The above painting is one of my own works, it is unique, and it is very valuable – very valuable to me that is.
But my point here, is the question of what makes a particular NFT very valuable?
The above painting can actually be found already all around the internet, and it is actually really quite famous already in its own right.
Also the original painting really does exist.
But it has not been put forward as an NFT or minted in any form whatsoever – yet!
But why would i want to mint this painting into an NFT?
Part of determining what makes an NFT valuable is considering the token itself and whether or not it has unique properties that are scarce on the market.
These NFTs may have a significant level of rarity, which could have a positive influence on future value.
Sometimes, the NFT creator behind the token has a unique skillset or online presence that could rocket in popularity on the market.
Spotting a valuable NFT often requires an eye for talent and a knowledge of what to look for when investing. It’s as much future assessment as it is current.
While it’s good to be aware of fresh talent, it’s worth looking out for NFT creators who already have a reputation in the market or have been considered up-and-coming, as well.
While these NFTs may already be at more of a premium, they are also more likely to hold their value or continue to grow.
One of the first questions people tend to have about NFTs is, “what makes an NFT valuable?” Fungible tokens like cryptocurrencies can be divided up into smaller units, while non-fungible tokens cannot.
These NFTs can’t be duplicated by taking a screenshot or copying and pasting an asset somewhere else. The asset’s digital signature is what determines its authenticity, showing proof of ownership history and giving it value.
While there’s no guarantee that any particular NFT will be valued highly, there are a series of factors to consider to give you a good indication of its potential worth.
Some NFT investors focus on creator value, potential future value, and buyer interest when determining whether a certain NFT makes a sound investment choice.
Others will also consider current market value based on other tokens the creator is selling and how they could influence an asset’s value in the present.
As with other collectibles, an NFT’s value is largely set by the market and by demand. It’s highly speculative, especially since many marketplaces allow selling tokens in an auction.
Although the original owner sets an initial price, an exciting bidding process may bring unexpected results.
The higher demand is, the more competitive buyers become.
Demand is closely tied to the rarity of an item. There may be a few tokens minted for the same collectible card, so not every NFT comes as a single representation of the object.
Exclusivity means a lot among collectors. Therefore, a collectible token minted once has more chances to be hunted for than the one which has 40 analogs.
If one analyzes the nature of the most expensive NFTs today, those are one-of-a-kind digital images initially created with NFT-ownership like Crypto Punks characters or Beeple’s collage.
Another important factor is the popularity of the author (if we speak about digital art forms). For example, the artist Beeple mentioned above has around 2.5 million followers across social channels.
Additionally, rare items are appreciated with time. Thus, many NFTs have gone on to trade upward in value in secondary sales.
For example, Pablo Rodriguez-Fraile resold an art piece created by Beeple with a 1000% increase in price.
People already engaged in a crypto industry simply believe NFTs are a technology of the future, especially when it comes to modern art forms.
The main question puzzling common folk is why would people pay for something they can watch, copy or download for free? The answer is simple – ownership.
Anyone may look at a picture, but it has only one owner. Well, in the case of artworks, they remain the intellectual property of the author as well.
However, the owner is the one authorized to use the work of art in any way imaginable. That’s the exact point of collecting rare items – having exclusive rights to utilize and admire them.
Moreover, NFTs are not only used for digital art. In-game items are also popular as tokens. Game characters, vehicles, buildings and spaces, ammunition, and any other piece of a virtual gaming reality can be sold.
Whereas the game developers were the only owners of in-game items before, now the users can resell their unique gaming assets. NFTs make it legal and very safe.
You shouldn’t worry about forgery and counterfeiting. Clear and transparent auditing mechanisms inherent to blockchain technology help to check any item’s authenticity.
Hence, if you buy something as an NFT, nobody can claim it’s fake.
The scarce nature of NFTs and the high demand for them from gamers, collectors, and investors have created a lot of hype about tokens lately.
People are finally starting to pay attention to the phenomenon which has existed since 2017. Moreover, they’re starting to pay real-world money for it.
Art Abstract Expressionism Artist UK 