NFTs and blockchain ledgers give content creators and artists an opportunity to monetize their projects without the physical resources needed to do that in the real world. For example, artists don’t have to rely on gallery shows or live auctions to be able to sell their art.
This way, artists can sell directly to their consumers and program in royalties so that whenever their art is sold to a new owner, the creator will receive a percentage of the sale thus creating a consistent stream of revenue for these artists who typically don’t get this kind of option with physical art.
So, from an artist’s perspective, NFTs may be the future of the industry and something worthwhile.
Where Can I Buy NFTS?
Once you’ve acquired your digital wallet and are ready to go, you can then head into the marketplaces.
The current largest NFT marketplaces are as follows:
- OpenSea.io; Refers to itself as the “amazon of NFTs”, this marketplace has a large and wide variety of different types of NFTs consumers may want to investigate.
- Rarible; This marketplace, like OpenSea, allows artists to create and sell their own NFTs. There is also the feature of RARI tokens that allows holders to contribute to features like fees or community guidelines.
- Foundation; On this platform, artists must receive “upvotes” or an invitation from other creators to be able to post their art. This platform would be best for artists looking to capitalize on their projects in an exclusive manner
Where Does the Value Lie in an NFT?
I think the best way to explain it would be in terms of artwork.
Many people could have a print of Van Gogh’s starry night, but there is only one original painting. Sure, you Risk Managers Email List could argue that copies of digital files are just the same in terms of quality; however, it is more about the ownership of the original file.
Should I Get Into NFTS?
It really depends on if you are a creative artist selling your work as NFTs or if you are a buyer/collector of NFTs. If you are an artist, selling your work as an NFT may be a good decision for you as it is a way for you to gain access to a market that in the real world may not have much of a market.
On the other hand, there are buyers and collectors of NFTs who purchase to support artists of their choosing as well as the perks of having some ownership rights like being able to post the NFT yourself or set it as a display picture. This is where most people start to see controversy about whether NFT’s are legitimately worth investing in or not.
Ultimately, it’s entirely subjective and up to you if you see these digital files as worth it.
Are you a buyer or an artist? Do you think NFTs are the future of digital art collecting?
Regardless of where you stand, if you are thinking about purchasing or selling NFTs, make sure to do your research beforehand.
See if it is worth it for you and treat it as you would any other investment/business decision! For more blogs and business-related articles, check out the Bold x Collective blog.