Abstract
The premise of this project is to see how rising artists would perform in this new method of sharing and selling art. With the skills learned in Graphic Communication, the deliverables would be a well-marketed artistic brand and cohesive art collection that will be launched on the Cardano blockchain. Whether the collection succeeds or not, it would be an excellent learning experience to see if the collection will sell. If it succeeds, the information and findings would be gathered to conclude if it is feasible for rising creators to
put Non-fungible Tokens on the blockchain.
put Non-fungible Tokens on the blockchain.
Objective
Opportunity: Develop a branded collection of Non-Fungible Tokens (NFTs) to publish to a cryptocurrency blockchain of choice
Understanding the convoluted world of cryptocurrency and nature
of Non-fungible tokens in order to create a brand and collection
of my own to see if it is feasible for smaller artists to create and
sell NFTs.
of Non-fungible tokens in order to create a brand and collection
of my own to see if it is feasible for smaller artists to create and
sell NFTs.
Scope
There are three deliverables that will be presented at completion:
1. Thorough research that an overview of what Cryptocurrency and NFTs are and how the blockchain works.
2. A collection of 8-10 cohesive art pieces that will be sold
3. A brand that is marketed well throughout production and launched on schedule
2. A collection of 8-10 cohesive art pieces that will be sold
3. A brand that is marketed well throughout production and launched on schedule
Success Criteria
The success monitors for each of my deliverables are as follows:
1. Conducting a survey that will allow participants to analyze if the brand elements are cohesive with the mission statement and collection.
2. Obtaining a Metamask, creating a Coinbase account to buy Cardano, and having the collection of 8-10 pieces approved and ready to launch at the end of the quarter.
3. Presentation clearly explains the steps and process of putting NFTs into the blockchain while also informing audience if the blockchain is feasible for rising artists.
1. Conducting a survey that will allow participants to analyze if the brand elements are cohesive with the mission statement and collection.
2. Obtaining a Metamask, creating a Coinbase account to buy Cardano, and having the collection of 8-10 pieces approved and ready to launch at the end of the quarter.
3. Presentation clearly explains the steps and process of putting NFTs into the blockchain while also informing audience if the blockchain is feasible for rising artists.
Timeline & Planning
This project started with intensive background research and gaining a greater understanding of how Non-fungible tokens work and the best methods to take when making a collection to be put up on the blockchain. Then it followed with the design process in creating the collection of NFTs. I started off with a brainstorming process which led to the final deliverables of artwork that is to be marketed and released on launch day.
Research & Methods
Research for NFT’s
1. Two Mentors
2. Fifteen NFT Articles and Journals
3. Five NFT Communities and Servers
4. Three Blogs
2. Fifteen NFT Articles and Journals
3. Five NFT Communities and Servers
4. Three Blogs
Research for Artwork
1. Mood board
2. Bear studies
3. Similar artwork on the blockchain
4. Articles on how to price artwork
2. Bear studies
3. Similar artwork on the blockchain
4. Articles on how to price artwork
What are NFT's?
NFTs are non-fungible tokens, a new technology that ensures the authenticity and ownership of a token. These tokens are held in a digital ledger, which is called a blockchain. Ledgers hold a history of all past transactions of a particular token. This means that creators of these NFTs can certify a unique object or piece of artwork that is truly authentic without the fear of copyright infringement. Although NFTs are not a copyright system, they are a reflection of a unique asset that's authenticity can be tracked down to the original artist. This opens up new doors and opportunities for artists, as NFTs are popular and at high demand. Celebrities and well-known artists have been able to sell their NFTs for over millions of dollars while also buying art from small artists. Even if you are a rising artist, you never know who might come across your artwork. NFTs are a new technology; therefore, there are still new discoveries of new findings. One of these findings brings a lot of controversy to the world of NFTs, and that would be the negative impact cryptocurrency has on the environment. In general, cryptocurrency uses tons of energy in order to function and allow transactions to happen. This has caused a lot of questions on if making NFTs is ethical. This is exactly how Cardano has risen in popularity over 3 months. Cardano uses a system called “proof of stake” which chooses miners based on how large of a stake they hold (how many coins they possess). This allows things to get done faster while also lowering energy usage immensely. So far, Cardano outdoes Ethereum in just about everything, from transaction times to energy usage.
