True Value Is On It's Way To The NFT Space
Recent NFT sales surpassed $100 million and it appears that many are trying to get in on the next big opportunity in Crypto. Do you remember Crypto Kitties from the 2017 and 2018 ICO boom? How many of these collectables sold for hundreds of thousands of dollars only to become pretty much worthless today. This will sadly be the inevitable outcome of many freshly minted NFT's popping up on Rarible and other NFT platforms.
However, there is a niche that will definitely gain tremendous value in the future NFT marketplace. This sector is art and artists will be wise to start adopting the realm of NFT's to create and preserve the value of their creations. I believe gaming will also see a tremendous surge within the NFT marketplace but I want to focus on art and exactly why it is perfectly poised to leverage this market so efficiently and profitably.
As An Artist Myself I see The Argument
Art is something that I have been actively involved in since childhood and went on to do my own exhibitions, selling my art to art lovers in countries such as the USA, Switzerland, UK and South Africa. One of the ways I continue to resell my creations is through prints, in the print on demand industry. This is where I can see the enormous value proposition for NFT's.
Anyone can download an image and create a freshly minted NFT of a stunning piece of art but what gives this token value. Is it the image itself? Well to be honest, it is not! It is the authority behind the creator ID, as well as the chosen limited supply. A NFT in a series of 50 has far less value than one from a series of 5.
Artists can confirm their ID's on their official sites, blogs and social media. When a visitor is able to see and confirm that the address that created the NFT is owned and managed by the Artist, trust is established and the creation is immediately certified as authentic. So, in essence the value of NFT's is directly linked to the creator of the token but what you are currently seeing is people downloading images and trying to create and sell NFT's of random images they do not own or control.
I have no doubt that many impotent tokens will be purchased and have already been purchased by speculators hoping to strike it lucky. Within the art world I see NFT's becoming an extension of an Artist's authority and influence. This will be the case for many art forms, not just physical artworks. NFT's become increasingly attractive to Artists as they can immortalize their creations and further monetize them into the future.
In many ways a 1 of 1 art NFT is more valuable than the original physical creation, as it is no longer susceptible to damage, fire and other tragedies that have been known to rob the world of past masterpieces.
This is a pretty amazing space that will have to be initially purged before it can bring its true benefits to the world and create a fresh paradigm of value and scarcity that is inherent to the art world.