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Starting your own business is a process with a fair share of challenges. Even in the web design world, where you can potentially minimize costs by working from home and collaborating with freelance contractors, many expenses exist. 

To run a successful web design business, you need enough money to invest in everything from skilled colleagues to resources (like fonts and themes), software subscriptions, and technology tools. Finding a way to fund your company can be the most complicated part of ensuring its success.

For most new companies, the easiest option to generate opportunities is “bootstrapping.” Learning how to bootstrap a web design business means knowing how to bring your business to life with virtually no starting capital. 

Here’s how to get started.

What is Bootstrapping? 

Successful bootstrappers take an idea, such as creating a web design company and create a fantastic company without the backing of investors. It takes significant dedication, commitment, and single-mindedness to accomplish your goals, but some of the world’s greatest entrepreneurs, like Steve Jobs and Sam Walton, got their start this way. 

The term “bootstrapping” comes from the phrase “to pull yourself up by the bootstraps,” which indicates overcoming challenges on your own without any external support. 

The pros and cons of bootstrapping include:

Pros:

  • Full control: Bootstrapping allows entrepreneurs to retain full ownership over their business. Alternatively, engaging with investors means allowing other professionals to own a portion of your company or make a share of the decisions. 
  • Innovation: Business owners in a bootstrapping model are forced to invest in agile and innovative business models. You must develop processes to produce immediate, lasting cash flow from day one. 
  • Accomplishment: Building something from the ground up creates a powerful sense of satisfaction and accomplishment. 
  • Ownership: You won’t have to sell any equity in your business to other investors, which means you can benefit fully from the company as it grows.

Cons:

  • Risks: Self-funded businesses generally run out of funds faster and struggle to scale as quickly as other companies, limiting the brand’s ability to reach its potential.
  • Limited support: Traditional financing methods (like working with investors) also provide networking opportunities and support from specialists who want to see your company succeed. 
  • Pressure: Bootstrapping businesses need to be meticulous about everything from keeping books to making the right decisions for brand growth. 
  • Hard work: With limited resources, connections, and options, bootstrapping entrepreneurs need to work harder than most and take on more roles.

How to Bootstrap Your Web Design Business: Step by Step

Bootstrapping a web design business can be complicated, but it works for many companies if you follow the right strategy. The good news is web design companies generally don’t require as much initial capital as some other types of companies, like standard retail brands or companies with a need for brick and mortar offices.

However, there are still steps you’ll need to follow to ensure success.

Step 1: Source Some Initial Funds

While you might not work with investors when bootstrapping your web design business, you’ll still need some essential initial funds. To run a web design business, you won’t necessarily need a massive initial investment, but you will need something. 

To determine how much capital you need to raise from your income, savings, a line of credit, or other common bootstrapping sources, think about:

  • Where you’re going to work: The upfront costs of operating your own web design business will be a lot lower if you choose to work from home and with remote specialists. The less you have to pay for office space, the better.
  • Business fees: You may need to pay fees for registering your business name, hosting your own website for advertising, and dealing with any registration costs.
  • Equipment and software: Think about what you will use daily for web design. Subscription-based services like Adobe Creative Cloud can cost quite a bit to access. You’ll also need a good computer, and perhaps a tablet for sketching.

Step 2: Find a USP 

The easiest way to ensure a bootstrapped web design business is a success is to ensure you are offering specific clients something they genuinely need. In a service-based landscape like web design, you need to know what your customers want and offer something they can’t get elsewhere.

For instance, can you differentiate yourself from other web design companies by helping with modern trends like 360-degree video and XR-ready design? Can you build apps for companies from scratch and provide ongoing maintenance for the websites you make?

An excellent way to find your USP is to examine your competitors. Find out what other companies in your area are offering their customers, and listen to consumers in your industry when they talk about what they need from a website designer. 

Step 3: Choose a Cash Flow Optimized Model 

Since you’re relying only on your cash and the money you make from your web design business to fuel its growth, choosing a model optimized for consistent cash flow is essential. Bootstrapping a business often means you place most of the profit you gain from your company back into the development of the brand. 

With this in mind, consider how you’ll offer services and charge your customers. Are you going to ask for a portion of the fees up-front before starting a web design project? Can you provide your customers with subscription models to improve your revenue consistently?

For instance, you could provide help with ongoing maintenance, development, and support rather than just offering to build websites for companies. Another way to make additional income is with professional services, like consulting. 

Make sure there’s a market for the services you’ll offer before launching your business by examining the surrounding environments and services your competitors provide.