Design & Branding
Sketches
Linework
Digital Watercolor
Branding & Story
Woodland Bears are a collection of NFTs created to portray that nature and creation are far bigger than mankind sees it to be, as we are stuck in our own little worlds that we live in day-by-day. These pieces are a reminder to rest and appreciate the vastness of nature around you. Certain elements of the pieces convey harmony between nature and man and show unity, serenity, and just the simple love of nature and being in its element while also respecting the habitat of the fine creatures that reside in it.
Color Palette
Marketing
There was a series of steps that were taken to properly market and set a launch date for Woodland Bears. Some of these steps included meeting with my mentors and pitching my ideas to a discord server moderator and promoting my work in multiple NFT communities. With these steps taken, I was able to set a launch date for Woodland Bears for the Cardano blockchain.
Platforms
Instagram
Twitter
Discord:
Jack Wardale
Crypto Baristas
NFT Hideout
NFT
Reddit:
s/CardanoNFTs
Discord:
Jack Wardale
Crypto Baristas
NFT Hideout
NFT
Reddit:
s/CardanoNFTs
NFT On Cardano Blockchain
Based on careful research and consulting with mentors, the launch date for Woodland NFTs was on November 27th, 2021. The NFTs were minted using some coding with Linux to ensure a secure minting process.
Limitations:
1. Gas Fee: There is a one-time gas fee that has to be paid on the Ethereum blockchain in order to sell artwork. The prices always change from as low as $40 to $600, so buying while prices are low would be ideal. There are gas fees because of Ethereum’s “proof of work” system, where essentially people selling art are paying the miners in gas fees. Since this was the main reason I couldn’t put my artwork up, I have switched to the Cardano blockchain which has no gas fee.
2. Harm to the Environment: Bitcoin and Ethereum both use “Proof of Work” for all transactions. This means there is a vast group of miners that are competing to solve problems for the blockchain. Because there is a whole network of miners, it uses an immense amount of energy that is damaging the environment. Bitcoin uses about 113.89 TWh per year and Ethereum uses 89 TWh of energy. Cardano on the other hand uses only 6 GWh of energy per year. This is because it uses the “Proof of Stake” system. In this system, various miners are chosen based on how large of a stake they hold (how many coins they possess). This is a better option since it uses far less energy than Ethereum.
3. Time: Making the artwork took more time than anticipated. I gave a big cushion for when the 8 pieces should be finished. In the end, it worked out perfectly.
Artwork Doesn’t Sell: The launch date had to be pushed back due to switching to Cardano; therefore, I was not able to see if my artwork would sell in time for me to collect enough data. But this is okay because due to more research, it takes a while for NFTs to sell if you are a smaller artist and not a celebrity. Even if launched earlier, there is no guarantee that they would sell. Selling NFTs takes patience, and discovering that was enough data in itself.
2. Harm to the Environment: Bitcoin and Ethereum both use “Proof of Work” for all transactions. This means there is a vast group of miners that are competing to solve problems for the blockchain. Because there is a whole network of miners, it uses an immense amount of energy that is damaging the environment. Bitcoin uses about 113.89 TWh per year and Ethereum uses 89 TWh of energy. Cardano on the other hand uses only 6 GWh of energy per year. This is because it uses the “Proof of Stake” system. In this system, various miners are chosen based on how large of a stake they hold (how many coins they possess). This is a better option since it uses far less energy than Ethereum.
3. Time: Making the artwork took more time than anticipated. I gave a big cushion for when the 8 pieces should be finished. In the end, it worked out perfectly.
