This article will give an insightful perspective on the NFT space and expose the key attributes that top NFT artists possess. It will be safe to assume these attributes are what make them stand out. First, let us delve into a brief description of fungibility.
Fungibility connotes the ability of the asset to be interchanged or replaced with other individual goods or assets of the same type. Fungibility implies equal value between two assets, making it easy to exchange and trade between them. So basically, fungible tokens can replace each other without a change in value.
Some major examples of fungible tokens include Commodities, common shares, options, and dollar bills.
What Are NFTS?
The term NFT is an abbreviation for Non-Fungible tokens. As the name implies, non-fungibility connotes the inability of the asset to be interchanged or replaced with other individual goods or assets of the same type. Non-Fungibility tokens are unequal in value and unique making it difficult to exchange and trade between both assets.
Major examples of Non-Fungibility include diamonds, land, or baseball cards because each unit has unique qualities that add or subtract value.
To explain better, every land of the same square meter is not the same. The value of the land also depends on location, topography, neighborhood, fertility, etc. This makes it difficult to exchange one land of the same size for the other as their value might have significant differences.
What Makes Digital Art Non-Fungible?
Several artists all over the world have made copies of Picasso’s paintings. While someone can make copies of Picasso’s paintings, the originals are impossible to replace and unique.
NFTs, like Picasso’s original art, are blockchain-based tokens that each represent a unique asset for example digital content, a piece of art, or media.
Due to the immutability of the blockchain, an NFT minted on the blockchain serves as an irrevocable digital certificate of authenticity for any asset, whether physical or digital.
Read also: Create NFT Digital Art in 3 Simple Steps
As cryptographic assets on the blockchain, NFTs have distinct unique identifiers and metadata that set them apart from one another.
The proliferation of NFT Artist
NFTs have a long history as far as 2012 when Meni Rosenfield published a paper describing NFT technology as “Colored Coins.” Originally, the Bitcoin blockchain was the focus of the NFT paper.
On May 3, 2014, digital artists Kevin McCoy and Anil Dash created the first known NFT. The Quantum NFT featured a little video of McCoy’s wife Jennifer. He later sold it to Dash for $4.
The turning point for NFTs came on March 11th, 2021, when Mike Winkelmann (known as Beeple ) sold his NFT collection “The First 5000 Days” for a whopping $69.3 million (38525 ETH). The sales gave global attention to NFT arts and led to massive interest in NFTs as a store of value.
As the NFT market continues to grow, new digital artists from Web2 and other digital industries are rapidly migrating into the Web3 NFT space, making it more difficult for individual artists to stand out amid the chaos.
According to CryptoArt.io, over 3.2 million pieces of artwork have been marketed for more than $2.5 billion in the last two years.
Beeple, Pak, Edward Snowden, Kevin McCoy, Whisbe, Paris Hilton, and others are among the top-selling NFT artists.
While some artists make massive sales, many other NFT artists struggle to gain traction.
Here are some key characteristics that distinguish the top earners from the rest.
1. Create a stunning website:
The validity of your project is strengthened by conventional websites that include information about your collection, your investors, and a plan. It should be appealing and vibrant. Visitors to your primary website are those who choose to make an NFT purchase. They will examine the project team and proposals. Show the public the team members and the artwork.
2. Have a Catchy Mission:
A key distinguishing feature of most popular NFT artists is their sense of mission. Beeple for example is committed to designing one NFT art per day and has consistently followed through from his days as an underground artist. The First 5000 days was a collection of his First 5000 works as an NFT artist. The Bored Ape club promoted exclusivity and class. There is other NFT artist that commits a percentage of their sales to charity or a cause. NFTs have also been an active part of several global issues like the Ukrainian war etc.
3. Create an NFT community or participate actively in one:
Art historical collectors converged in Montparnasse cafes and bars in the initial periods of contemporary art. NFT collectors now meet and form groups on social media platforms such as Twitter, Discord, and others to compare notes, criticize, and evaluate NFT arts. Building a social media community or following allows you to expand your audience while also providing much-needed authenticity and trust in these days of rekt due to increasing rug pulls.
4. Get the Pricing Right:
Include the community in the price-setting process. Either through routine surveys or public conversations. Spend some time discussing what a fair price is with your community.
5. Provide extra information and collectibles:
Every NFT artist must learn to engulf their art with a dramatic story while also adding context and exclusivity. Whether collection or art, a special and appealing narrative should accompany the work to build a sense of perspective and allure.
6. Be unique:
There is a need to etch out a distinct niche for yourself by creating artworks not solely to sell them, but also because they have deeper meanings or are in an area that you are genuinely enthusiastic about.
7. Cooperate with reliable influencers and businesses:
It’s critical to collaborate with credible crypto social media influencers and companies that have a track record of honesty and don’t encourage fraud. Select partners who support both your idea and the NFT industry as a whole.
8. Try something new like joining a Unique blockchain:
Beeples was just a 3d artist who leveraged the new blockchain smart contract technology to push his art. As the blockchain space continues to revolutionize and innovate with new use cases and goals, we are seeing a fervent following among blockchain enthusiasts. Being a committed member of a specific blockchain and committing to mint and grow on the chain has its own set of benefits as the NFT artist gets huge community support from the ecosystem community translating into huge publicity and support for his works.
Blog Credits: Medium