Harrison said that NFT technology provides a way to attach a price tag to digital art, thus taking advantage of the original high-quality hoarding instinct-seeking expensive Veblen products and coveting only when they are expensive-this is in many collections Behind the home’ urge. Mix it with a newly constructed bubble community eager to trade and remember anything new, adjacent to the blockchain, operate at a considerable price, and then complete the trick.
Harrison said: “In this digital world, we have accelerators: all of a sudden, the price you can get is three to four times the price of the goods you pay-someone will buy it tomorrow.” Better yet, district Blockchain can also track how tokens are generated and transferred over time in a secure and unchanging way. Harrison said: “Provenance is obviously an important part of artistic value.”
There are many people who buy art related to NFT. Some of its members are cryptocurrency tycoons, and they are looking for the latest things to invest in their savings. “People who were engaged in encryption technology in the early days and had a lot of Ether [Ethereum’s cryptocurrency], They are looking for ways to use it. James Beck, director of communications and content at ConsenSys, said that ConsenSys, a blockchain company, has built an application for storing and managing NFTs. Baker said they want to show that they are “art patrons on the Internet.” .
It helps certain NFT markets allow people to display their purchases as in online galleries or museums. The founder and CEO of blockchain investment company Outlier Ventures, NFT enthusiast Jamie Burke is one of those who are keen to take a new role as a supporter of digital art. Burke said that initially, he was turned away by early “self-referencing”, cryptocurrency-focused artworks-covered with Bitcoin logos and pixelated memes. However, when he became more interested in this space, in the summer of 2020, he was “blown away” by the new artist.
He said: “This is the art I want to buy. It is my right in itself. I like the idea that I can have a unique digital version.” “I just started collecting it myself and trying to attract new artists and professionals to enter. This area. I’m building some collections.” This does not mean that he rejected a lot when he came up with an agreement. On February 13th, he sold the NFT he bought for 500 US dollars and received 20,000 US dollars in ether. Burke announced the deal in a tweet, saying that he will use the proceeds to buy more art.
Harrison said that although the market is now crawling with speculators who want to buy and flip any blockchain-based assets in order to increase value, real collectors are increasingly involved. He said: “This is a combination of speculators and people who want to collect and own some great things.” “My role is to strike a balance between the hype and the people who need to buy things. These people buy because they like it. Things, and they want to develop a popular collection habit. If everyone buys to speculate, it won’t work, then it will become another tradable token.”
Some digital artists welcome this trend. Most platforms are easy to use, allowing them to upload works, automatically “cast” NFTs, and wait for the offer to arrive-these prices are usually higher than the total price they get when they try to sell digital art online or online. As a printed matter. British graphic designer and artist Brendan Dawes uses machine learning and algorithms to create digital images. He said that the prints of one of his works usually sell for $2,000, while his latest NFT is $37,000.
Profits don’t stop there. An NFT can be designed to pay its creator a cryptocurrency fee every time it changes hands. If a buyer of Dawes resells an item, Dawes will automatically receive 10% of the price paid. “Compared with the traditional world, this is again one of the differences. You will get this continuous royalties.”