With tokens going from one hand to the other, NFT Art Collectors, NFT artists, NFT marketplaces and sometimes the whole sphere have witnessed a metamorphosis. Usually, the NFT Art Collectors, irrespective of the reasons behind them collecting, desire tokens that will retain value and be appreciated over time.
Some wealthy NFT Art Collectors thrive on their passion for art so much that technicalities don’t make a difference to them or their choices., They solely collect the artworks they relish. Most of the technicalities involved have to do with the artist, which is undoubtedly the most crucial factor when evaluating a crypto art token. However, most of us resort to immensely researching before buying a token when it comes to investing.
The NFT Artist’s Minting Cadence
As you might know, NFTs are not interchangeable. However, if it does come down to it, it’s less outlandish to exchange a Beeple for any other Beeple or a Trevor Jones for another Trevor Jones than exchanging it for any other artist’s work.
Blockchain technology has been a boon to the NFT Art industry. By easing the exchange of artwork and proving its legitimacy, it’s also made it easier than ever to build and instill new artwork into the current supply. Essentially, each NFT artist controls the supply of their work and its inflation rate.
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It is a well-known fact that centuries ago, it took artists lifetimes to build their style. We are all familiar with Van Gogh, who has painted multiple canvases every day, and Picasso, who created over 13,000 works of art in his career. This took an unimaginable amount of time and devotion.
These days, abundant resources are available for artists readily. Whether you are looking to test the artistic waters or attempting to hone your craft, it is not an arduous task. The minimum required means are already in almost all households.
NFT Art Collectors do admire hard-working artists, who create astonishing tokens. But there’s more to the story. NFT Art Collectors also recognise the artists, who are conscious of their works’ rarity and hold a predictable minting cadence.
The NFT Artist’s Works Listed For Sale
The pinnacle of appreciation of an artist’s work is when none of their works is listed for sale by them themselves. NFT Art drops should be strategically priced, such that the pieces sell out at the earliest and no auction sits too long without bids.
In the case of an NFT artist’s works being listed for sale, it can be perceived as better if NFT Art Collectors (asking for prices higher than what they paid) list the work rather than the artist themselves. More often than not, seemingly unattainable works are highly sought after by the NFT Art Collectors. Now, if many people list the same work sale, they might become reluctant to pay a high price.
The NFT Artist’s Fanbase
Blockchain technology has made it a cakewalk for artists to sell their works directly to NFT Art Collectors without doorkeepers or any other outsiders interfering. Therefore, the responsibility to rake in fans and hold their attention lies on the shoulders of the artists and NFT Art Collectors.
Social media giant Twitter plays a massive role in NFT art. Something that NFT Art Collectors look for in an artist is their follower engagement. Questions like,” Can the artist excite their next drop well?”,” Do they get a lot of traffic on a promotional post for their work?” are mostly asked.
Some artists are blessed with such loyal fans and NFT Art Collectors that they need not move a muscle to hype up their next NFT art drop, as their fanbase does all the legwork for them, driven purely by love and excitement.
The Blockchain Where The Token Resides
The Ethereum blockchain reins in the NFT crypto world. While Bitcoin has considered the most reliable blockchain thanks to the amount of processing power it’s got, Ethereum is the most influential blockchain which executes meaningful smart contracts.
If an evil character gains access to more than 51% of the processing power of a blockchain, it can create tokens and modify transactions. However, this has lesser odds in the case of Ethereum compared to other blockchains you can mint NFTs on.
While the future of decentralisation, security, etc., in the NFT world remains unpredictable, Ethereum currently is the ruler. This explains why ETH-minted tokens are exchanged at notably higher prices than others on different blockchains.
Other NFT Art Collectors of the NFT Artist
Before you seek something in the market, do you not like seeing who has purchased the same item earlier? Similarly, future NFT Art Collectors delve into the history of former NFT Art Collectors of the token they are interested in to gather insights into its value.
Some NFT crypto collectors go for a token simply because it was owned by a collector they cherish at a point in history.
Just how an artist controls their token supply, their NFT Art Collectors do the same. What we are trying to convey here is that if an NFT Art collector were to dump an artist’s tokens altogether, it would be disastrous to the value of their tokens. Though this is an extreme case example, most ultimately sell their tokens since every work listed for sale reduces the rarity of the remaining tokens the artists possess.
Finally, we talk about what the token looks, sounds, and feels like. Some tokens are so touching that they evoke a robust emotional response from enthusiasts and the NFT Art Collectors. One glance at a handful of tokens can bring you to tears. The token content is vital for drawing NFT Art Collectors, who are continually accumulating according to their taste.
NFT Art Collectors are well aware that technology has made the formulation process more manageable and cheaper than ever before. Though the fact remains that NFT artists can spend months working on and furnishing a single token, it’s more spontaneous to build something awe-inspiring today than it was decades or thousands of years ago. it’s the easier way to market your NFTs.
A token with stunning content urges the NFT Art Collectors to cross the finish line and place a bid. This is just one of the countless factors for NFT crypto Collectors as they appraise a token’s value and finally shoot their shot. If you’re looking to market your NFT, keep these factors in mind.
(Hitesh Malviya is the founder of itsblockchain.com, India’s first & oldest blockchain cryptocurrency publication. As a crypto guru/investment expert/early adopter, he has over 5 years of experience in the cryptocurrency and blockchain industry)