NFT Art: A New Industry
Five years ago, there was no NFT Art. Now, the NFT industry is a multi-billion-dollar industry. In 2021, NFT Art sales totaled $24.9 billion. Through the first four months of 2022, NFT art sales are already at $37 billion. Even with a “crypto-winter” appearing in the spring of 2022, the NFT Art sector shows no real signs of slowing down. In this blog post, we will take a closer look at the fantastic world of NFT Art.
What is NFT Art?
NFT Art is any art that is on the blockchain. That is the most concise and honest answer. NFTs can be music or photographs. NFT Art can be three-dimensional. Anything that is in a digital format may be turned into NFTs. Traditional Art can be turned into non-fungible tokens, so long as it is in digital format. Traditional Art like music or photography are also very easy to transfer into NFTs. The amazing thing about NFTs is that because it is on an encrypted blockchain it is super easy to transfer assets from one consumer to another. Indeed, the technology makes such transactions trustworthy and secure with no need for third party brokers or art dealers.
NFT Art Collections
NFTs are created by NFT Projects. These NFT projects usually create NFT collections. These NFT collections can range in size from 1 to 10,0000. In the larger NFT collections, the community can grow and become a very powerful voice for the NFT Project. It is not uncommon for NFT Projects to have tens of thousands of followers on Discord. These NFT community members chat and share information on Discord servers. In an NFT Collection, each NFT will be unique and one-of-a-kind. However, in the collection itself many of the NFTs will share similar characteristics and traits.
The NFT Brand
The term “brand” is defined as: an intangible concept that helps people identify a particular company or product. In the NFT world, unlike in traditional art, it is common to see community develop and grow over art. It is something quite unique to the NFT community. For example, the “Okay Bears” NFT project has developed a brand centered around being okay in any situation or predicament. The owners of these NFTs are more than just owners of art. They have a “ticket” to community, to a brand and to a lifestyle. NFT Collections start creating their brand with their NFT artwork, but it does not end there. They also add exclusive merchandise for NFT holders, as well as access to real world and metaverse events.
One of the awesome benefits owning NFT Art is that NFTs “live” on the blockchain. The technology allows for a few things. First, ownership is immediately verifiable at any time. This allows for NFT projects to reward their owners with gifts, surprises, airdrops, giveaways and more. Second, some NFT Collections create add-ons and other mutations so that your NFT Art may change and mutate over time. This type of innovation adds value and intrigue to NFTs. Wherein traditional art remains stagnant, no matter how beautiful. NFT Art has the ability to be modified, changed, and innovated overtime.
Art as a Status Symbol
In our culture, owning certain assets is a sign of significant wealth. These sought-after assets become status symbols. In the world of NFTs, one of the most popular ways of showing-off that you have made it is through NFT Profile Pictures or “NFT PFP.” Celebrities and sports stars change their social media profile pictures to valuable NFTs. These NFT PFPs act as the person’s avatar. In many instances, becoming a piece of that person’s persona and character. The NFT PFP represents the owner’s personality. Of course, the NFT Art is a vital piece of this equation. The art that resonates with someone is going to be popular.
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