Artwork Doesn’t Sell: The launch date had to be pushed back due to switching to Cardano; therefore, I was not able to see if my artwork would sell in time for me to collect enough data. But this is okay because due to more research, it takes a while for NFTs to sell if you are a smaller artist and not a celebrity. Even if launched earlier, there is no guarantee that they would sell. Selling NFTs takes patience, and discovering that was enough data in itself.
Results
Feasibility
If you have the time to wait for cheap gas prices / or already have the money to pay the fee
Are open to putting your work out there and promoting your collections across a plethora of platforms including Discord, Reddit, Instagram, Twitter, Etc. and are patient with the process. If you are passionate about NFTs and are willing to be flexible, troubleshoot, and find alternatives in a non-volatile market
If you have the time to wait for cheap gas prices / or already have the money to pay the fee
Are open to putting your work out there and promoting your collections across a plethora of platforms including Discord, Reddit, Instagram, Twitter, Etc. and are patient with the process. If you are passionate about NFTs and are willing to be flexible, troubleshoot, and find alternatives in a non-volatile market
Future Plans
1. Add more pieces to the Woodland Bears collection
2. If the collection sells, donate a portion of profits earned to a fire protection and relief organization
3. Making new collections
2. If the collection sells, donate a portion of profits earned to a fire protection and relief organization
3. Making new collections
Reflection
Creating this collection of artwork allowed me to refine many skills such as being able to conduct intensive research, plan a project from start to finish while staying on schedule, and executing a high-quality project. It has allowed me to grow in knowledge and understanding of new technology that has a vast amount of potential in the future.
This project meant a lot to me and I am thankful for the opportunity to be able to create a portfolio piece that I am passionate about.
This project meant a lot to me and I am thankful for the opportunity to be able to create a portfolio piece that I am passionate about.
Sources
Koenigs, M. (2021, July 2). Everything You Need to Know About NFTs and Cryptocurrency. Retrieved from https://www.entrepreneur.com/article/374651
Patent Application Titled “System And Method For Creating, Tracking, And Transferring Non-Fungible Tokens In The Ethereum Blockchain” Published Online (USPTO 20210097508). (2021, April 23). Energy Weekly News, 1256. https://link.gale.com/apps/doc/A658854963/AONE?u=calpolyw_csu&sid=bookmark-AONE&xid=d46eb236
Pielichata, P. (2021). Artist creates an NFT to help demystify non-fungible tokens. Pensions & Investments, 49(10), 8. Retrieved from http://ezproxy.lib.calpoly.edu/login?url=https://www.proquest.com/trade-journals/artist-creates-nft-help-demystify-non-fungible/docview/2529366924/se-2?accountid=10362
Otachowski, L. M. History of Crypto Art. Retrieved from https://ostachowski.com/about/what-is-crypto-art-or-nft-art/history-of-crypto-art/
Leech, O. (2021, March 12). How to Create, Buy and Sell NFTs. Retrieved from https://www.coindesk.com/learn/how-to-create-buy-and-sell-nfts/
Blocklink. (2021). The Beginner’s Guide to OpenSea for Buying and Selling NFTs. Retrieved from https://blocklink.info/opensea-beginners-guide/
Dormehl, L. (2021, March 10). A Brief History of NFTs. Retrieved from https://www.digitaltrends.com/features/what-are-nfts-non-fungible-tokens-history-explained/
