The most expensive NFT artwork ever sold was Everydays: The First 5000 Days by digital artist Beeple, which was purchased at auction for $69.3 million. It’s only one of the many now-famous pieces of NFT art that sold for exorbitant prices. After numerous companies and digital artists saw how much NFT art could sell for, many of them started turning toward this market.
Synapse Research Ltd. has extensive experience in providing NFT project management services to our clients. We have carefully watched the trends around NFT art. Art and NFTs have been linked since the latter started gaining traction online, and it’s because it calls to mind the way art used to be purchased from artists.
The Appeal of NFT Art
Ownership of the original piece
One method that NFT experts use to explain the concept of NFT art is by referring to great works of art in museums.
Georges Seurat painted the magnificent work called A Sunday Afternoon on La Grande Jatte. It’s considered a masterwork and a piece of art that is first thought of when discussing pointillism.
This piece is familiar to everyone because it has been replicated many times, both as prints and digital files. Anyone can get a copy of this famous work of art, be it as a poster or a .jpeg file. But that doesn’t mean they own the piece. The real, original work of art is currently housed at the Art Institute of Chicago and is worth approximately $650 million.
This is how artists make money from NFT art. The original work of art is a non-fungible token, which means it cannot be replicated and has a digital signature designating it as the original piece, no matter how many copies are made. No one else can claim to own it but the person who paid for it.
Multiple owners to a single whole
Another feature of NFT art is that multiple people can own it. Going back to the pointillism example: imagine if you could own a piece of A Sunday Afternoon on La Grande Jatte. You could pay for a section of the painting or a certain number of “dots” in it.
This is also how multiple people share NFT art. Monica Rizzoli’s 1,024-piece Fragments of an Infinite Field can be bought in individual blocks. Buyers can have a section of the piece for approximately $7,100, the average price as of writing.
There is another reason why NFT artists make considerable sums selling their work and why NFT art has become so popular. Multiple buyers will pay for part ownership of a single piece of art, which increases its value. These buyers get to claim ownership of a larger masterwork.
The Future of NFT Art
Because art NFTs have seen a lot of success, other NFT projects have begun to take hold of the market. These include music, movies, and video games. As a result, there has been some decline in interest in NFT art. Now that other media are available for ownership, people are investing in the newer forms.
Interest in NFT art rises and wanes with time and other factors. A surge in interest often happens when a new project or innovation appears. The pattern art blocks are one example: people started investing again when the art became accessible in this way. Most crypto experts and curators understand that NFT art will not disappear from platforms—or the radar of art enthusiasts and investors—anytime soon.
Owners of NFT trading platforms believe that NFT art will continue to generate interest as more creativity and unpredictability become apparent in the NFT market.
Making the Most of Your NFTs Through Good Management
You can help ensure that your own NFT art projects withstand the art market’s ups and downs by seeking the help of NFT experts. They have the knowledge and expertise to manage your NFT project and ensure that it’s seen by the right audience
Synapse Research Ltd. has specialists that handle both cryptocurrency and NFT projects. We offer NFT consulting, creation, and project management solutions. Contact us today to schedule a consultation or learn more about our digital asset services.