When NFTs were first introduced to the masses, they were mainly introduced as art. As a result, many artists made their way to the space to try their hands at creating digitalized pieces of their artwork. But what is NFT art really?
NFT art is a digital creation that uses blockchain technology to mint unique, tokenized artworks. These files are traded by collectors and grant holders perks, like access to the artist or physical items related to the work. Transactions are recorded on the blockchain for security and transparency.
If you want to create your own NFT art or become a collector, then it’s important to understand what it is. After spending years collecting some of my own NFT artwork, I felt that it was only right to share what I’ve learned with the world.
What Is NFT Art?
NFT art is much more than a digital version of a piece of art. It’s a piece of art that offers collectors proof of ownership, the ability to easily authenticate it, as well as any other perks an artist might include.
You see, NFT art can include much more than the digitalized creation itself.
An NFT artist can choose to provide their collectors with any perks they want. Generally, these perks include a physical edition of the digitalized artwork, a one-on-one session with the artist, IRL events and meetups, full rights to the artwork, and even airdrops (free NFTs) of future creations from the artist.
That’s not all though. Since NFTs utilize smart contracts (basically a fancy name for code), artists can actually access the smart contract to change the appearance of an NFT over time, even once it’s in the collector’s possession.
Such is the case with Beeple’s first-ever physical sculpture that evolves over time. Basically, the artist (Beeple) can access the code to this sculpture whenever he wants to change its appearance.
Ultimately, NFT art doesn’t need to be complicated. It’s simply a piece of art that is minted (published) on the blockchain (a digital ledger) and sold to collectors. It may or may not provide collectors with added perks.
It’s really up to the artist.
What Can You Do With NFT Art?
As a collector, there are a number of things you can do with your NFT art.
1. Display your NFT art in a digital frame
If you buy NFT art solely to show it off, then you probably need a way to display it. NFT frames are the most popular choice amongst NFT collectors for displaying their digital artwork in a physical space, such as your home.
These digital frames can connect directly to your wallet where your NFTs are stored for easy access and a variety of display options.
2. Store your NFT art as a long-term investment
Many collectors such as myself like to buy NFT art as an investment. Essentially, if you can find quality digital artwork from reputable artists for a low price, your chances of flipping it in the future for a profit are decent.
Digital artists like Beeple, FEWOCiOUS, XCOPY, and ThankYouX are all household names in the NFT art world. Although some of these artists’ pieces are already extremely expensive today, if you can find one for a reasonable price, then you might be able to sell it for a pretty penny in the future.
3. Flip NFT art for a quick profit
Flipping NFT art has been popular since mid-2021. Although it’s not as easy to flip an NFT today as it was in 2021, there are always opportunities to make a quick profit flipping.
To flip NFT art, you can place a low bid on a piece of art in hopes that the seller will accept your offer. If you do it right, your bid will be lower than the current market value (floor price) of the art.
From there, you can re-list the artwork slightly above the current market value and wait for a collector to snatch it up. For best results, you should buy art when the market is in a downturn, and sell when it starts going back up.
Ultimately, what you do with your NFT art is up to you. But since it’s stored on the blockchain, you have access to a 24/7 marketplace where you can buy, sell, trade, or simply hold your art.
Where Can You Buy NFT Art?
When it comes to buying NFT art, there are NFT marketplaces specifically aimed at selling high-quality pieces of art. Of course, always do your own research before buying anything.
Here are the top NFT marketplaces for buying quality NFT art:
|Where to buy NFT art||Type of NFT art offered|
|OpenSea.io||Good for beginners. Amateur and rare pieces.|
|Rarible.com||Novice artwork to rare pieces, good for minting your own collection.|
|Niftygateway.com||Premier marketplace one-of-a-kind “drops”.|
|SuperRare.co||High-end marketplace recommended for more experienced collectors and artists.|
|Foundation.app||An invite-only online community and NFT platform for artists to sell their specialized NFTs.|
|MakersPlace.com||Offers authentic and one-of-a-kind digital creations, signed and issued by the artist and enabled by blockchain technology.|
Ultimately, there are numerous NFT marketplaces where you can buy digital pieces of art. Every marketplace has something different to offer, so it’s worth exploring each one until you find something that you like.
Also, make sure to check out my top 6 NFT marketplaces for buying quality art if you want an in-depth look at what each marketplace has to offer.
Is NFT Art Expensive?
Before purchasing your NFT art, it’s a good idea to know how much money you’re going to need so you can plan ahead.
NFT art can be expensive if you buy a creation from a popular artist. On average, NFT art ranges from $10 to over $100k per NFT. This does not include the transaction fee (gas fee) required to purchase the NFT, which ranges from $5 to over $100. If you want to buy NFT art, do your research beforehand.
I look at NFT art the same way I look at real-world art and assets. Does it have value? If it does, what are you willing to pay for it?
Ultimately, the market decides the price of a piece of art and the value of an artist. If you can find an emerging artist before they become popular, then you can collect their art at a cheaper price.
Take a look at Beeple for example. Before NFTs, he was hardly known. Now he’s a famous NFT artist who sold his art for an outstanding $69 million—making him the third most wealthy living artist.
Or the popular Nyan Cat GIF that sold at auction for $587,000. Need I say more?
If you can find an artist early, you have the potential to save a lot of money and make a lot of money as well.
How Do You Find Good NFT Art?
To find good NFT art you have to be looking. You must be involved in the NFT space (actively engaging on social media), and stay up to date with artists who are making a name for themselves. Scan the comments on social media for positive feedback, track art prices, and pay attention to collaborations.
In reality, “good” NFT art is subjective. But if you are looking for “valuable” NFT art—meaning you can make a lot of money from it—then the only way is to keep your eyes on artists. You need to have your ears to the street, your eyes on every artist you see potential in, and consistently watch each artist execute.
Overall, what makes a good artist is their creativity and ability to share their story with the world. There are many great artists in the world, but only a handful of them know how to market their NFTs and get recognition for their work.
If you find an artist whose art you like, who is persistent in their work, and who is actively sharing their story on popular social platforms, then you might have found yourself an artist who’s worth investing more time and money into.
Here are some additional tips to help you track down good NFT artists.
- Do your own research: Always do your own research when looking for a good artist. A good artist will be passionate about their work. If you find an artist who also is good at sharing their story with the world, that’s even better.
- Check transaction volume: Find a piece of art that shows a positive and consistent increase in sales volume.
- Stay Connected: One of the best ways to stay informed is to educate yourself and be involved in the community. If you have social media, start following NFT artists, enthusiasts, and collectors. If you aren’t active on social media, I suggest you get active.
Ultimately, knowing how to spot good NFT art takes practice, patience, and a little bit of luck.
Is NFT Art Worth Buying?
NFT art is worth buying if you enjoy collecting art and if you have the means to. You might want to consider buying NFT art if you have a passion for art, want to make a profit, or simply enjoy supporting artists. That being said, never spend money on art that you can’t afford to lose.
For your first piece of NFT art, I recommend buying something that’s inexpensive but still has potential value (just buy something you really enjoy looking at).
If you are buying art with the sole intention of making money, you might want to reconsider buying it at all. At the very least, make sure to do your research before you blow your money.
It’s true that a lot of people have made money buying art, but even more, have lost money. So just be thoughtful.
Ultimately, NFT art is a digital version of art that is minted on the blockchain. The blockchain allows you to prove ownership, verify authenticity, and easily buy, sell, and trade your digital assets on a 24/7 marketplace. Furthermore, artists can use NFTs to provide their collectors with as much (or as little) value as they want.