Step 4: Keep Costs Low and Profits High

Keeping costs low will be essential to ensuring your success when bootstrapping a business. Fortunately for web designers, it’s relatively easy to cut down on fees. For instance, WordPress is free to use for your development projects, making it an excellent choice for many web design strategies. 

You can also look into common free and cheap alternatives to web design tools online, like GIMP. Shop around for the things you will be paying ongoing fees with. For instance, it’s best to check out multiple vendors when looking for web hosting and marketing support. 

While keeping your costs low, it’s also essential to accelerate profits as much as possible. You can look for ways to boost customer retention by building stronger relationships with your clients and offering them deals on long-term subscriptions. 

If you have time outside of your web design business, you can also try taking on some side hustles. Options include:

  • Selling web design assets on sites like ThemeForest
  • Offering your services on a freelance basis with sites like Dribbble and Toptal
  • Designing and selling NFTs for the metaverse
  • Teaching web design or selling webinars

Step 5: Grow Cautiously

Finally, while the goal of successfully bootstrapping your web design business will be to grow as rapidly and consistently as possible, it’s important to be cautious. For instance, you’ll need to be able to afford the fees of every new designer you bring onto your team, so consider looking for freelancers and contractors rather than permanent hires.

Use organic channels for marketing your services, like blogging and content marketing which can help improve your SEO standing and attract attention among clients. Plus, encourage your customers to recommend your services to other brands. 

As new clients approach your business, ensure you only take on as many customers as you can reasonably handle. Compromising on quality will damage your relationships with customers and harm your reputation. 

Good Luck Bootstrapping Your Business

When you’re bootstrapping a business, you get the benefit of being able to eliminate any outside influences from your growth. You’re free to focus on building relationships with companies of your choice, and you get to make decisions about your growth. However, there are downsides, too, like significant stress and limited financial opportunities.

While bootstrapping your business is tough, if you manage to complete the process successfully, the results can be fantastic. 

 

Featured image via Unsplash.

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A career as a web designer can be extremely lucrative. The average web designer in the US makes around $50-55,000 per year, equating to an hourly rate of around $25. Of course, not every designer will automatically get a full-time, high-paying job as soon as they earn their web design credentials.

Sometimes, you might need to generate a little extra cash, perhaps to supplement your part-time income or keep the lights on while you’re taking some new courses. You can even use your web design skills to earn some extra money on the side while working a standard 9-to-5.

Today, we will be looking at some of the most effective ways to make extra cash on your web design skills.

1. Freelance

Starting with the simplest option, working as a freelancer is one of the best ways to start making cash with your design skills. There are dozens of websites out there to help freelancers find clients these days. Some of the best options include:

  • Toptal: For web developers, designers, and software experts;
  • Upwork: For all kinds of design freelancing;
  • 99Designs: Excellent for selling your designs whenever you like;
  • Dribbble: Display your work and find new clients;
  • Behance: Sell everything from animations to videos;
  • Envato Studio: Sell packages for web design.

As a freelancer, you’ll be able to choose which hours you want to work, and which projects to work on. You can make money from all kinds of design skills this way, from making pages for a website to designing widgets and applications.

However, you’ll also be responsible for tracking down potential leads, building your portfolio, and managing your own taxes, so keep this in mind.

2. Sell Design Assets

As a web design professional, you’ll end up with a lot of assets over the years. Whether you’re working freelance or full-time, not every asset you create is going to be picked up by your customers. Sometimes, you’ll end up with unused content sitting on your computer.

Fortunately, you can leverage these assets for some extra cash. You can sell things like icons, backgrounds, UI assets, and more. You can even sell themes on sites like ThemeForest if you’ve built something your clients weren’t happy with.

There’s a market out there for just about every asset, from icons and PSD templates to documents, fonts, UI assets, backgrounds, and brushes. You might even build your own website where you can sell assets in the future.

3. Design and Sell NFTs

Feel like getting in on the cutting-edge of a new marketplace? NFTs are probably one of the hottest topics in the digital world today. As concepts like Web 3.0 and the metaverse gain traction, NFTs will only become more valuable.

Countless companies and innovators are looking for people to design their NFTs for them these days. If you don’t mind dedicating some of your free time to creating digital graphics, you’re in for a significant amount of earning potential.

If you learn enough about the NFT landscape and blockchain, you could even create your own NFTs. However, this would probably require a lot of time and research. You can learn more about the NFT design and art landscape here.

