NFT Art Tokens
NFTs are currently making a lot of hype around the world, with digital art pieces being sold for thousands, even millions, of dollars. Even digital-savvy entrepreneurs are getting involved. Twitter founder Jack Dorsey recently made an NFT of the first-ever tweet, which sold for nearly $3 million! But are NFTs only good for budding digital artists to sell their pieces and art collectors to build their repertoire? Or is this concept something you could make money off by investing in?
A Brand New Idea
NFTs as a concept are still in their infancy. Unlike the stock market, which has been running (almost) smoothly for a century, NFTs are a very new idea, and they are currently still taking their first baby steps, so a lot is susceptible to change over the coming years. This means that, right now, the future of NFTs is uncertain, and comes with some risks.
Are There Any Technical Issues?
One of the biggest fears about buying NFTs is that you could lose your assets entirely. In the stock market, if your investment crashes, you might lose all your money, but you still own the stocks, which means eventually you might make your money back. However, with NFTs, if the site storing your art crashes or gets taken off the internet, you could, in theory, lose access to your beautiful, thousand-dollar piece of art forever.
The Evolution Of NFT Digital Art
As NFTs are constantly growing and evolving to find their place in the digital world, so are the means of safely exchanging and storing your art. NFT marketplaces are popping up all over the internet offering safe ways to trade, and a new, safer concept for storing your assets is arising too. Instead of storing the NFT on a single URL, your asset will contain a link to a file on the InterPlanetary File System (IPFS), a peer-to-peer network that stores files across multiple servers, so even if one server crashes, your art will remain accessible.
Also, there is always the option to download your NFT or put it on your cloud. This would mean that, even if there became a problem with the IPFS, you would still always have access to your assets. Just like real art, if it is not stored properly, it will get damaged or broken. The same can be said for NFTs.
Is It Another Bubble?
Many people have been comparing NFTs to the dot com bubble in the 90s. When the bubble burst, many internet services flopped. However, taking a look at the internet now will show you that the bubble didn’t destroy the technology, it just destroyed a lot of useless, oversaturated services.
If this becomes another bubble (which is still a good deal of time away) and that bubble bursts, it will probably simply mean a lot of overhyped (and “not real”) NFTs will fall to zero, while most of the true pieces of art, and the concept and technology around them, will continue to grow. And due to the current hype around NFTs, now is probably the best time to invest. As the Ethereum cryptocurrency rises daily, so does the market price of the art you own.
NFT art is a concept that is currently taking the world by storm. Everyone from celebrities to crypto-millionaires is getting involved in creating and trading these new virtual assets, and the total market cap has been growing exponentially for the last few months.
However, as with most tradable assets and crypto-currency investments, NFTs (non-fungible tokens) come with many risks. If you are interested in getting involved in this volatile but highly profitable market,
The Unregulated Crypto Digital Art Market
Because NFTs are a fairly new concept, there are no rules or laws controlling trade and fair standards. This makes it difficult to price a new NFT or to know how much one should be worth. During 2020, the price of some digital assets spiked by 2000%, with some digital basketball cards going from a few dollars last year, to now being worth thousands of dollars.
This may seem handy to the owner of these assets, but in reality, it is only worth what the current owner can convince someone to pay for it. So the basketball card that once cost someone $10, could now be way too expensive to find a buyer for. This could mean a lot of people will end up paying big money for NFTs and being unable to sell them.
Digital Art Fraud
While it is impossible to forge an NFT, there are still many ways people can play the system here, due to the lack of trading standards. For example, anyone could take a piece of art that isn’t theirs and make it into an NFT.
People can also heavily manipulate the market, doing things such as “wash trading,” which is where someone can open more than one account and trade their assets back and forth with themselves, artificially pushing up the price of the NFT. Experienced traders should be able to tell these apart, but they can be dangerous for new and inexperienced traders.
Also, since NFTs are stored on the blockchain, making them anonymous and irreversible, if a hacker manages to get into your wallet and steal your assets, it will be impossible to get them back.
Always Be Cautious
All in all, NFTs, while being a new and volatile market, have the potential to make a lot of money. If you simply do a bit of research and exercise some caution when buying your assets, then you should avoid any problems.
How To Create Art NFTs
The first step in creating an NFT is creating a piece of art. As we are talking about digital art here, this could range from basic, retro pixel-style art to crazy moving images, even to GIFs or memes. Collectibles are also a great idea; digital NBA cards are one of the most traded NFTs at the moment.
