A lot of people in @APompliano comments asking WHY Digital Art is selling for $20k+
With the recent @fewocious going for $21,350!
What can you do with it?
Why is it worth anything?
Isn't it just a picture?
Let's explore,
1/ Thread 👇
With the recent @fewocious going for $21,350!
What can you do with it?
Why is it worth anything?
Isn't it just a picture?
Let's explore,
https://twitter.com/APompliano/status/1335738341753499658
1/ Thread 👇
2/ What actually sold for $21,350? Just the image?
Hmm not really.
An NFT, (Non Fungible Token), that lives on the ETH blockchain and points to this exact art piece.
This has many added benefits of 'just the png'.
Hmm not really.
An NFT, (Non Fungible Token), that lives on the ETH blockchain and points to this exact art piece.
This has many added benefits of 'just the png'.
3/
- Can be tied back to the Artist
- Sales history tracked
- Bought & Sold on the Marketlpace
- Authenticated as the 'original' piece
And basically makes 'digital art' sellable.
Just like you can buy/sell/trade cryptocurrencies on blockchain, you can do the same with NFTs.
- Can be tied back to the Artist
- Sales history tracked
- Bought & Sold on the Marketlpace
- Authenticated as the 'original' piece
And basically makes 'digital art' sellable.
Just like you can buy/sell/trade cryptocurrencies on blockchain, you can do the same with NFTs.
4/ But why are people spending so much?
Good Question.
Some have figured out this is a way to 'own' digital art.
Some want to diversify their portfolio.
Some are taking a bet on the physical art market going digital.
Some just want to collect.
Good Question.
Some have figured out this is a way to 'own' digital art.
Some want to diversify their portfolio.
Some are taking a bet on the physical art market going digital.
Some just want to collect.
5/ But the only way you can get a piece is to bid against each other.
And that biding war/demand creates some insane prices especially for sought after Artists.
Also, we're in crypto so it's twice as crazy.
Let's explore some of what you can do beyond just own an NFT.
And that biding war/demand creates some insane prices especially for sought after Artists.
Also, we're in crypto so it's twice as crazy.
Let's explore some of what you can do beyond just own an NFT.
6/ Used as collateral.
The NFT can be an asset that can be used to back a loan.
As done by @gabusch below using @nftfi for a @trevorjonesart art piece.
Bought for 4.3 ETH 4 months ago, 10 ETH loan accepted.
The NFT can be an asset that can be used to back a loan.
As done by @gabusch below using @nftfi for a @trevorjonesart art piece.
Bought for 4.3 ETH 4 months ago, 10 ETH loan accepted.
https://twitter.com/gabusch/status/1329329231361282048
7/ Used as a ticket to a virtual club.
As done with @3LAU and @grimemonday's recent Art drop on @makersplaceco for an exclusive club in @decentraland.
All buyers of the art got access!
As done with @3LAU and @grimemonday's recent Art drop on @makersplaceco for an exclusive club in @decentraland.
All buyers of the art got access!
https://twitter.com/CryptoBeverage/status/1335391804955394048
8/ Fractionalize or shared ownership on @NIFTEXdotcom
Like this bundle of 20 Great NFT Art pieces by @growyourbase_.
NFT gets locked up and x amount of ERC20's released that own a 'share' of the locked assets, in this case a bundle of Art,
Like this bundle of 20 Great NFT Art pieces by @growyourbase_.
NFT gets locked up and x amount of ERC20's released that own a 'share' of the locked assets, in this case a bundle of Art,
https://twitter.com/growyourbase_/status/1310724226429657089
9/ Display in Virtual Blockchain enabled Galleries like @decentraland.
Anyone can enter using browser, buy, sell or promote your Art.
A big use case for Virtual Land as these portfolios start being worth $millions. Some already are!
Anyone can enter using browser, buy, sell or promote your Art.
A big use case for Virtual Land as these portfolios start being worth $millions. Some already are!
https://twitter.com/dclblogger/status/1237207766772486144
10/ They can also be used to signal who the main collectors are for Artists.
Maybe an Artist wants to airdrop their new social token to their collectors.
They can.
Maybe an Artist wants to airdrop their new social token to their collectors.
They can.
11/ We are still figuring things out and the industry is TINY.
It's a 'new' industry but if there's a collector-artist demand for physical art, why wouldn't there be for digital?
That's at the core of most thinking.
It will be exciting to see how this develops!
It's a 'new' industry but if there's a collector-artist demand for physical art, why wouldn't there be for digital?
That's at the core of most thinking.
It will be exciting to see how this develops!
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