As you dive into the NFT industry, you’ll quickly find that there are several different types of collectibles in the space. Some are part of large collections that can be used as keys to exclusive message boards and events. Some are individual NFTs tied to specific real-world items or event tickets.
However, some NFTs don’t have any utility at all.
Instead, these NFTs are designed to immortalize art itself. One-off pieces of art on the blockchain can sell for quite a bit of money. For example, Pak’s “The Merge” NFT sold for a whopping $91.8 million. The first 5,000 days by Everydays brought in $69.3 million while HUMAN ONE by Beeple commanded a price tag just shy of $30 million.
But what is it that makes these art-only NFTs so valuable? There are a few things:
One of the first things to consider when buying art-only NFTs is the artist behind the work. As is the case IRL (in real life) art, there are up and comers and mainstream artists in the NFT space, and the artist behind the work will have something to do with the price tag it sells for and the price appreciation over time.
For example, Beeple is an American graphic designer and artist with a long history of producing quality projects.
As the NFT space evolved, Beeple became one of the top artists in the space and his work continues to grow in value. Today, his art is revered as some of the most impressive in the NFT space, commanding millions of dollars for some pieces.
However, if you can’t afford works by Beeple or other mainstream artists, do some research to find up and coming artists the metaverse media is talking about. Investing in up and comers that are starting to gain traction is a great way to make growth happen.
The message is often just as important as the artists and the art itself. Art has long been used to spread messages of goodwill, artist thoughts, and more. And in the NFT space, the message can mean the difference between a piece of art that’s worth a few bucks and a piece of art that’s worth millions.
For example, Clock is an NFT that was created by Pak and Julian Assange. The piece features a message that counts the days since the founder of WikiLeaks was jailed. The art was developed as a way to financially support the founder of the government leak website and help with his legal fees.
Well, it did just that, raising $52.7 million from 10,000 people who donated to the purchase in an attempt to support the WikiLeaks founder.
The Art Itself
Finally, whether you’re buying real-world art or you’re buying NFTs, the art is the star. Take a look at the art and see if it speaks to you. Are you blown away by the detail, the message, the way it makes you feel? If so, it’s likely a great piece of art for your collection. If not, it’s likely time to look to other works.
That’s All for Today
That’s all for today my friends. Come back next Thursday for your next NFT lesson!