NFTs are the biggest technological shift of our generation and they are creating a ton of new money making methods. Currently, the majority of people think that NFTs are only good for trading and generating capital for individuals, however, many are unaware of the untapped potential for artists. NFTs are extremely scalable, versatile and they can be used in virtually any application you can think of. Last year, it seemed like everybody and their nans were talking about NFTs. On a daily basis, we were hearing of a new celebrity who had bought a monkey JPEG for multiple 6 figures. On a surface level, it seems strange right?
NFTs have really revolutionized the world of digital art, and they have given artists a unique opportunity to change their financial situation for the better. Now, almost anything can be made into an NFT, including art collectibles. This means that anyone can create a piece of digital art and put it up for sale. However, because NFTs are an illiquid asset, it means that there must be a buyer in order for the token to sell.
If you think that people wouldn’t want to buy collectible art pieces, then think again. Certain artists have an elite reputation, and when they release an art collectible NFT, a ton of demand has followed. A good example of this is Beeple’s – Genesis Collection. Beeple is a world famous digital artist, graphic designer and animator. At the time of writing, his NFT Genesis Collection sits at a massive floor price of 135 Ethereum (ETH).
Whether it be in real life or in NFTs, there are pieces of art which look questionable to the average eye, yet they are still valued at extortionate prices. Ever wondered why? This is because a piece of art isn’t always judged or valued solely on the aesthetics, but often the surrounding cultural consensus and story being told by the community instead. You may know someone who can paint much better than Vincent Van Gogh, however because of the narrative behind Van Gogh’s art, his will always be more valuable. Keep this in mind when creating your masterpiece.
This may leave you thinking, “I can’t make money with NFTs because I am not a famous artist like Beeple or Van Gogh.” While it certainly makes it easier to monetize your art if you are famous, it’s not impossible if you’re not. Last year, a 12 year old boy called Benyamin Ahmed made £290,000 during his school holidays, after creating and selling his pixelated artworks called Weird Whales as NFTs.
The NFT space is so new, meaning that weird and wonderful things happen all the time. If you’re an artist and you’ve been waiting to shoot your shot, then why not just go for it? If Benyamin can do it, then so can you.