NFT evaluation
The most expensive NFT art sale to date is the digital artwork “Everydays: The First 5000 Days” by the artist Beeple, which sold for a record-breaking $69.3 million at a Christie’s auction in March 2021. The piece is a collage of 5000 unique drawings that the artist created over a period of 13 years, and it was sold as a one-of-a-kind NFT. The sale set a new record for the highest price ever paid for a work of digital art.
Non-fungible tokens (NFTs) may not be suitable or appropriate for everyone. Some potential drawbacks of NFTs include:
Cost: As mentioned earlier, creating and selling an NFT can be costly, as it involves paying fees to mint the token on a blockchain and to list it on a marketplace.
Complexity: The process of creating and selling an NFT can be technically complex, especially if you are not familiar with blockchain technology.
Limited audience: The market for NFTs is still relatively small, and it may be difficult to find buyers for your NFT, especially if it is not highly sought after or unique.
Lack of ownership: Even if you create an NFT, you may not have complete ownership over it. For example, if you use someone else’s artwork in your NFT, you may need to obtain permission from the artist or pay a licensing fee.
Environmental impact: The energy consumption associated with blockchain technology has raised concerns about the environmental impact of NFTs.
Lack of legal clarity: The legal status of NFTs is still being debated and is not yet fully understood, which can create uncertainty for creators and buyers.
Ultimately, whether or not NFTs are a good fit for you will depend on your specific goals and circumstances.
It is difficult to predict which artists will become successful in the NFT market, as it depends on a variety of factors such as the quality and uniqueness of their work, the demand for their art, and their ability to market and promote themselves and their NFTs. However, there are many talented artists who are creating NFTs and who may have the potential to become successful in this space. Some tips for discovering unknown artists who are creating NFTs include:
Follow NFT-focused social media accounts and online communities to learn about new artists and see their work.
Check out NFT marketplaces and browse through the offerings to discover new artists and their work.
Attend online events and conferences focused on NFTs to connect with artists and learn about their work.
Keep an eye on emerging trends in the NFT market and be on the lookout for new and exciting artists who are creating NFTs.
Ultimately, the key to discovering unknown artists who may become successful in the NFT market is to keep an open mind and be willing to explore and discover new and exciting talent.
