NFT art is a digital art market that has popped up in some circles in the past year. The craze is similar to the hype around “meme stocks,” in that it attracts artists, collectors, and speculators. The idea is to make a living from creating and selling digital art. The key is to have a strong brand and attract new followers. The art market is still developing, but it is already showing signs of growth.
As the online community grows, more artists are choosing NFT art as a career option. Rare pieces, particularly from popular artists, may prove to be more sought-after. In this case, the secondary sale prices may also rise. Ultimately, this market is here to stay. And the best part is that you can get a piece of art that is not just unique, but also highly collectible.
However, it is important to keep in mind that there are some drawbacks to NFT art. For one thing, it has a negative environmental impact. One NFT sold by Joanie Lemercier made her artist thousands of dollars without knowing that the piece of art had an energy impact of 8.7 megawatt-hours. That’s equivalent to the energy consumption of her studio for two years. This means that there are a lot of unintended consequences of NFT art sales.
A major advantage of NFT platforms for artists is that they provide them with immediate access to an audience around the world. It may help if an artist already has a strong online following, but the tricky part is converting those audiences into actual buyers. To do this, designers should identify their target audience and explore branding strategies. In case an artist doesn’t have an online presence, he or she must analyze his or her marketing strategy and decide if the market is right for him.
Celebrities are also getting involved with NFTs. They can invest in a NFT project themselves or commission an artist to create one for them. Some are even incorporating NFTs into their media projects. Madonna and Beeple have collaborated on a Mother of Creation NFT project. This project will help raise awareness of NFTs and create a new market for artists.