4. Become a Consultant

Don’t have time to build endless new websites right now? No problem, just help other people build their sites instead. Consultants are people in any industry with expertise and insights they can share to support other people. As a web design consultant, you can offer your expertise to other upcoming freelance designers or business leaders.

You’ll need to invest some time into building your personal brand as a consultant. This means developing your social media pages (like LinkedIn) and creating a portfolio. It also helps to have an air of thought leadership. This usually means you’ll need to share at least some content online.

Consulting can be an excellent way to share your skills with other people without having to do all the work of building a design course.

5. Teach Web Design

On the other hand, if you like the idea of being a teacher, you can make money almost passively with web design courses and webinars these days. While you do have the option of selling one-on-one education to students, this will usually take up a lot of your time.

If your focus right now is on a side hustle to increase your earnings, it’s often much easier to use a site like Udemy or Skillshare. The great thing about teaching web design these days, it’s much easier than you might expect. The majority of solutions on the web allow you to drip content to your clients automatically. This means you only have to create the content once.

You can create a handful of videos, quizzes, and downloadable assets, and make money off your educational resources while you sleep.

6. Create a Web Design Blog

Blogging is still a surprisingly lucrative way to make money. If you have a creative streak and you know how to write about web design in a way other people can understand, you can turn this into an excellent side hustle.

Start by building your own website using your design skills, then start publishing regular blogs with the content you know your customers would be interested in. It’s a good idea to cover a range of topics, from Photoshop, to how to design widgets and more. You can even share reviews of various web design tools and add affiliate links to earn money that way.

Make sure you use SEO strategies to improve your chances of customers actually seeing your blog and promote your content as often as you can across social media. Once you have your blog, you can make money from it by:

  • Working as an affiliate and promoting design products;
  • Showing banner ads or sponsored posts on your website;
  • Selling digital products through your blog (like themes).

If you decide to take the affiliate route, here are some excellent programs to consider.

7. Contribute to other Websites

If you don’t have time to launch your own website and build a following for your blog, you can still make money from writing in other ways. Becoming a freelance web design writer means you can sell your blogs and content to other leading publications.

Many popular websites are constantly looking for new content to add to their blog. If you develop a strong relationship with some of these site owners, you could get yourself a regular gig.

Contributing to other sites as a writer helps you to develop your thought leadership. Many companies will even allow you to link back to your social media pages or profile.

At the same time, you get to earn some extra money writing about things you enjoy.

8. Sell Themes and Templates

A lot of web designers today rely on other themes and templates created for WordPress to help them build their websites. Access to themes and templates can make building a new website a much easier, straightforward process.

If you’ve got some excellent coding prowess, you can develop and sell a host of website themes and templates, and sell them wherever you choose. As mentioned above, there are a number of websites available for selling web design assets. Alternatively, you can sell your own packages and templates on your website, depending on your needs.

If you create a particularly valuable theme, you can actually earn a full-time passive income over time. Placing your themes and templates on marketplace sites will also get you a lot of attention from potential clients in the future.

9. Flip Websites

If you’ve ever seen one of those shows where someone buys a house, makes it look great, and then sells it for a higher price, you’ll understand the basic premise of flipping websites. The idea is to purchase an existing website for a low price (preferably with a good domain name), then fix it up to sell on a website selling directory.

If you want to earn a decent amount of money for your website, you’ll need to dedicate a decent amount of time to building traffic, improving the appearance of the site, and so on. However, it can be fun to take on these projects in your free time if you’re looking for a way to hone your skills.

You might learn some important lessons about how to make websites more profitable while you’re flipping your various sites, which could make you more appealing to customers in the long term.

10. Write a Book

Similar to flipping websites or producing an income from a high-traffic blog, writing a book isn’t something that’s going to give you a lot of extra income overnight. However, it can be an excellent source of passive income in time if you know how to use this strategy correctly.

If you have a specialist skill in web design, or you serve a specific niche, you can generate a lot of attention for an eBook or physical book sharing plenty of accurate and specific information. Remember, writing about web design, in general, will usually make it harder to earn money because there’s already a lot of competition out there.

Writing a book is a fantastic way to create a possible extra source of income as a side hustle, and it can also make you more credible if you decide to go full-time with your web design skills in the future. It’s definitely more impressive to present yourself to clients as a published author.

Remember to advertise your book whenever you can to improve your chances of additional sales.

