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NFT Art – Popularity and Prices Riding High

NFT

Move over abstract, contemporary, impressionism, and cubism, because NFT art is making big moves.

Digital art in the form of NFTs (Non-Fungible Tokens) is becoming the popular choice for creators, collectors, and investors from all walks of life. You don’t need to be a millionaire to get into the digital asset ownership of NFTs. That explains some of the recent rise in popularity.

“NFT Art gives anyone a stake in something that they feel is significant and culturally relevant. Valuable Art is something the 1% has had a monopoly on. NFT art allows the 99% to become involved.”

Kevin Godfrey, Fabriik CTO

While it is true there are plenty of NFTs out there for mere pennies, the same is true that there are plenty of them on the market priced in the millions of dollars. The value of an NFT is based entirely on what someone else is willing to pay for it. Similar to other collectibles, demand and availability will drive the price. Records are being set for these digital art pieces on a regular basis. The artist known as “Beeple” compiled 5,000 daily drawings into a single collage named “EVERYDAYS: The First 5000 Days,” which sold at Christie’s in March 2021 for a record-breaking $69.3 million.

NFTs are created and exist on the blockchain which is a distributed public ledger. Because of that, buying and owning one is about as safe as buying and owning any cryptocurrency. However, you should take appropriate steps to protect them like you would with any investment. If you are just getting started with NFT buying, you’ll need to get a digital wallet such as MoneyButton. The wallet allows you to store NFTs and cryptocurrencies safely. If you already have a wallet, you need to purchase some cryptocurrency to use for buying an NFT. Fabriik provides an economical exchange that can be used to buy and sell cryptocurrencies faster than other exchanges. Both platforms provide easy-to-use interfaces which help make the user experience a pleasant one.

fabriik NFT art

While buying, trading, or selling NFTs can have a lucrative upside, there is an inherent risk as with any financial investment. There’s no guarantee that the one(s) you purchase will increase in value or be worth the amount you originally paid when you decide to sell. If you have funds to spare and are purchasing because a piece has special meaning, then making a personal decision to move forward may be the right choice.

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