The recent craze of blockchain-based virtual collectibles has set the market on fire. NFTs, or non-fungible tokens, are a new form of digital assets that are non-interchangeable and come with their own associated attributes.
What is NFT art?
The NFT Art token is a digital artistic expression, which is accessible and tradeable on the blockchain.CryptoPunks and Bored Ape Yacht are two examples.
It can take the form of articles, music, or even contests, in addition to artworks such as pictures. It traded online NFT Art through a marketplace, and it frequently uses crypto assets such as Bitcoin to facilitate transactions.
How do NFT work properly?
Most NFTs are part of the Ethereum blockchain at a high rate, though other blockchains have applied their own variant of NFTs. Cryptocurrency, like crypto or dogecoin, is a cryptocurrency, but its ledger also keeps track of who owns and trades NFTs.
Value of NFT art
In the market, the value of NFT art is determined by the supply and demand for NFTs from collectors, investors, and speculators.
NFT art is a new form of digital art that has gained popularity at an exponential rate since its inception in 2015. they can describe it as a digital asset that can be traded on the blockchain, like any other cryptocurrency.
While there are many factors that determine the value of NFT art, there are two main drivers: collectors and investors.
collectors
The first group consists of people who collect rare or unique works by famous artists and collectors. These people want to own something that will increase their value over time, but they don’t want to invest their money into something tangible like real estate or precious metals. For this reason, they prefer to buy NFTs instead because it’s more stable than traditional investments like stocks or bonds. Since NFTs don’t require maintenance costs or upkeep, they’re much easier to maintain than other types of assets.
investors
The second group consists of investors who want to diversify their portfolio with assets that are both scarce and tradable. This group includes those who want exposure to alternative assets such as blockchain technology and cryptocurrencies.
The value of NFT art in the markets is a bit hard to measure. The more popular and mainstream the piece becomes, the easier it is to price and sell.
In addition, there are other factors that contribute to its price including rarity (how many copies exist), authenticity (can you prove you own the art), and non-fungibility (if someone steals your NFT).
Its popularity as well as can also affect the value of an NFT how much money people are willing to pay for it
The World’s most Valuable NFT Art
In March 2021, the Arnet News website published a list of the most expensive Art ever sold across the globe.
USD67 million for Beeple
One of the most expensive pieces of NFT Art is Everydays -The First 5000 Days controlled by Beeple (Mike Winkelmann). Beeple successfully broke a record of sale on March 11, 2021, with a great deal of USD67 million at Christie’s auction house. Beeble is now the third most expensive artist in history, trailing only Jeff Koons and David Hockney.
Beeple, USD64 million
It seems Beeple was dissatisfied with simply being the most valuable NFT artist. A Beeples’ artwork sold at a great price, propelling it into second place as the most expensive NFT artwork, according to Artnet News. In February 2021, the artwork “intersection” was sold for USD 67 million.
Kevin Abosch, USD960,000
On Christmas Day in 2018, a group of cryptocurrency investors purchased Kevin Abosch’s “Forever Rose” artwork for USD960,000. Because of its high value, it has become one of the world’s most expensive NFT Art.
An NFT artist is a person or group who makes money by trading NFT works such as digital art, memes, videos, or music. An artist can use smart contracts to ensure that their earnings are accurate.
Conclusion
The value of the NFT art is, and always will be, subjective. There are some aspects of this genre that just cannot be ignored. The level of imagination, from the creations of the artists, is off the charts. This combined with the uniqueness of these digital assets sets them apart from other forms within the realm of Cryptocurrency. Their status as non-fungible tokens makes them a perfect fit for the crypto community. One thing that many people don’t see enough of out in the crypto world is innovation, this community has it in droves!
