The global adoption of non-fungible tokens (NFTs) is growing. As we move towards the metaverse, these unique digital assets are becoming an increasingly powerful branch of the blockchain.
NFTs provide official decentralized and unduplicatable ownership of digital assets and as such, everything from a jpeg to a musical file can gain non-fungible token status.
The scarce and unique nature of NFTs means that in the age of crypto and the blockchain, certain assets can become particularly valuable or lucrative almost overnight.
Arguably, one of the fastest growing forms of non-fungible token is NFT art. Decentralized digital art is seeing a significant spike in popularity right now and hereby we’re going to explore the subject in more detail.
Let’s get started.
What is NFT art?
At its core, NFT art is digital artwork that is backed by a blockchain technology. These are completely unique works of art that cannot be altered or duplicated—and the owner has full control over the asset.
Like any NFT backed digital asset, it’s possible to sell and indeed invest in NFT art as you would do with tangible photographic prints, sculptures or paintings.
Ripples of NFT art have risen to the digital surface over the past five years or so, but as a mainstream phenomenon, the concept gained mainstream popularity around March 2021.
Mike Winkelmann, also known as Beeple (or Beeple_crap on Instagram) sold a piece of NFT art named "The first 5000 days" for the colossal fee of $69,346,250. Naturally, this turned the head of the World Wide Web—prospective artists as well as digital investors saw the enormous potential of NFT art and the rest, as they say, is history.
What makes NFT art so valuable?
As mentioned, NFTs are incredibly valuable because of its scarcity and growing market demand. The perfect balance of supply and demand continues to skyrocket the value of NFT-backed digital artwork.
Every piece of digital art backed by an NFT is 100% one-of-a-kind, and in that sense, it’s a lot like buying an original Banksy or Picasso rather than purchasing a high-quality copy or print.
In January and February 2021 alone, NFT work earned a collective $300 million in digital sales, a figure that has since risen incrementally. And, many eye-grabbing NFT artworks gain somewhere in the region of $400,000 to $500,000.
How are NFT image rights protected?
When it comes to artwork in any form, copyright law is clear and concise. Concerning NFT artwork, ownership rights are particularly watertight as they are minted or backed by blockchain technology.
A secure and untamperable record of digital ownership exists as soon as your artwork is NFT backed. But, it’s worth noting that the artwork and the token aren’t mutually exclusive. Your NFT seal of approval fortifies copyright and the artwork belongs to the person who created it.
If you are the author or artist, taking the measures you would with a physical form or artwork is advisable.
From an investors perspective, if you want to own the NFT token and artwork as well as take charge of the actual creative copyright, you may have to negotiate transfer of copyright with the artist when making your purchase.
What software do you need to create an NFT art?
In our hyper-connected world, there are a wealth of platforms you can use to create and refine a quality work of NFT art pieces.
Whether you're a seasoned artist or a budding digital creative, there are free applications and platforms that are accessible and intuitive.
Here are five NFT creation platforms that will empower you to create stunning visuals without any technical or coding knowledge:
Once you’ve committed to a digital art creation platform that suits your needs and weaved your idea into life, you can easily place your artwork on one of many marketplaces that are based on blockchain technology.
Here’s a hand-picked tutorial video that will guide you through the NFT artwork creation process:
Which digital artworks are worth collecting?
Digitalization has made investing in online assets secure and convenient for crypto or blockchain users.
Right now, NFTs are enjoying its time in the sun—with concepts including a bird-inspired collection selling for an outstanding $1 billion.
If you have the crypto capital to invest in NFT artwork and the base knowledge to make informed investment decisions, this is the asset that is worth exploring.
Like any form of cryptocurrency or digital asset, market values can swing significantly based on supply, demand, and myriad industry factors. But, if you understand the risks and get to know the playfield field, you can end up with an incredible collection of digital artwork that will yield a healthy return on investment (ROI).
When investing in NFTs, some best practices will put you in the best possible position for success. These include:
- Make sure you have an additional pot of currency available for potential transaction fees and fluctuations in market value
- Take your time to explore the market before you commit to any investments
- Get under the skin of the digital NFT artwork playing field and if you can, select a specialty niche (sports art, abstract art, GIFs, etc.) to focus on. Doing so will expand your knowledge and ensure you can keep your finger well and truly on the pulse at all times
- Sign up to a mix of reputable NFT marketplaces
Follow these tips and you will increase your likelihood of earning an excellent profit from collecting NFTs.
“NFTs are really art as money, art as currency, which means there’s more accessibility for artists and for people who want to buy art. It’s great just to have more eyeballs on the work.”—Nicole Buffet
As a new digital age emerge and the blockchain is becoming a firm fixture of our collective consciousness, NFT assets are emerging as powerful entities.
With the development of the metaverse and Web 3.0 in full swing, investing in the likes of NFT art is more than viable for people with the capital, confidence, and time to dig deep into the market.
Like any concept or industry in its infancy, there is no certainty that by creating or investing in NFT artwork, you will make your fortune (or at least a favorable source of passive income), but based on the current activity, with the right approach, you stand an excellent chance.
The NFT artworks are as exciting as it is potentially rewarding and to reap maximum rewards from this emerging investment opportunity, the time to strike is now. Best of luck.
And if you need to impress your prospective buyers and have face-to-face conversations with them even from far away, PandaMR could be the solution for you.
PandaMR is one of the most impressive 3D virtual and hybrid event platforms. It offers the opportunity to join a 360° virtual world where you will be able to showcase your artworks in 3D art galleries and sell your NFT collection to eager prospects and communicate through custom avatars.
Get started with PandaMr with a demo.