5 Reasons Why We Need an NFT Marketplace for Architecture & Design
by Greg Balondo
The architecture & design industry is currently experiencing a surplus of designs. To stay competitive, most architects provide multiple design solutions to clients, of which only one is selected. The client-rejected ones end up piling and filling computers. However, this problem can be solved by implementing new technologies that will allow more people to access design without having to go through the lengthy process of onboarding architects and designers immediately. One such technology is called NFTs (non-fungible tokens). These are built on a blockchain network and allow users to buy or sell them quickly using a marketplace or trading platform. This article will discuss why we need an NFT Marketplace for the built design industry.
1. Curbing surplus of design
With a design marketplace, clients can browse for their preferred designs upfront rather than engaging in a trial-and-error with the architect. Customizations can be done after buying the templated version from the marketplace. Likewise, architects can upload and sell their unused designs rather than storing them in their computer archives. This will also save time and money spent by both parties involved in this process.
2. Transparent & equal pricing
One of the most significant benefits of an NFT marketplace is its ability to provide equal pricing for all contributors. This means that you can be sure that every designer will be paid fairly for their work.
Through the platform, we can show competing designs side by side so clients can see what other designers offer before deciding to buy. A global market will bring in talent from around the world (and perhaps even offer them incentives), providing more alternatives for clients to choose from.
3. Sustainability through design tokenization
Blockchain and smart contracts can provide ownership for intangible products such as design. There’s no need to print hundreds of pages of schematic & design development drawings to transfer the ownership from the designer to the client. A digital certificate can be provided and stored in the blockchain. The design becomes a non-fungible token (NFT) that can be sold, bought, or traded via an open marketplace.
4. Alternative revenue streams for designers & clients
For architects and designers, finding new clients takes a lot of work. One has to deal with big-name firms and their enormous budgets, but they don’t usually pay what the designs are worth.
NFTs can help solve this problem by providing alternative revenue streams for architects and designers. Through tokenization, architects and designers can earn more through royalty payments. Clients can sell the designs back to the marketplace if they change their minds about them. The designer earns royalties every time their works are traded and resold — which means less time and effort but more profit for them.
5. Portfolio & showcase gallery for designers and their fans
A marketplace for architecture & design can be a great way to showcase the works of our favorite designers. We’ll be able to see their most famous works in one place. This is made possible by blockchain technology, which makes it easy for fans to collect and sell digital goods.
It’s Pinterest meets Gumroad, but for Web3! Not a boring design gallery, the marketplace can provide exposure for promising global designers. Fans can directly buy works from the designers’ storefront. They can collect and resell these digital goods, earning profit alongside their favorite designers.
An NFT Marketplace for the built design industry is a great way to bring together the various stakeholders in the architecture and construction world, from designers to placemakers. It can give them an easy way to connect with new clients while providing a seamless platform for users interested in buying digital versions of their works.