The hype train of digital art NFT is nowhere near slowing down.
For starters, Non-Fungible Tokens aka NFTs are essentially certificates of authenticity for any digital asset that prove the ownership of a specific asset.
This is pretty much like a soccer player’s sign on a ball.
So, this makes digital NFTs a good investment and a highly valuable commodity.
Furthermore, the entire NFT system works on blockchain technology and you can buy or sell it using any currency that both parties might agree upon.
Now that we’re done with basics, let’s see whether digital art NFT is worth it.
Digital Art NFT Investment – Is it Worth it?
There is a major debate going on about the actual merit of NFTs from a long-term perspective.
Frankly, neither I nor anyone else can guarantee whether NFTs will actually boom in the near or far future. However, there’s still a lot we can expect to see.
Although the NFT market is highly volatile, huge paychecks are still a possibility.
For instance, the Grimes are involved in a transaction of $6 million for several digital art assets including videos & original music created by them.
Other than this, we hear that Beeple’s Everydays: First Five Thousand Days NFT going for over $69 million at Christie’s.
What do these cases show us about digital art NFTs?
Yes, it’s telling us that it’s possible to earn loads of money just by creating and selling them.
Look, here are 3 different types of most popular NFT digital art that you should know.
3 Types of NFT Digital Art You Should Know About
Albums & Music
In a completely wild announcement for the Kings of Leon’s album When You See Yourself, it was told that it would be the first-ever album to be sold as an NFT.
This created a chain reaction in the market which brought in several music artists and bands to sell their songs & albums as digital assets.
Generally, the owners of such NFTs get benefits like special-edition vinyl records, front row tickets to the artist’s concerts, etc.
Digital Paintings & Artwork
Paintings were a no-brainer for creators and collectors in the digital art NFT market.
Ever since NFTs gained popularity, digital paintings and artwork have been the front-runners for buyers.
Popular NFTs like the Batman painting, created by Trevor Jones & Jose Delbo are great examples of digital paintings and NFT artworks.
By the way, these Batman NFTs are a part of the Genesis collection.
Much like other NFTs, the big influencing factor for bids on these paintings is hype and FOMO.
If you’re famous enough, the paintings can go for thousands or even millions.
If not, you may not even make a single buck out of it.
GIFs, Illustrations & Videos
Something as plain and simple as GIFs are also sold as digital art NFT.
Take the Gucci Ghost GIF by Trevor Andrew for example.
It’s one of the representations of these hand-drawn ghosts made out to be GIFs.
Similarly, Videos & Illustrations are also a part of the digital art NFT world.
In case you’re gearing up to create or buy a digital art NFT, we’ve got a few places you can head out to!
Where Can We Find Digital Art NFT?
NFTs have their own online showrooms and auction houses called NFT marketplaces.
Although there are tens & hundreds of NFT marketplaces on the internet, not all of them will get you the right or even a trustworthy deal.
I’ve looked out for the best ones so you don’t have to go on and test each of them yourself.
Here’s the list:
- OpenSea
- SuperRare
- Foundation
- Rarible
- Enjin
- NFT Showroom
- Ethernity
- Decentraland
- SuperFarm
To have a detailed individual overview of these marketplaces, read my another masterpiece – 9 best marketplaces for creators and buyers.
Now you know almost everything, let’s head over to the most important point.
How Can We Make Money from Digital Art NFT?
Whether you think the digital art NFT market is to support artists or to create a platform to buy and sell art, the bottom line is that it’s all about money.
After all, you can simply download a copy of the same NFT that would be sold for millions. So, what’s the catch here?
Critically, there are 3 ways you can make money from NFTs.
Create Your Own Digital Art
First, you can make money as an independent artist by creating your own digital art NFT.
Most people claim that it’s ideally the best and safest way to make money from NFT.
This method ensures that you’re not going to face any losses while having the scope to earn an unimaginable amount for a single piece of artwork.
The world-famous NFT artist Beeple who we spoke about, was relatively unknown and still made a fortune by selling his artwork as NFTs.
The only concern is not getting enough money or bidders that most people expect already.
Essentially, it’s a demand and popularity game. The more demand your NFT has, the more you can earn. Or else, you won’t have a single bid on your piece of NFT.
Arbitrage – Buy Low & Sell High
Another common way people make money from NFTs is by buying and selling them like stocks.
There is no reason to buy NFTs other than treating it as an investment, unless you want to be a collector for the bragging rights.
You can gauge the popularity of a certain NFT before it gets hyped and buy it at a low price.
Once you see enough buzz about it, you can put it back on the list for bidding to aim for a higher return.
This is highly risky and you can potentially lose your money or make multiple returns.
A common piece of advice that gets thrown around is – always start small by investing the amount you can afford to lose.
Licensing & Copyrights
Similar to other assets like music, NFTs can also be licensed and copyrighted.
An artist or the owner can give the right to use the NFT art to several users for personal or commercial use.
Consequently, the original creator can also have contracts that would allow them to receive a specific % of each transaction that the NFT goes through.
This way to earn from NFTs is fairly safe and possible because of the highly advanced features of blockchain technology.
So, these are the different ways to make money from digital NFTs. As we move into the future, we might have more. Till then..
Read This Before You Move On
The thing about digital art NFTs is that it’s a new industry and we’re at the initial stages of its curve.
There’s no telling if this curve rises up or crumbles down.
Nevertheless, we should keep our eyes on the market and see how it evolves to know more about it.
One thing I know for sure is if we take our lessons from the crypto boom, this is the right time to start learning about NFTs!
