Why are NFTs so Popular? NFTs have been popular again so let me explain them in a particular way. When missy Elliot performed at the super bowl halftime show in 2017 or 2018 it seemed like half of America’s teenagers just discovered her this year. They were like who is this artist then if you can research it right now a week after she performed at the super bowl one of her songs went to the top of Billboard charts. It was like number three on the charts because of all the popularity and buzz surrounding her performance, but missy Elliott has been around since the early 90s and mid-90s. The same goes for NFTs they’ve been around since 2019 as well. Right now it’s the year 2022, even in the music industry non-fungible tokens have been around since 2018. Warner Brothers or you know warner music group has been experimenting with them a matter of fact invested in companies to launch them to make them popular but something happened now.
Why are NFTs so Popular? What’s the ecosystem that we are living in right now if you think about a cryptocurrency in the news every single day? Because NFT is another form of crypto or cryptocurrency in the blockchain ecosystem it’s time to become popular recently. Do we have the artist that sold one of his NFTs for what is it like 68 million dollars on open-sea that was very popularized as that story bobbed over the internet? Why are NFTs so Popular? Jack Dorsey CEO of Twitter you know selling his first tweet for 2.9 million dollars equivalent converted from cryptocurrency to somebody in Russia who was just sending them a thing that was like 50 cents or something like that.
As an artist as contemporary artist painter musician or anybody that creates any type of digital art or creates physical art that can be converted to digital art and can be converted to NFT or non-fungible tokens, you should learn about it and understand what it is. You should understand when you need to enter the NFT market because I’ve been saying this for a while. The NFTs or non-fungible tokens or your art are only worth as much as you are worth.
Should You Invest in NFTs?
The next question you might ask is should I invest in NFTs again it’s like what is it worth? I’m saying maybe investing in something that Elon musk creates now may be worth it because his brand is continuing to rise and all of that, but art is very speculative three years from now it may not be worth anything or drop in price, so they might not be an investment vehicle. So there are people out there that make millions of dollars that are being art collectors but it’s not just because they somehow came to money and somebody decided to purchase a Picasso picture and then it definitely went up in value or whatever they got lucky, some of the stuff goes down and it’s like the stock market. You can make money in the art business by dealing in art antique furniture or collectibles some people have been doing this for years and have a lot of experience. This is another market you can get into if you want to invest in an NFT brand. However, think about it from different angles such as do they have demand now? Will their demand rise or fall anytime soon is it a good investment as with anything else you would invest behind that brand? Maybe you’re an early investor or have knowledge of a particular industry or section of art or music creation. You might be watching these early risers digital artists and musicians who are about to get a deal because they’re in a coma and just waking up.
Related: Future of NFTs? NFTs vs Traditional Art
If you know information like that in the early stages sure maybe that is another indicator for you to get into an NFT and invest in it. Don’t let that fool you into thinking that if you put in the next 20 hours and figure out how to create an NFT create it put it on auction and sell it that you’re going to become a millionaire because it may just be a learning exercise which there’s nothing wrong with that. Create one why not but again if you have one demand for your work it’s very doubtful anyone will buy it for a higher price. I hope this article will help you understand the landscape of where we’re at and Why are NFTs so Popular?, should you invest your time and money into them?
NFT, or non-fungible token is a term. NFTs, which exist on the blockchain is distinctive, irreplaceable assets. The most common applications for NFTs today are in-game assets, digital art, and projects related to collectibles. NFTs are so popular because its the future of art.
Blockchain-based digital assets called NFTs, or Non-Fungible Tokens, have gained popularity in the cryptocurrency community due to their potential value of tens of millions of dollars.
NFTs may also be so expensive due to what economists refer to as a bubble. When investors buy items with the primary expectation of selling them soon at a higher price, we say that the market is in a bubble.
Like all works of art and collectibles, an NFT is only valuable if the buyer and their community think it is. Another reason NFTs might be so valued is because of something economists call a bubble.
Most likely not. Within the international crypto markets, NFTs are a brand-new, extremely risky asset class.