What is NFT Art? and is it time to start collecting crypto art?

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I am sure with all the bitcoin chatter over the last six months you’ve been starting to hear or see social posts about NFT art. Maybe you have also noticed some crazy prices attached to the purchase of digital art.

“Non-fungible tokens are used to create verifiable digital scarcity, as well as digital ownership, and the possibility of asset interoperability across multiple platforms.[3] NFTs are used in several specific applications that require unique digital items like crypto art, crypto-collectibles and crypto-gaming.” Wikipedia

What is NFT stand for?

NFT stands for Non-fungible tokens.

What does Non-fungible mean?

“Fungibility does not imply liquidity, and vice versa. Diamonds, for example, can be readily bought and sold, as the trade is liquid, but individual diamonds, being unique, are not interchangeable. Therefore, diamonds are not fungible.” Wikipedia

 

As blockchain technology continues to make inroads into many industries, by showing the value of a transparent non-fungible ledger (ie.blockchain). To some it doesn’t mean much but to those in any industry that sells a collectible, art or unique items they will eventually follow this model.

FEATURED NFT ARTIST

Hola Lou @holalou_
Artist, Designer | Selected clients include Apple, Nike, Spotify, Samsung, Complex | NFTs at SuperRare.co/holalou | Instagram.com/holalou

Why is NFT Important?

Scarcity will be required to believe in the value of digital ledger and/or any associate token that give the user the ownership rights of said digital art, video, music, image, etc.

Some of the earl adopters of this are now winning in a BIG way – starting with the NBA TopShots project with Dapper Labs

NBA TopShots has exploded from a million a week in sales to $20 million a week to the most recent stat of $20 million in one day of sales on its platform.

How do you make NFT Art?

All you need is digital file, mp4, png, gif, jpg usually under 10MB-15MB – and some Ethereum to pay for the transaction, the minting of your art into a token and placing on the Ethereum ledger using platforms like https://opensea.io/assets , https://superrare.co/ & https://rarible.com/

Now with fees having gone up NFT art has slowed dramatically in January & February 2021.

But collectable like the NBA TopShots is booming like a stock market for all the NBA basketball players.

How do you track NFT Art data/analytics?

This dashboard was created by @rchen8

One of the main reasons for my massive interest in NFT is that they are much more transparent than most crypto related markets or tokens. Which means dues to the nature of crypto transparency you can monitor real-time sales & art being minted in real-time. Again a reason why people will have much more trust in this form of collecting then many from the past.

Here is live stats – similar to my banking dashboards from my past life.
SuperRare Dashboard by @rchen8

NBA TopShots Dashboard

Is now the right TIME to start collecting NFT Art?

I would say it’s a perfect time to learn about it, and start with a basic transaction to buy and mint your own NFT art. Then I would take the time to find some of the best artists in the NFT art space. You will be much better served to find the most talented artists to better understand this burgeoning new industry.

My final though is towards the unseen risk of this new booming industry going digital.  Buyers must beware – most of what is valuable today will not be valuable in two years (quality artists committed to their craft aside). Similarly to the many useless crypto coins out there – that ended valueless.  That’s why you need to do you research and be patient if you are new to art and collecting.  Otherwise I recommend working with those in the community to avoid the pitfalls of FOMO’ing into NFT art.

SOME of MY FAVORITE NFT ARTISTS

Lastly, I’m focusing a lot of my time in this NFT community if you have any questions or are interested in posting your art or acquiring your first NFT art – connect with me. I’d love to help you be part of this amazing new opportunity both for artists & collectors around the world.

It always so good to be involved in leveling the playing for an old art industry designed to keep things unbalanced & segregated. Time to open art & collectibles up to the world in a way that is transparent & therefore more trusted than current markets.

I agree with Gary here

Recent NFT Art sales that made the news:

Why an Animated Flying Cat With a Pop-Tart Body Sold for Almost $600,000

 

Crypto Art collectible sells for $1,540,063.96 USD

Punk 6965 bought for 800 ETH ($1,540,063.96 USD) by 0x99b57c from 0x03911f.

 

LinkedIn Article Post – What is NFT Art? by Patrick Wagner