Find Your Side Hustle

Web design skills are highly sought after in various parts of the digital world. If you’re willing to devote a little time and creativity to exploring the various avenues above, they can all deliver an excellent source of income to you and your potential business. All you need to do is figure out which side hustle makes the most sense for you.

Remember, there’s no one-size-fits-all. In some cases, you might even be able to run multiple side hustles at the same time, particularly if you’re using strategies for passive income, like writing your own book or selling your own course.

 

Featured image via Unsplash.

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This month’s collection of the best new sites released in the previous four weeks might seem like a mixed bag, but if you look carefully you’ll see distinct themes emerging. Full-page images and videos are back with a vengeance, and designers are embracing large-scale 20th century-inspired typography from Art Nouveau to ’80s corporate.

Here are the sites that grabbed us this month. Enjoy!

I Killed a Cactus

I Killed a Cactus is a beautifully rendered 3D site that guides the less-horticulturally inclined of us in the best ways to care for our houseplants.

Aris Hotel

After a couple of years in which travel has been restricted, we’re itching to get moving again, and this elegant site for Aris Hotel is steering us in the direction of Crete.

Emergence Magazine

With excellent writing and great photography, Emergence Magazine is dedicated to stories that intertwine ecology and spirituality. Its bold typography epitomizes its ethos.

Milton Textiles

Milton is a textiles manufacturer with an eye for design. Its site showcases its art-inspired collection with big, bold, colorful photography.

Brutally Human

Brutally Human is the one-page portfolio/pitch of designer Stanley Vaganov. He has an impressive client list, and his site exudes the confidence that comes with that.

MAAP

MAAP uses a billowing flag to grab your attention as soon as you land on the site. The whole site is clean, efficient, and cool; exactly what you’d expect from a cycling apparel company.

Diabla

Outdoor furniture is typically presented as minimal and sophisticated. Diabla throws surrealism into the mix by introducing brand colors to its large-scale photography.

Steffie de Leeuw

The site for designer and artist Steffie de Leeuw features large typography that appears to be woven through layers of intricate illustration.

Garden Eight

What could be better than Garden Eight’s gaggle of 3D-rendered cartoon creatures floating around a page, twisting and transforming into new shapes?

Circus Shanghai

The site for Circus Shanghai uses a rich mid-century illustration to reference both the solar system and the Chinese flag; it’s an arresting combination.

Moooi

Ever inventive, the new micro-site for Moooi asks you to defy gravity with an engaging scroll through collages based on its product range.

Josephmark

More full-page motion, this time for design studio Josephmark. The site blends rich colors with a brutalist layout and minimalist typography to create its own identity.

Tony G

We love the infinite scroll on the homepage for creative agency Tony G. It’s a great way to add a slideshow to your homepage without the flaws of slideshows.

Estudio Piedras

This site for furniture design studio Estudio Piedras uses bold lettering mixed with product shots. The straightforward site is punchy and mimics the solidity of the materials used.

The Fleur

The Fleur is a botanical encyclopedia of fictional flowers that Ondre Jzunka has created as NFTs on the Ethereum blockchain.

Gloutir

Gloutir is the site for a “subscription-based workhorse design and development studio” that breaks all the rules of typography, and yet somehow it works.

Sophias

The rich blue and bright cream of the site for Sophias urban bistro and city garden echoes the welcoming real-world interiors and ties the brand together.

Lucalem

Lucalem is the portfolio site of designer and developer Lucas De Melo. A little more fun than the typical freelancer’s site, it features a disturbingly phallic character.

Soft Power

Soft Power is a creative design studio with an eye-popping list of international clients. Its advertising-style site uses a trendy glitch effect expertly.

Aather

Pastel colors and subtle textures evoke a calm mood, ideal for candle company Aather. It’s challenging to visually present smell, but this site does it well.

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Combining minimalist aesthetics with the ongoing trend for digital art, PureNFT is an awesome new app that lets anyone break into the lucrative NFT market.

The app aims to lower the bar for prospective NFT creators by creating a minimal artwork from a single-pixel captured anywhere on your viewport. You can mint your NFT directly in the app — the process of recording your artwork on the blockchain — and list it for free on PureNFT’s dedicated marketplace.

Using PureNFT’s ArtPicker tool, hover the tool over any part of your screen, click a pixel to generate your NFT, and then click the “Mint Now” button to mint it. The app will upscale the pixel to a solid-color artwork with an ultra-high resolution of 5,000 x 5,000px. On the pro plan, PureNFT will automatically generate a 250 x 250px thumbnail to ensure your artwork isn’t pirated.

