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Thanks to NFTs, the Artist Nicole Buffet Has Reached Unimaginable Figures

Some artists define NFTs as the future.

The Woman Post | ALEXANDRA DOMINGUEZ

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To talk about Nicole Buffett, it is necessary to first understand what NFTs are, since she, in addition to being an artist and painter, declared that she had recently quadrupled her income thanks to the sale of her works virtually.

With the arrival of the pandemic, habits and customs were harshly modified, which made our lives focus more on virtual realities.

In recent years, the creation of virtual currencies or cryptocurrencies -the best known is Bitcoin- has made it possible to buy and sell virtually through platforms.

For an artist, it has always been essential to be able to market their works, but this involved an unimaginable effort before they could be recognized. Virtually this became even more limited, because the authenticity of the work could not be confirmed, nor could it be signed. With the creation of NFTs (Non-Fungible Token), digital works can be sold like any property, with the difference that thanks to the support platform, their authenticity and the rights of both the creator and the buyer can be confirmed.

In her practice, these are non-tangible works to which the buyer has exclusive rights to him; their value is not defined, it can vary based on market prices, fluctuation, and speculation between supply and demand.

Nicole is the granddaughter of the sixth richest man in the world, a respectable and well-known Wall Street investor who has declared himself a staunch opponent of virtual currencies from the beginning, which at the level of family ideology would be contrasting, because the artist sells your creations in ETH (Ethereum), the virtual currency of the NFT.

NFTs have existed since 2017 and thanks to the cryptic information chain (Blockchain) data transmission is carried out privately and without intermediaries, in addition to a "Smart Contract" that consists of a contract that allows the authenticity of the works to be confirmed, the transactions made, the creator and the current owner, which makes the works cannot be replaced or deleted.

What is sold in itself is not physical work, but its virtual reproduction, in some cases digitally enhanced. The work can be modified and sold more times some owners share them on networks without this making them lose value since it lies in the exclusivity of the property, a kind of virtual art collecting.

There are currently museums, art galleries, and auctions, all in the metaverse -not physical-; companies such as Louis Vuitton or Nike -among others- have also decided to participate in the virtual market.

An NFT can be sold an infinite number of times and its author receives royalties ranging from 3% to 15% each time, in the case of Nicole, she has stated that she receives a 10% commission, which has allowed her to quadruple her profits at the same time that it has an open global market that allows it to reach any type of client around the world.

For some economists, the cryptocurrency market can be compared to that of gold, since once society pays attention to something and determines its value for it, it increases based on the number of buyers, in this case, it has gone from a physical or tangible market to the market of the intangible but visible.

Also read: CRYPTO MARKET, INCREASINGLY WITH FEMALE PARTICIPATION?

Another advantage of NFTs is that contrary to cryptocurrencies, their value is unique and indivisible, and so is their property, contrary to what happens with music where you pay just to listen to it.

Some artists define NFTs as the future.

Nicole has created four collections in NFT so far: Spirit Coins, Manifesto of Magic, Moon Collection, and Eastern Alchemy.