NFTs: Love for Art of for the Money?
More and more people are getting into the NFT space and when i say this i don't mean only the ones that are buying/selling but the ones that are creating as well. Thus, there are the artists and everyone else!
Nfts were and are a fascinating concept in which they digitalized art and even build whole communities and gaming universes around it. There are so many and different ways to look at it and i'll tell you some right away.
First of all, there is a certain number of nfts minted for a collection you can create or buy. That means that right away you have a rarity model set. Also, if you buy for example a piece of art in the form of an nft you will get a unique code and stuff that will prove your ownership.
Ofc you can easily copy/paste the image if you like it that much without spending a single dollar. That's the same though that can happen in reality with a marvelous painting. You can google it, find a picture, download it and use it as a screen photo or something. By doing that though, your copy/paste image won't have any value whatsoever.
By having an nft in a digitalized form you can feel safe for any alteration or something. That means that while you could have an expensive painting in your house that could break, get water on it, or maybe your dog eat it and completely lose its value, the nfts have you covered! They are immutable!
Another thing that i need to point out is in a way the safety via some contracts. What i mean by this is that if you wanna sell your nft you can easily achieve this safely through an nft related site via cryptos! It's not like you have to go face to face without someone at the risk of getting robbed or beaten.
That doesn't mean that you are 100% safe because your account can be compromised or someone may approach you and with lies convince you to sell it low or trade it for something of no value!
Let's move into the NFT Craze. The market is huge and when i say huge, according to nft-stats.com in the last 24 hours the trading volume was $87.26M. And now let's take a closer look at the monthly sales in usd.
$2,572,476,132.60 is the number that you need to comprehend :P. So as you can see we are talking about money here, a lot of it. I follow nfts since last year and i have seen a lot in the market.
I am into WAX which and nft marketplace with their native coin wax (they do a pretty good job by the way) and i remember that the first time i joined only 4-5 projects were in total. From those 4-5, only 2-3 had a clear roadmap and 2 of them still remain.
Now there are over 100 different projects in Wax Marketplace alone. Most of you, when you hear about nfts the first thing that may come into your mind is cryptopunks, some of which sold for millions! We also have many and different marketplaces that are selling nfts but at this point let's get to the main question!
Is that happening because people love art or love the money?
I could say that the truth is somewhere in-between but to be honest i feel like the money aspect prevails. It's one thing to admire the art which is happening but the amount of profits people earned from this (both artists and re-sellers) i think leads them to forget about the art.
Let me give you an example. Except that i have seen many projects that share the exact same logic which is a certain design with different "items" and "accessories" and depending on those the rarity is determined.
Now, all i see is that the vast majority of people are looking at the rarity of their nfts and not the art. You can see in markets the " i have rank 500 "insert name" out of the 10k". In other words, they don't care at all about the art only for the profits.
The same applies to some of the artists that create their collection. It's not about the art anymore it's about the quick profits and they know it. I don't really care if they are in for the profits and not for the art the only thing i want from them is to work a bit to create something awesome and then work to create an awesome community as well.
I don't really know what the future for the nft world is, especially after watching new projects popping up every day but i believe there are possibilities for growth and new ideas to shine. I speculate that most of these projects will end up "dying" in the next 2 years!
What's your Opinion?
all the photos are nfts that i own!
Posted Using LeoFinance Beta