The increasing demand for NFTs has led to a surge in the market prices and with more applications, the value is projected to keep rising all through the year. With so many celebrities and brands creating their flagship NFTs, it's clear that there are ample opportunities to tokenize any digital asset. And tattoo artists are looking to break into this market as well.
Photo by Jamakassi
Scott Campbell, a famous tattoo artist in Los Angeles who has worked with celebrities such as Jennifer Aniston and Robert Downey Jr. is set to help make this possible.
However, before we get into that, here's a quick rundown of what NFTs are;
Non-fungible tokens (NFTs) are primarily digital representations of various assets that can be traded online. Unlike fungible items that are traded for another commodity with the exact value, NFTs are traded based on their unique attributes. For instance, the CEO of Twitter, Jack Dorsey's first-ever tweet was sold as an NFT for $2.9 million.
Several other digital collectibles such as sports clips, art, trading cards, have also been sold. And with the current market increase of 1,785% in the first quarter of 2021, the NFT industry is set to keep experiencing increases throughout 2021.
The All Our Best Marketplace & How it Will Make Tokenized Tattoos Bankable
Currently, the major players in the tattoo industry earn about $1,000 per hour on tattoos that can take up to three hours to complete. However, Campbell is set to make some changes to the industry along with other popular artists like Brian Woo (Dr. Woo) and Mark Machado (Mr. Cartoon).
Campbell will launch a digital marketplace called All Our Best this summer, where tattoo artists can trade their designs in the form of NFTs. Now you may be wondering how this is possible because tattoos are usually artworks created on someone’s actual body parts. Why could anyone want to purchase a tattoo that's already inked on someone? How could this be profitable?
Here's how tokenized tattoos will be profitable according to All Our Best’s model;
Tattoo artists will be selling the art concept of a tattoo online and not a finished tattoo. Essentially, a tattoo artist conceptualizes an idea for a tattoo and sells its exclusive rights online.
Purchasing a tokenized tattoo idea on the marketplace also comes with a guaranteed slot with the creator of the design. And since it's very difficult to book a session with top tattoo artists, this is a huge plus.
Also, the buyers can decide to choose a different artist to apply the tattoo. An action that is usually a problem, however, the marketplace gives users the right to the tattoo design.
Clients will also be able to earn if the NFT tattoo they buy appreciates. Think of it as a tattoo that doesn't lose its authenticity and aesthetic over time.
The price for the NFT tattoos will range between $1,000 to $10,000, and tattoo artists will earn a 10% commission every time their design is resold on the secondary market.
The All Our Best online marketplace will be launching this week, creating a new model with both tattoo artists and enthusiasts to profit off of creative tattoo designs.