With the rise in popularity of NFT art, both artists and collectors are scrambling for pertinent information that would help them successfully enter the market. And crucial to this is what determines the value of NFT art.
But first, what is NFT art? To provide a very simple explanation, it is a certificate of ownership for a digital art. Digital art may come in the form of photos, moving graphics and other images made through a variety of software and electronic gadgets.
When digital art is securely listed and uploaded on the blockchain and minted, an NFT art is created; and because it lives on the blockchain, there is an immutable record of its history and change in ownership.
An NFT art is unique, non-interchangeable, indivisible and can only be made by its rightful creator or owner. And these are the reasons why NFT art benefits both creator and collectors—both are assured of authenticity and security.
Many are jumping on the NFT bandwagon as digital artists like Beeple, Pak and Mad Dog Jones sold their NFT art pieces for millions of dollars, with the record of most expensive NFT art sold held by Pak at $91.8 million.
With these kinds of figures, it is not a wonder that NFT art is booming. However, there are different factors that determine the value of an NFT art. Just creating any kind of digital art and turning it into an NFT will not guarantee a high value.
Rarity. First, it is important to note that how rare an NFT art is will impact its value. For instance, a one-of-a-kind image is deemed more valuable than something that is sold in multiple copies.
Cultural Relevance. Second, one must ask if the art piece is culturally relevant or if it holds some kind of cultural significance. Was it a popular photo or meme that many would know about, or does it express an iconic moment in history? For example, Bad Luck Brian, a yearbook photo of Kyle Craven that immediately became a popular meme after it was posted on Reddit in 2021, was sold by Craven for about $36,000. Now, not just anyone can create an NFT art of their yearbook photo and sell it for that much.
Digital Artist. Like any other art piece, who the artist is matters a lot. Because Paris Hilton is already a popular celebrity, she was able to partner with crypto artist Blake Kathryn and sell “Iconic Crypto Queen” for over $1.1 million.
But this should not discourage rookie artists from creating their own NFT art. Beeple was just a graphic designer and digital artist who has not sold a printed piece for over $100 before he skyrocketed to fame when he sold “Everydays: The First 5,000 Days,” a collage of artwork that took 13 years to make, for $69.3 million.
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