Patent Application Titled “System And Method For Creating, Tracking, And Transferring Non-Fungible Tokens In The Ethereum Blockchain” Published Online (USPTO 20210097508). (2021, April 23). Energy Weekly News, 1256. https://link.gale.com/apps/doc/A658854963/AONE?u=calpolyw_csu&sid=bookmark-AONE&xid=d46eb236
Pielichata, P. (2021). Artist creates an NFT to help demystify non-fungible tokens. Pensions & Investments, 49(10), 8. Retrieved from http://ezproxy.lib.calpoly.edu/login?url=https://www.proquest.com/trade-journals/artist-creates-nft-help-demystify-non-fungible/docview/2529366924/se-2?accountid=10362
Otachowski, L. M. History of Crypto Art. Retrieved from https://ostachowski.com/about/what-is-crypto-art-or-nft-art/history-of-crypto-art/
Leech, O. (2021, March 12). How to Create, Buy and Sell NFTs. Retrieved from https://www.coindesk.com/learn/how-to-create-buy-and-sell-nfts/
Blocklink. (2021). The Beginner’s Guide to OpenSea for Buying and Selling NFTs. Retrieved from https://blocklink.info/opensea-beginners-guide/
Dormehl, L. (2021, March 10). A Brief History of NFTs. Retrieved from https://www.digitaltrends.com/features/what-are-nfts-non-fungible-tokens-history-explained/
Bonheur, K. (2021, August 15). NFT Advantages and Disadvantages. Retrieved from www.profolus.com/topics/nft-advantages-and-disadvantages/
Prvulovic, M. (2021, May 11). The Best Time of Day to Trade Ethereum Coins for the Lowest Gas Fees. Retrieved from www.marketrealist.com/p/when-are-ethereum-fees-lowest/
Binance. (2021). How To Promote and Advertise Your NFTs Effectively? Retrieved from www.binance.com/en/blog/421499824684902577/nft/how-to-promote-and-advertise-your-nfts-effectively
Kraken. (2021). Cardano vs. Ethereum. Retrieved from www.kraken.com/en-us/compare/cardano-vs-ethereum
Moorw, L. (2021). 220X Cardano NFTs: How to Buy & Sell For Profit. Retrieved from www.medium.com/coinmonks/220x-cardano-nfts-how-to-buy-sell-for-profit-8e477abe3bd4
Prvulovic, L. (May, 2021). The Best Time of Day to Trade Ethereum Coins for the Lowest Gas Fees. Retrieved from www.marketrealist.com/p/when-are-ethereum-fees-lowest/
Calma, J. (2021). The Climate Controversy Swirling Around NFTs. Retrieved from www.theverge.com/2021/3/15/22328203/nft-cryptoart-ethereum-blockchain-climate-change
Cardano Foundation Team. (2021). How Cardano uses significantly less energy while maintaining the same level of security as Bitcoin. Retrieved from forum.cardano.org/t/how-cardano-uses-significantly-less-energy-while-maintaining-the-same-level-of-security-as-bitcoin/62629
Prvulovic, M. (2021, May 11). The Best Time of Day to Trade Ethereum Coins for the Lowest Gas Fees. Retrieved from www.marketrealist.com/p/when-are-ethereum-fees-lowest/
Binance. (2021). How To Promote and Advertise Your NFTs Effectively? Retrieved from www.binance.com/en/blog/421499824684902577/nft/how-to-promote-and-advertise-your-nfts-effectively
Kraken. (2021). Cardano vs. Ethereum. Retrieved from www.kraken.com/en-us/compare/cardano-vs-ethereum
Moorw, L. (2021). 220X Cardano NFTs: How to Buy & Sell For Profit. Retrieved from www.medium.com/coinmonks/220x-cardano-nfts-how-to-buy-sell-for-profit-8e477abe3bd4
Prvulovic, L. (May, 2021). The Best Time of Day to Trade Ethereum Coins for the Lowest Gas Fees. Retrieved from www.marketrealist.com/p/when-are-ethereum-fees-lowest/
Calma, J. (2021). The Climate Controversy Swirling Around NFTs. Retrieved from www.theverge.com/2021/3/15/22328203/nft-cryptoart-ethereum-blockchain-climate-change
Cardano Foundation Team. (2021). How Cardano uses significantly less energy while maintaining the same level of security as Bitcoin. Retrieved from forum.cardano.org/t/how-cardano-uses-significantly-less-energy-while-maintaining-the-same-level-of-security-as-bitcoin/62629