This article explains why NFT art sells so well. NFT is a market that suddenly became popular in the 2020s. Among them, art works have become quite popular. There are a variety of NFT works out there, but I will explain some of the reasons why NFTs sell so well.
What are NFTs?
NFT is an abbreviation for “Non-Fungible Token”. It has the meaning of a non-fungible token, anyone can sell it, and it can be bought and sold without any complicated knowledge about blockchain. When NFT is resold, the reward to the author will be included. In recent years, interest in NFTs has increased, especially among young people, because it leads to long-term profits for creators. It is now possible to add value to the work because it is clear that the owner is clear.
Why NFT art sells?
NFT art has started being handled on crypto asset exchanges and is a hot topic. There are so many works on the marketplace right now. But why does art sell on the web? Are there any benefits to owning one? NFTs that make full use of blockchain technology are attracting attention and are recommended. In that case, you will need Ethereum (ETH), which will be the key, but you can also send money to your wallet via Metaverse, which is very convenient.
Expanding market
The biggest reason NFTs are selling is that they can be profitable. Creators are motivated because they can earn money from the works they create. The market price of NFTs is not stable at all and varies from low to high, but anyone would be happy if they could sell it. The market for NFTs is expanding rapidly and is expected to continue to expand, so it has a bright future. There are an increasing number of digital services, some of which are free. The number is also increasing, and more users are now collecting them both in Japan and overseas.
Added value
Recently, there has been a huge increase in projects that add value to NFT art sales methods. Increasingly, by purchasing this, buyers can join exclusive communities and receive other priority purchasing rights. This has increased the benefits for buyers, and the number of buyers has increased. By thinking about strategies in advance, it has become possible to collect large profits, and the presence of NFTs is increasing. Fans are also paying more attention. Some are issuing and using data, which may become a trend and result in the birth of famous players. It is worth starting the activity of creating it.
high rarity
Since NFT is still a nascent market, the scarcity value of works is very high. In addition to the above, you can add scarcity value depending on how you sell it. For example, you can increase the value of your work by including a boarding pass as a “limited edition” or “for today only.” Owning a rare NFT also allows users to sell it at a high price, so there are benefits. If you’re interested, access opensea’s media, hold an NFT, and take advantage of the opportunity. Marketing is the key to success.
royalty
NFT art has a system in which royalties are paid to the creator each time the work is resold. The system has a high possibility of generating income for the creator, so there are considerable benefits for the creator. You can earn money by increasing the value of your work. If this happens, you will be able to sell digital art items and make a profit even if they are expensive. Advertising on SNS, YouTube, etc. will make it easier to attract customers.
Most notable work genre in NFT
Various works such as games, music, art, photos, videos, etc. are exhibited on the NFT marketplace. But games and art are by far the most popular. Games are purchased by core gamers, and in the case of art, as introduced in the article below, the advantage is that there are so many ways to use it. Therefore, art is very popular with users.
Demand and supply of NFT art
The NFT market suddenly expanded explosively around 2020. The global NFT transaction value has tripled in one year, from $24.5 million in 2019 to $82.5 million in 2020. and $17.6 billion in 2021. It was said that if this trend continued, it would become a ridiculous market.
| 2019 | $24.5 million |
| 2020 | $82.5 million |
| 2021 | $17.69 billion |
Source : 調査結果 (caa.go.jp)
However, NFT trading volume has declined since mid-2021. It is said that the NFT bubble burst due to the rapid expansion of NFT. It will be interesting to see how the market changes in the future.
Legislative development is an issue
The NFT market is still in its infancy, and since it is a new industry, legislation has not yet caught up. Now there are many cases where even if there is some kind of trouble, it will be self-responsibility, so attention will be paid to the future response of each country. Also, NFT art is also a problem with fraudulent commercial law, so be careful.
Bybit’s NFT Marketplace
Bybit has an NFT marketplace. Once you open an account, you can actually enter and trade with them, so let’s give it a try. It has appeared as news in some media, and the number of people producing it is increasing. The era has come when artists can earn money by using digital data images and illustrations. Not only individuals but also companies are registering on exchanges, and the presence of content is rapidly increasing.
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