NFTs are valuable because their uniqueness and ownership can be validated, they can be used across different organization’s applications, and they can be exchanged easily on other mainstream markets. The NFT worth help create possibilities in the world of business.
A few things that add value to the digital art pieces which in terms of blockchain is known as NFT’s, are as follows:
Rarity:
The rarity of the item makes it worth it for the buyer’s to consider these art pieces valuable. These art works can gain value through proper advertisements/ promotions on different social media applications. Instagram and Twitter are being used for the branding of these art pieces as the marketplaces where the NFT owners upload their work. As they have already established good social media presence on these platforms. The two verified and authentic marketplaces for NFT’s are opensea and rarible NFT. Rare NFT’s are easily accessible to everyone on the NFT marketplaces.
Quality of work:
Sometimes, it’s hard to do all the advertisements/promotions to attract the attention of buyers or your target audience. In this case what you must have is the essence of quality in your work. Your artwork should speak for itself, your work must be worthy of persuading the ones who are interested in buying these digital art works. Top-notch NFT’s doesn’t even need to be advertised or promoted through a channel that has millions of followers. Your work will automatically grasp the attention of buyers and this is what it’s all about. The value increases automatically when the work’s quality is top-notch.
Non-Fungible Token’s that are one of its kind and can help the buyers be interested in the digital artwork that is live on different NFT marketplaces.
Name/Brand:
Coming back to the advertisements/promotions, they help establish a good standing for any brand in the market if it’s done the right way. People buy from the brands blindly on whom their trust has been developed. Suppose there is a brand or a celebrity who has millions of followers on their social media handles and is well known by a lot of people. And if he/she launches their own NFT collection in the market, they’ll sell out instantly. The value of the brand increases automatically when a name that is well known in the society launches a brand or gets sponsored by one. An animated Gif of Nyan Cat, a 2011 meme of a flying pop-tart cat, sold for more than $500,000 on February 19th. Grimes sold some of her digital paintings for more than $6 million a few weeks later.
Just like any other brand the NFT’s that have been sold for millions have also become a brand. And they have landed their names in the eyes of the people who are interested in these projects. Almost everyone who is linked to crypto world knows about Beeple. Beeple is an artist who’s digital art work was sold for around USD $70 million. Before this no one knew about him and after it got sold for a price that’s worth millions his name was created in the world of NFT marketplaces as “BeepleNFT”.
To relate NFTs to a real product is the simplest method to illustrate their value. Let’s start with art, which is available both in physical form and as an NFT. If you’re an art collector, you’ll pay a lot of money for rare works by well-known artists. This raises another question that how to buy NFT’s and the price people are willing to pay for them.
Verification Process
You can easily buy these NFT’s but they for sure go through a process. The process includes verification and authenticity of your art work. If it is verified people will be automatically attracted to it and on top of that you can sell it for whatever price you want. Since its value increases with the verification process.
Why NFT’s are so expensive?
The only thing that comes to mind when one hears this question is that all the top-notch brands, entrepreneurs, celebrities and well-known names of the world have somewhat their names linked to these NFT’s. Trust me the name is enough for these NFT’s/ digital art pieces to be this expensive. When you purchase an NFT, you may rest assure that you are the sole owner of that extremely uncommon item. And, more importantly, you have the evidence to back it up!
The verification process of these NFT’s on the platforms is quite strict for which the owners get charged with minor fees, this isn’t doable with actual art. In the art world, forgeries are a significant concern, and while there are checks that can be done and items that can be validated by professionals. It’s not a fool-proof system. Even if you spend a lot of money, experts can be mistaken, and you could wind up with a fake piece.
Scam Proof Verification
But as far as the NFTs are concerned, you have the verification right away that you have the original piece. And while additional digital reproductions may appear for common viewing, that doesn’t change the fact that you have the original piece. The stable and secured process through which these NFT’s go through are looked over by the professionals, the system is updated continuously. So there is no chance of you getting scam through the official sources.