One of the best features of PureNFT is that you don’t need any drawing ability to break into the exciting NFT trend. Just point your mouse at a pixel and click, and the app will generate a pure high-resolution version of the pixel for you.

Unlike most marketplaces that favor Ethereum, PureNFT is powered by the Solana blockchain, which is far more energy-efficient, and, consequently, environmentally friendly. Despite this, PureNFT’s tokens are platform-agnostic, which means you can mint them on the native platform and then transfer them to popular marketplaces like OpenSea and Rarible.

The potential for NFTs created with PureNFT is limitless. You can literally click any pixel, mint it as an NFT, and wait for the money to start rolling in.

NFTs are a hugely popular way of monetizing artwork, but they are limited in scope; you can only sell one unique NFT of the Mona Lisa, and even then, you have to be the Louvre to do it. But with PureNFT, anyone can visit Wikipedia and open an image of the Mona Lisa that is 7,479 x 11,146px. That translates to 83.3 million potential NFTs; if each pixel sells for an average of $1,000, you might make enough to buy the actual Mona Lisa!

Minting an NFT on PureNFT currently costs 1 SOL (approximately $125 at the time of writing). The first NFT minted by PureNFT — an azure pixel from an unknown screen grab — has an asking price of 375 SOL (approximately $46,875 at the time of writing), but not all PureNFT users have been so lucky, with some early beta users complaining of returns as low as 300%. Nonetheless, the potential for substantial financial gains is evident.

According to Brendan Lewes, co-founder and CTO of PureNFT, the team is interested in introducing AI-powered automation in the near future: Imagine an automated tool searching for popular images, breaking them down into pixels, minting them, and selling them for you, while you live your life. NFT mining could be the next big area of crypto.

However, automation isn’t likely to come anytime soon, according to Lewes:

For now, we’re focussed on maintaining a stable platform. But…we’re super excited about the journey we’re on, and [co-founder Max Schriebport ] and I can’t wait to see where it take us.

PureNFT is currently in beta on macOS, Windows, and iOS, with an Android version on the way. There’s a free plan that allows you to preview up to 5 NFTs, and pro plans start at $399/month.

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With all the marketing aplomb of basement-coders worldwide, NFTs were named with an acronym that does little to clarify their utility.

You probably know by now that NFT stands for Non-Fungible Token; what is perhaps less clear is what “Fungible” actually means; in this context, it means interchangeable.

Consider an ounce of platinum. That platinum is fungible, meaning it can be exchanged for any other ounce of platinum. Now consider a piece of jewelry made from one ounce of platinum. That jewelry is not interchangeable with any other ounce of platinum; it has the same core materials, but it has unique characteristics that may be artistically valuable, such as shape, or craft. The jewelry is non-fungible.

The letter that actually matters in NFT is T for Token. Tokens are little chunks of a blockchain that is a universally agreed dataset. You don’t need to know how it works any more than you need to understand how a computer processor works; you just need to know it’s in there.

Like any new technology, NFTs are surrounded by propaganda, counter-propaganda, skepticism, evangelism, and Facebook-confusion. In this post, we’ll look at some of the common misconceptions so you can develop an informed opinion.

1. NFTs Are Bad For The Environment

We’ll tackle this one first because it’s the classic argument leveled against anything in the crypto-space, whether Bitcoin or NFTs, and it’s nonsensical.

The root of this myth is that cryptocurrency transactions use vast amounts of electricity, the generation of which is terrible for the environment. The answer is threefold:

Firstly, electricity is used to run computers that maintain a blockchain, such as Ethereum. The blockchain is maintained whether NFTs are minted (registered) or not.

Secondly, NFTs tend to be minted on blockchains like Ethereum that are moving to less resource-intensive models, blockchains like Solana that already have less resource-intensive models, or blockchains like Algorand that are already carbon-neutral.

Lastly, the fact is that electricity is not inherently planet-killing. Renewables like solar and wind are perfectly capable of powering the grid; it’s just that power companies make higher profits by burning fossil fuels. That swanky new electric car you’ve bought so you can drive guilt-free is fuelled with fossil fuels on the power company’s end (and that’s before you consider the damage done getting those minerals out of the ground).

Until the computer you’re using is solar-powered, repairable, and upgradable, anything digital is terrible for the environment; NFTs are as bad, but no more so, than anything digital.

