikTok.
The company has 14 employees, and it has raised $1.6 million to date. For minting, the company uses the Ethereum blockchain right now, but it has built a flexible infrastructure that allows it to use any other solutions as Flow, Immutable, or Binance Smart Chain. The company’s own backend creates a smart contract that can be placed on OpenSea and other marketplaces in the future.
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