Historically, investing in art was something that only the nobility and the wealthy enjoyed. However, with the emerging market for NFT art or cryptographic art, more and more companies, auction houses, artists, celebrities, collectors and investors are jumping into action, earning considerable returns on investments in crypto-collectibles and other digital assets.
With some pieces being auctioned at traditional auction houses like Christie’s and Sotheby’s, and even other awe-inspiring pieces appearing on the markets with technology poised to completely transform the world of digital art, there is no longer any reason to ask whether NFT or cryptographic art is a good thing. investment. But you need to know how to buy NFT art or crypto art and all the terms related to them. It is required for investment purposes.
NFT stands for non-fungible token. Each NFT has a digital signature that makes it impossible to exchange it for another NFT (therefore non-fungible). An NBA Top Shot clip featuring Lebron James highlights, for example, is not the same as Beeple’s Everydays: The First 5000 Days, simply because they are both NFTs. (In this case, an NBA Top Shot clip is also not necessarily the same as another NBA Top Shot clip.)
Beeple’s digital artwork Ocean Front, which sold for $6 million, is not the same as the first tweet from Twitter CEO and co-founder Jack Dorsey, which recently sold for over $2.9 million. , precisely because each NFT is unique and has different values.
Celebrities like Grimes, Lindsay Lohan and Paris Hilton are jumping on the NFT bandwagon, releasing digital artwork, memories and unique moments as NFTs.
You can compare NFTs to physical collector’s items, but instead of putting a painting or other historic item on the wall, the buyer or art collector just receives a digital file with financial or monetary value.
What is NFT art or cryptographic art?
Just as Decentralized Finance (DeFi) mimics the financial products of banks – loans – NFT art mimics the world of art galleries, stores and museums. No expensive and risky intermediaries.
This is possible with smart contracts (dApps), originally born on Ethereum. This type of programmable blockchain can serve a wide variety of decentralized applications. In other words, NFT marketplaces are dApps that bring the entire NFT economy to life, connecting content creators and artists directly to a buyer or collector. This makes it much easier for both parties to enter the market, thus eliminating the usual barriers to entry.
NFT art market capitalization
It is difficult to estimate the current size of this emerging market due to the way NFTs are structured. By its nature, each NFT part has its own value and its own individual market. However, according to reports by NonFungible.com, an online database of collectibles, metaverses, utilities, art, sports, games, and DeFi, estimated that the global NFTs market was worth over $2 billion during the year. August 2021. in turn, it moved more than US$ 650 million.
Why would anyone buy an NFT?
This is often one of the most frequently asked questions about NFTs: Why would anyone pay for content that, in many cases, can be downloaded? There is a difference between downloading an NFT image and having it on your computer or mobile phone, and having the original supported by NFT technology.
The image or video you downloaded has no monetary or financial value, while the image supported by NFT is an original work of art by an artist. Just as you can go online and download the Mona Lisa image or even buy a Mona Lisa poster, the image and replicas or copies will never be worth anything next to the verified original. You can even download an image thousands of times, but all are irrelevant because you don’t have the NFT linked version that verifies you have the original artwork.
WePlay Collectibles, for example, are for people who want to be a part of Esports events and show they like players and talent in a different way, in addition to merchandising. WePlay Collectibles are part of a platform where you can buy items with NFT technology – both digital and physical. These are rewards and items associated with a specific tournament.
Find more information about the platform and NFTs at WePlayCollectibles.com
Can you make money with NFT?
The answer is yes. Blockchain technology and non-fungible tokens (NFTs) offer digital artists and content creators a unique opportunity to monetize their digital creations and digital products.
What makes NFT art so spectacular is that an artist or content creator creating their art on the blockchain doesn’t need an art gallery, store, or museum. He also doesn’t need an agent or even a large number of social media followers to make money.
The other difference is that the artist can receive compensation, usually between 5 to 10% of royalties when their work is resold in the secondary market, as well as their copyrights are protected.
And finally, as Ethereum is the second largest cryptocurrency, it has a market cap of over $420 billion. Selling a piece of digital art today for 1 ETH (which, at the time of writing, costs around $3,500), could be more valuable over time if 1 ETH rises to $10,000. (Just like buying stocks, for example). NFT art can also be considered a short-term and long-term investment.
Is NFT a good investment?
While collecting NFTs still primarily requires cryptocurrencies, there are many examples where a relatively small investment has the potential for large returns.