Maybe you have already heard about NFT: a lot of artists are announcing on social media that they are selling their artworks, but not in the usual way we already know. Someone talks about it as a gold mine, someone thinks this is a scam. Let’s see pros and cons of crypto art, and if you should work with it!
Just to start, i’d like to tell you that this picture was sold for thousands of dollars, and it’s not even one of the most expensive. There are pictures like this sold for millions of dollars.
For example, digital work of Crypto Art goes up for auction at Christie’s (the largest auction house in the world) for the first time and costs over 60 million $.
The anonymous buyer that paid 69.3 million $ for “The Last 5000 Days,” a monumental JPG file of Beeple, a 39-year-old Wisconsin illustrator who he has built millions of followers on social media thanks to commercial projects for pop stars like Justin Bieber and brands like Louis Vuitton and Nike.
The work in question is entirely digital: a collage of 5,000 images created and posted from 2007 to 2021 that incorporates surreal scenes and drawings by politicians like Donald Trump and Mao Tse Tung, alongside cartoon characters from Mickey Mouse to Pokemon.
For Christie’s it was the first auction of a work without a physical component and the first time in its 255-year history that bets have been accepted in the crypto currency Ethereum. Offered on February 25 with a starting price of just one hundred dollars, “The Last 5000 Days” has seen prices soar thanks to about thirty fierce collectors who in the last half hour have made the offers soar from 15 million dollars to over 60 million final.
All expectations have also been beaten the record so far for a work by Beeple: 6.6 million dollars paid last week for a 10-second video. Beeple’s work focuses on the fears and technology obsessions of society in front of the. The artist is one of the initiators of the “daily” movement of 3D graphics: since 2007 part of his work has consisted in creating an image posted every day without missing a single appointment.
“It’s just a JPEG”, you’re might thinking right now. “It’s just an image that can be copied, pasted, posted online from everyone, why does this have any value?” It has something called NFT, a digital token which proves the authenticity of the drawing. The image can be of course replicated, it’s just a JPEG, but the token can’t. The original can be bought and sold, and more importantly, collected like fine art.
For example, you could buy a Van Gogh; it can be replicated infinite times, but what does make it special is, of course, the fact that it was painted by Van Gogh himself, and that there’s only one authentic canvas out there, it’s rare.
NFT’s or crypto art has changed the art world and also created a significant cash flow. If you do digital art, you should know that crypto art is and the opportunities if offers.
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| What are NFTs
NFT stands for Non-Fungible Token.
An NFT is a blockchain where each unit can represent a unique digital item; these NFTs aren’t interchangeable. NFTs can represent every sort of digital file such as digital art, video, audio etc.
A blockchain is a digital record of transactions, it seems like a list. Every record is verified by multiple computers. This is how crypto, like Bitcoin, work.
Due to this, people are using this system on art! Now you can track the ownership of any of these pieces, and the person who owns it can resell it, or license the rights to a museum to display it!
How can you take a piece of yours and turn it into something with a token on it that someone else would buy?
There are websites and marketplaces that allow you to upload your art and add it to this big blockchain and, then, sell it! Some examples are Rarible or Opensea. In these sites you can find any sort of digital art, everyone can partecipate!
There are more curated sites, like Super Rare and Nifty Gateway, that just like fine art galleries; this is where digital artists are currently making hundreds of thousands of dollars selling their works!
| How Can I Get In On This?
The process is kinda simple.
You need to buy some cryptocurrencies. To work with these sites, you might need a digital wallet, connected to the site itself. You can sell a single piece of art or multiples copies of it.
Click here to start buying and selling Cryptocurrencies!
The price of your work can obviously increase:
you can sell a piece for 10 dollars. Then you can become well known, and the person who bought your piece could sell it for thousands of dollars. You get a 10% commission from this secondary sale. The same thing if the work will be resold again.
The work you made today could make money for you for years and years.
This doesn’t happen with traditional canvases.
But this isn’t all fun and games, of course there are some cons in this.
The process isn’t free:
you pay for something called “gas”. In this case, “gas” is a processing fee: you are buying that token and putting it into your art. How much does this token cost?
It varies on supply and demand: right now the demand for cryptocurrency is really high, so the gas price. Very very high.
You have to pay attention to when you post.
If you post in early morning or weekends, you’re probably gonna get better gas prices. Not just creating the token has a gas price associated, it’s also buying the work. The collector can buy the piece, but he would also have to pay a fee on it. A work costing 30$ can cost to the buyer like 90$, with fee’s. If you are selling a work for thousands of dollars, this fee doesn’t really matter.
There’s an environmental impact:
mining cryptocurrency takes powerful computers that use a lot of energy. The increase demand increases the carbon footprint.
Besides that, let’s understand a thing:
| Can You Really Make Money Doing This?
It depends. Your community should be informed about crypto art, know how this system works, and your community should be ready to support you and buy some of your work.
If the answer is yes, GO FOR IT!
If the answer is no, think a little bit more about it, and if you want to, GO FOR IT! Nobody can tell you not to!
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