- Self-service-based Marketplaces are preferred over curated ones.
- Crypto art in NFT form has proved to be a lucrative domain.
- There has been an overflow of myriad digital assets in the crypto marketplaces.
NFTs are credited with being unique and immutable in the crypto space. What actually makes NFTs discrete is the fact that each NFT represents a unique digital or physical asset, unlike other crypto tokens whose value can be altered and changed according to the market scenario. One NFT can not be replaced or exchanged for another.
Crypto Art-Induced NFTs
NFTs’ most common utility is for art. It was inevitable that crypto art in NFT form had to get broader and more recognizable. NFT art or rather, crypto art has been a lucrative domain for artists. The fact that this pivotal blockchain technology can help artists make tons of millions of dollars by putting their digital paintings up raised much curiosity and attracted many creative personalities.
There have been a myriad of digital arts that have been uploaded in the crypto space as of now. The high-profile auctions of NFTs have been path-breaking. NFTs linked to digital art have accumulated sensational monetization. This has surely made crypto-integrated digital art a huge marketplace and a new venture in the world with unimaginable possibilities.
The most expensive sale has been in millions. The most expensive NFT to date with a whopping price of 91.8 million dollars, titled “Merge,” was acquired by an artist with the pseudo-name Pak in 2022. In 2021, another NFT collection titled ‘Everyday: the First 5000 Days’ by the artist Mike Winkelmann, known as Beeple, was sold for 69.3 million dollars.
NFT collections that have been most hyped are Bored Ape Yacht Club and CryptoPuks, which are examples of the lucrative potential that this marketplace has for uplifting and monetizing generative art.
Collective Marketplace to Make and Sell NFTs
It is important to choose the right NFT platform before conducting the process of minting NFTs. The right choices are mostly dependent on factors like file format, orientation with the crypto wallet, optimization and accessibility to the platform for the users, and the desired price to mint an NFT. The price of minting an NFT is to compensate for the computing energy utilized to process and authenticate all the transactions.
There are many marketplaces in the crypto market, and each of them operates with a slight variation. The choice of the most suitable platform is made by checking the traction and curation of the platform. In general, self-service platforms are more likely to be user-friendly.
Self-service-based platforms are the non-curated ones that provide free access to all artists. The most popular NFT marketplaces where NFTs can be minted via a crypto wallet are OpenSea and Rarible.
Conclusion
Integration of digital art or physical art with blockchain technology backed up by an innovation like NFTs has opened up completely new opportunities and a new segment in itself. It has garnered the support of the majority and is being hailed as a product of the future for digital art collections.