NFTs are traded via cryptocurrencies, so before you start trading in digital assets, you will need to open a digital wallet. There are loads to choose from, but it is best to choose one with a “hard” wallet. This comes with a small, external hard drive that stores your digital cash and other assets, meaning extra security over basic online ones. It is a good idea to choose a wallet that accepts Ethereum, which is the main currency used in NFT trading. The Trezor is a great choice for beginners, being very secure and easy to use.
Trading in Ethereum always incurs a fee called a “gas fee” which keeps the currency working, so make sure you put up to $50 in your wallet to keep things moving. Also, DO NOT LOSE the secret phrase. You will need this to access your wallet.
NFT ART Marketplaces
Next, you will need to find an online marketplace. There are dozens of these around already, using different cryptocurrencies to trade various digital assets. NFTs are “minted” on the blockchain, so whichever currency the marketplace uses, that is the blockchain your art will be minted on. Since the main currency that is used is Ethereum (ETH), we will focus on the Ethereum marketplaces.
Once you have chosen your Ethereum-based marketplace, you will need to connect your wallet. Your wallet will always be your log-in details, so no additional personal information should be needed.
Now that you have connected your wallet, it is time to click “create” and then upload your artwork. Here you can give it a name, a description, or list any other features you wish. As a creator, you can even add hidden content that can only be seen once purchased, such as passwords to access extra content. Once created, the artwork should be visible in your collection.
Selling Art NFTs
Now your art is in the marketplace, you can click on it and select “sell.” Here is where you can set the price of your NFT. You can select to either sell it as an auction or set a set price in ETH.
So now you know how to turn your digital creations into a sellable asset, it’s time to go and put your art out there.
List Of NFT Art Crypto Tokens
Below is a list of the best blockchain art projects for 2021. You can read our full NFT reviews to find out everything you need to know about each crypto token. It will also help you find the latest art coins that could see big growth over the coming years.
A varied roster of 21 original and unique NFT works by important and pioneering modern, digital, and crypto artists are kept inside a separate and secure physical art vault called K21. The collection was collected by an anonymous team of crypto art originators and curators with over 50 years of combined expertise in various cultural organizations. In the K21 vault, you’ll find many firsts: the first NFTs coined by prominent and rising artists in the art world, and the first trailblazing digital art experiments.
The MurAll digital canvas is an experimental digital painting that “lives” on the blockchain, allowing changes to be made via transactions on the blockchain. All of MurAll’s history is available, so you can examine how the state has evolved or browse through its history to learn about the changes. There is pseudo-anonymity inside the blockchain, so artists may express themselves without the worry of being discovered until they execute a transaction to claim ownership.
(SACT) srnArt Gallery
A diverse group of creators, designers and developers join together to produce captivating NFTs for a variety of platforms. In the long run, the project’s objectives are to create more artists and provide their work to more art enthusiasts. They’ve collaborated with other artists who are interested in exhibiting their work internationally.
(MCX) Machi X
The intellectual property owners that publish their properties on Machi X have easy service contract modules to provide value back to their token holders. As an alternative to monetary compensation, holders may get a certain benefit in the form of utility rights. These also include access to pre-release tracks and financial advantages obtained from the burning of tokens.
(FMG) FM Gallery
NFT artwork is distributed via the FM Gallery’s blockchain-based distribution network. Art is made up of many smaller pieces that each have a different narrative. To complete the artwork, users may acquire fragments of various types and put them together to finish the artwork. These NFTs will then unlock the actual artwork. They want to promote the fashion and art communities by implementing new and exciting art pieces, as well as fan communities.
This is a network where artists may fully benefit from their involvement and contributions. In addition to selling the ownership of your fonts, you may issue shares, borrow money, earn interest, and generate funding for your next great font by using Font crypto tokens. The group is developing a new paradigm for digital money use in the future.
(RARE) Unique One
Unique One is a decentralized digital art marketplace that helps artists instead of making money off of them. This is what an artist dreams about. Their mission is to promote the careers of artists and not charge artists for their work. The ultimate goal is to build a decentralized, genuine, decentralized marketplace where the Digital Art community runs the show. Voting rights will be given to all RARE token holders.
Metapurse is a new kind of online art management platform where individuals have actual equity in their first large-scale public artwork in the metaverse. The Metaverse is undergoing a cultural renaissance, and to further that goal, Metapurse seeks to democratize access and ownership of desirable artwork and provide greater access to artworks already in the Metaverse. This B.20 was split into smaller pieces and fractionalized so that everyone may have a stake in it. This fractionalizes the ownership of the assets, not the assets themselves.
A marketplace for both digital and tangible art and artifacts is provided by Portion. As a consequence of smart contracts on Ethereum and IPFS, art and collectibles are entering a new market. When artists and collectors use Defi, they can quickly sell, invest in, and acquire works of art.