NFTs offer a revolutionary new way of selling art and possibly all digital artifacts in the future. According to Gary Vee most if not all digital asset transactions in the future are going to be through NFTs which allow for an individual to remain the sole owner of the digital asset which is documented in the decentralized blockchain ledger.
If you feel lost but find all this hoopla intriguing, you are not alone. The question you may be asking is what is an NFT in the first place and why should I care? In essence, an NFT is a digital certificate of ownership of a digital asset like a JPEG image file, a video, or a song, currently bought and sold using cryptocurrency, mainly Ethereum, to which any file can be attached.
Here is a helpful video on how to get started with NFTs:
With Facebook recently changing their parent company name to Meta and attempting to be a leader in the metaverse it is becoming clear that NFTs are here to stay and could become the future of commerce.
So why should you care?
Unlike the commercial gallery business model, NFTs are designed to cut out the need for art dealers which means now artists can sell their art directly to their patrons online. Anybody can buy an NFT with full price transparency that traditional art markets work so hard to keep under wraps. Every time an NFT is resold, its creator also makes a profit unlike the current art market system that is built to hype the art, set its high price, and profit off it without the artist having any piece of the pie.
We are in the infancy stage of NFTs and the recent frenzy has produced close to $2 billion in sales the first half of 2021 – a trend that has prompted auction houses such as Sotheby’s and Christie’s to host their own NFT auctions.
Of course, with all new technology there are challenges and pretty much everyone will try to get in on the action. The market is very crowded right now but once the market starts to establish some ground rules then it will become easier to weed out the noise and focus on value as opposed to hype and hysteria.
There are people who view the NFT market as an investment tool and treating it as such. So, if you are into long game strategies and are excited to become an art connoisseur but never had the cash for it, now is your time. There are thousands of amazing arts out on NFT networks like OpenSea.com and you can own some or a piece of a few.
Above is a sample of my artwork which I am preparing to make into NFTs. If you are interested, you can visit my NFT gallery soon when it is launched. If you are interested please sing up for our newsletter below to get notified when the NFT gallery is ready for viewing. In the meantime happy NFT art hunting!
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