The NFT token is one of its kind and it’s a source of passive as well as active income. The uniqueness of the token alone makes it expensive enough. And the “NFT art finance” plays a vital role in setting high bar for your NFT. “NFT stock” since NFT’s are mostly bought and sold in ethereum. And the value of ethereum has only gone up from the day it was introduced to the crypto world. Therefore it’s a great investment opportunity for everyone out there.
What Art NFT sells?
In simple words, the art NFT can be anything from memes to gifs and from handmade art to digitally designed illustrations. The videos or pictures of famous people, events and animations. NFTs can be anything digital drawings, music, even your brain being downloaded and transformed into an AI (Artificial intelligence). But the current buzz is focused on exploiting the technology to sell digital art. An NFT is a digital asset that lives entirely in the digital world it cannot be touched, yet it can be owned. An NFT can be any sort of digital material, including artwork, articles, and music. And memes like Disaster Girl, original photo sold for $500k earlier this year.
According to NonFungible, around $250 million worth of NFTs (NF Worth) were traded in 2020. That’s a 299 percent rise over the previous year. It’s only one of the reasons why consumers are debating whether or not to purchase NFTs. An NFT’s information effectively allows a creator to digitally “autograph” their work. The NFT’s are created so that the designers can sell them out to make a profit out of it. The more unique your idea is the more value it will have. If you are a seller and find the best marketplace to sell NFT then Opensea.io and marketplaces that are similar to it will help you out.
Minting NFT’s
Designers must have some form of legal ownership of their work in order to sell it. So, after NFT art is generated, it is minted or tokenized on Blockchain, a cryptocurrency platform. The most common and popular platform for minting the NFT’s is opensea.io. The Blockchain is a digital transaction system that saves information in such a way that it is exceedingly difficult to hack or defraud. Making it ideal for monitoring copyright ownership and keeping track of creative records. Any digital masterpiece you produce and mint will theoretically lead entirely to you. The process it goes through is secured through verified channels. You should go in with full confidence when buying.
Why NFT is the future?
There are millions of reasons behind NFT being the next big thing, in fact it is already there. The business tycoons and entrepreneurs have themselves bought these digital art pieces. And some big names like Google, La liga have also linked itself with the NFT world. Google has officially partnered with Dapper Labs, who are behind projects such as CryptoKitties and NBA Topshot. NBA Topshot having attracted over 122,000 users in the past month and 28m in transaction volume. Google will act as a network operator, providing developers on the Flow network with digital infrastructure. That can process high transaction volumes at high speed.
Evolution of Digital Art
Digital art, the history of art goes way back to when the human races started developing colonies. And when they started evolving into more civilized societies then the ones that came before them. The art has also evolved and in this era of technology it has shifted its essence to the digital world. A place where people can now own digital art pieces that are one of their kind and can add them to their collection. Since, everything evolves with time so has art, starting from the times of archaic periods and cave paintings to the era of modern technology. The art has also shifted to digital art-work. So has the currencies mainly known as crypto currencies. So yeah Digital art NFT definitely carry a bright future for people who are interested in it and working on it.
NFT’s are non-tangible, but they have the potential to carry more weight than something like a physical painting. Because of its online presence and social status. Cathie Wood, founder and CEO of Ark Investment Management, which manages more than $50 billion in assets, said that she’s keeping an eye on the explosive growth of NFTs. When talking about the new NFT wave, she stated that “This is how I felt when the internet first came about” and that the NFT movement is “going to be explosive”. Cathie also proclaims that her confidence in Ethereum, the main currency of NFT trading has gone up drastically.
Conclusion
To say that NFTs for digital artwork have sold for millions if not tens of millions of dollars is an understatement. NFT sales reached $2.5 billion in the first half of 2021. NFTs are intended to provide you with something unique, the ownership of the work. Although the artist can still retain the copyright and reproduction rights, just like with physical artwork. To put it another way, anyone can buy a Monet print in terms of tangible art collecting. However, the original can only be owned by one person.
NFTs can provide systematic and productive ways of conducting business. And it has the potential to completely remould the current business markets. In future we may be living in a world where we buy and sell things as NFTs. So, NFT is definitely the future we all are waiting for!
