NFTs are the next best investment
NFTs will be the future investment.
Non fungible tokens (NFT’s) and crypto have dominated the talk of 2022 so far, as they have become one of the most popular investments due to increased exposure on the internet. I first found interest in NFT’s when they were advertisements for them in my videogames.
They have been all over the place since I first read about them. NFT’s have become the top form of digital art this year nearing a $40 billion valuation, according to The Entrepreneur.
With this new and exciting technology, digital artists all over the world are now able to make an income. From an interview in the Variety, artist Jazmine Boykins was described as, “Once sharing her digital art for free – and gained quite an audience, but barely made any money. After turning to NFTs, she managed to sell the same art for tens of thousands of dollars.”
With artists creating more art, this only helps investors. In August 2021, NFT’s recorded over $5.2 billion in trading volume, according to CNBC. NFT’s are constantly rising in value with new digital art projects every day leading to a bigger market and more investment opportunities. With the trading volume increasing every day, investors need to realize this is the time to invest for the future in NFTs.
Yet, many people believe that the NFT space is just a giant bubble waiting to pop. Edmund Scheusters, an associate professor of corporate law at the London School of Economics, He mentioned in a Verge article, “I feel as if NFT’s value is a bubble waiting to pop as the resellers are able to put a value that is undebatable on any piece of art.”
However, this control over the art gives consumers and artists more freedom than ever. With the ability to assign value to art pieces, this gives more profit to artists and allows them to make commission off every sale.
One massive benefit to NFTs over the traditional art market is the secondary market. Artists earn a percentage each time their NFT is resold compared to the traditional market where artists really only make a commission off the first sale. Digital art and NFT’s are able to provide this freedom that no other marketplace can provide.
People also mention the problem about how anyone else could create an NFT of exactly the same digital collage, or of someone else’s tweet, GIF or anything else on the internet. However, when people take screenshots or try to remake these digital art pieces, that only brings more publicity and more marketing to the original. When people take screenshots and share them, that only brings more popularity which helps out the artists greatly. NFT’s and digital art have given artists new freedoms.
Artists can create art on their own terms, preserve their authorship as creators, and get paid for their work without relying on traditional galleries or corporations. NFT’s are going to be the future of art because of how versatile it can be. Digital art will take over because of how driven it is toward the consumers.
Since NFT’s are becoming so versatile, it only makes them a more attractive investment. In an interview on CNBC with Benyamin Ahmed, an NFT coder and developer said, “NFT’s could expand to a whole host of other items like passports, music, airline tickets and even houses and cars.” With the sky being the limit for NFT’s, this is a great way for investors to diversify their portfolio because of how different NFT’s are.
With the ability for them to be used so often in tech, only helps their market value and overall investment value. NFTs go far beyond an investment bubble, screenshots or remade gifs. This is just the beginning of a global revolution that started out disrupting the physical art market and is now going to help portfolios skyrocket. So, for people who are looking to diversify their portfolio or look for a good investment, NFT’s are a great way to diversify and make profit for the future due to the variety and versatility of them.
