The art market is worth billions, and this digital boom is just getting started. The NFT market is cheap, but if digital artists are being sold for millions, why are they so cheap? People are buying them because they’re unique — and because it’s cool. NFTs will probably be even more prevalent in the future. Some worry about the environmental costs of blockchain technology, but many don’t.
The art market is worth billions, and this digital boom is just getting started.
You might not be familiar with the art market, but it’s an industry worth billions of dollars. The market for NFTs is still small in comparison—but it’s growing rapidly and expanding into new areas every day. The global art market was worth $64 billion in 2018, according to the Art Market Report published by Arts Economics. That’s up from $55 billion in 2017, which was already a record high for their data set (starting at 2012).
The rise of NFTs means that artists can now be paid directly by their fans rather than through galleries or other intermediaries—a win-win for everyone involved.
The NFT market is cheap, but if digital artists are being sold for millions, why are they so cheap?
NFTs are cheap because they are new.
NFTs are cheap because they are digital.
NFTs are cheap because they are not physical objects.
NFTs are cheap because they aren’t the same quality as physical art, so people don’t value them as much, even if it might be a bigger investment in the long run (like with stocks).
People are buying them because they’re unique — and because it’s cool.
People are buying NFT art because it’s unique, and that’s what makes it cool. These works aren’t reproducible, so they’re one of a kind. This also means they’re perfect for collectors looking to invest in something that will get rarer over time (as with any other collectible).
They’re also cool because of the fact that you can’t just buy any image from somewhere else and use it as an NFT artwork. The Unsplash license agreement doesn’t allow this sort of use, but there are plenty of other sites where you can find images for free — and then turn them into your own personal piece of NFT art!
NFTs will probably be even more prevalent in the future.
NFTs are becoming more popular as blockchain technology becomes more popular. The popularity of NFTs is nothing new, but it’s growing rapidly, and there’s no reason to believe that trend will change in the future.
NFTs are the most likely way to monetize art in the future because they’re a new way to store and sell art that doesn’t require any middlemen between artist and buyer.
Some worry about the environmental costs of blockchain technology, but many don’t.
You probably have a lot of questions about blockchain technology, and it’s true that there are some concerns about its environmental costs. But you should know that many people don’t worry about them very much.
Blockchain technology is a new way of storing data—like a giant spreadsheet or ledger that everyone can see, but no one can edit or delete without permission from the network (the computers running the software). Each entry in the ledger includes information about when it was created, who owns it now and what else happened with it since then (transactions like transferring ownership). Because this information is stored on thousands of computers around the world instead of just one central location like banks do with our money today, it makes hacking harder than ever before!
Your takeaway from this article is that NFT art is a new type of art that’s growing in popularity. As it becomes more popular, there will be more people who create it and buy it, so if you’ve ever been interested in creating or collecting NFT art, now is the time to get involved!
In a nutshell:
Who knows how long this trend will last? For now, digital art is on the rise and showing no signs of slowing down. It’s clear that NFTs are incredibly valuable for both collectors and artists alike, but there are still many unanswered questions about how they’ll affect the industry overall.