2. NFTs Are Just [Insert Patronizing Economic Metaphor Here]

NFTs, and crypto in general, are frequently referred to as a Ponzi Scheme. In the 1920s, Charles Ponzi duped investors into handing over cash. Returns were paid to early investors with the income from new investors. Early investors made a lot of money, and later investors lost everything.

One of the key characteristics of a Ponzi Scheme is that it’s a confidence trick that presents itself as low-risk. NFTs as an investment are widely understood to be high-risk. Calling NFTs a Ponzi Scheme is an excellent way of letting people know you don’t know what a Ponzi Scheme is.

In the 17th century, the price of tulip bulbs reached astronomical proportions. The Dutch tulip trade was a complex economic investment system that eventually collapsed, thanks in part to a global pandemic. Ever since, Tulpenmanie (Tulip Mania, in English) has been a byword for an economic bubble.

NFTs are frequently linked to Tulip Mania, thanks partly to the prices and the expectation (or hope) that the market will collapse. However, if you drive through the Netherlands today, you’ll see vast fields of tulips. They’re not being grown because they’re worthless.

While demand may fluctuate, it doesn’t fluctuate as much as media hysteria implies. And ultimately, tulips are nice.

3. You Can Buy And Sell NFTs

This is where pedantry plays a role. You cannot buy and sell NFTs; NFTs are the vehicle by which you conduct transactions for digital (or, in some cases, physical) goods and services.

If you have software installed on your computer, you probably have a license key. The license key identifies you as holding certain rights over that software, such as being allowed to use it to produce digital goods of your own. The license key is how the company identifies you as the individual to whom it has sold those rights.

NFTs are license keys for digital goods that are recorded on a blockchain instead of being held in a single database.

4. NFTs Can Be Easily Copied

When I was a kid in the 90s, I would record music off the radio with a tape player. I’d make mix-tapes and give them away. I was, in every literal sense, pirating music. And it wasn’t just me; home-taping kept the cassette industry going for decades past its use-by date. Despite this, the music industry did not collapse.

Art is even easier to copy than music because there’s no risk of a vapid DJ wittering over the intro to I Wanna Be Adored.

On my morning commute, I pass a shop that sells art prints. Around 80% are screen prints of Marilyn Monroe. They are original prints made by an artist and sold for not inconsiderable amounts. Not one of those pieces diminishes the quality, importance, or financial value of Andy Warhol’s Marilyn Monroe prints in New York’s MoMA.

The difference is that MoMA’s Warhols have provenance — they can be tracked to a time and place and authenticated as by Warhol. Precisely the same provenance that NFTs provide digital artists.

5. You Can Get Rich From NFTs

Earning money, potentially a vast amount of money, is one of the main driving factors behind the boom in NFTs.

But the truth is that while it is possible to make a lot of money — some NFTs sell for millions of dollars — most NFTs sell for a modest amount.

If you are an accomplished artist with original ideas, you may make money from selling your art as NFTs. If you are an accomplished trader capable of recognizing quality, you may make money from buying and selling NFTs. However, very few people get rich.

6. NFT Resale Rights Undermine Value

NFTs have many potential uses, but the earliest adoption has been in digital art. The main economic benefit to artists is not just an easy way to sell their art but a widely accepted royalty system in which the original artist receives a commission every time the artwork is resold. It represents the ongoing investment the artist is making by continuing to produce and promote their work.

It might seem a strange way to approach ownership, but resale rights are not new in the art world. In the EU and the UK, the resale rights of artists are legally recognized. In France, the legal rights of the artist or the artist’s descendants to be compensated from the sale of artwork have been established in law for over a century.

Despite high-profile artists like Robert Rauschenberg fighting for resale rights, and legislation in New York and California supporting the concept, resale rights are still not recognized in the US.

NFTs introduce a fairer system that grants the same rights to all artists, that Europeans already enjoy.

7. NFTs Are Worthless

Anything with value, whether physical currency, NFTs, or a block of wood, only has value because two or more people agree it has value.

The most expensive baseball card in the world is reportedly a mint-condition Honus Wagner, priced at $3m. It might be hard to understand why anyone would pay $3m for a piece of cardboard with an image of a 1950s sportsman on it, but apparently, someone would.

All goods, all the things we spend money on, are worth what we agree they are worth. To me, a tulip bulb is worth more than a baseball card, but who knows, perhaps you don’t like tulips.

There are plenty of flaws in the systems that use NFTs, and there are plenty of detractors, but if you want to create and sell artwork and someone wants to buy it from you, NFTs are an excellent way of facilitating that transaction.

 

Featured image via Pexels.

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