Why are people paying so much to buy NFT art?
Have you heard of paying a few million or even a few million for the NFT industry?
If you’ve been following cryptocurrency news for any period of 2021, chances are you have it. It’s hard to see why anyone would spend millions of dollars for a JPEG.
It’s not accessible to talk to anyone who has spent so much for an NFT industry, but we have a clear idea of why someone would pay so much for an NFT. Several factors contribute to this. Some explanations will be presented in this blog.
Paying millions for NFT?
NFTs actually bring astronomical numbers of money. The floor of the most expensive NFT art collection, CryptoPunks, is priced at $ 314,000. CryptoPunks brought in $ 7.8 million as NFT in sales.
Apart from CryptoPunks, NFT collections also have such high prices. The floor price for the Board App Yacht Club NFT collection is 51 ETH (220,000). Bored Ape NFTs have sold for a maximum of $ 2.3 million
Also recently, an NFT collection by artist Bepel (Mike Winkelman) sold for $ 69 million at Christie’s auction house. Beeple is one of the most well-known NFT artists at the moment. Also, he has received the title of the most valuable living artist.
NFT has a wide range of applications and these are just a few. Ethereum and Solana blockchains are complete with NFTs which are almost as valuable.
Individuals actually spend a lot of money to get NFT. You can test this fact by looking at the blockchain – no one disagrees.
Why is the NFT industry so expensive?
People’s motivation to spend a lot of money in the NFT industry varies greatly based on their circumstances. Most of the reasons why people buy NFT art should be mentioned below.
People familiar with traditional art will notice why people pay so much for the NFT industry and why people spend so much on conventional art.
Price increase
There is a simple reason why the NFT industry is so expensive and it is the most common.
The NFT has projected an increase in industry standards. Similarly, it is a self-referential cycle. The value of an NFT increases if someone pays 100,000 for it. The value of other NFTs in the collection is similarly increased due to this.
Any NFT artwork can employ this basic idea.
In addition, NFTs are a part of the history of blockchain. Owning a cryptocurrency is like owning a part of Etherium history, as it was one of the oldest NFT collections.
Although it doesn’t seem like much right now, investors believe that Ethereum could revolutionize the world economy. ‘
Those NFTs could be worth a lot of money in the future.
If hyper-realistic virtual reality finds its way into the blockchain, these digital images may seem even more authentic.
Finally, some people pay extra for NFT because they believe their prices will increase in the future. This is not always the case because people pay a lot of money for traditional works of art.
Amazing profile picture
Another advantage of NFT over traditional artwork is that they can be used to create visually appealing profile pictures. Discord, Telegram and Twitter are frequent hangouts for cryptocurrency influencers who play in cryptopunk or board app avatars.
As a symbol of the community, the owner employs many employees. In the digital world, you can compare it to owning a Lamborghini or a Ferrari. Conversely, those who have valuable NFT profile images may choose to remain anonymous.
Cryptocurrency enthusiasts are increasingly raising their ego by publicly parading their valuable NFTs online, as well as choosing to remain anonymous and low-key in the real world. Since they are not getting much attention, they are safe enough in this way.
CryptoPunk’s Twitter profile image can be an anonymous user that drives a Honda Civic or has a regular job!
Using metaverse
Meta (formerly known as Facebook) has gone everywhere in Metaverse through recruitment drive in Europe and a brand change. Many people believe that Metaverse involves an immersive 3D experience in the virtual world where people communicate, chat, participate in events and play games with each other despite the lack of consensus on the formation of “Metavers”.
At Metaverse, several NFT projects are already creating 3D avatars for their owners. Using our 2D avatars on Twitter and Discord, we can use our 3D in virtual environments such as Decentraland, Sandbox, and CryptoVoxels to identify ourselves.
Their power
The cryptocurrency sector has been very successful in creating assets for its participants. One million crypto millionaires and 10,000 cryptocurrency millionaires (worth more than $ 10 million) are estimated.
Those figures are less for our taste, but it is not relevant. The important thing to remember is that these crypto billionaires have probably become millions in a few days or weeks from doing a regular job. According to our estimates, in most cases, they are boys with a Ziki background in technology.
Typically, IT industry millionaires don’t want to show off their money. Those in the IT industry who can buy designer clothing or high-end automobiles are ridiculed for doing so. Consider the career of someone like Mark Zuckerberg or Bill Gates.
However, the NFT provides a platform for these individuals to show the rest of their sector how far they have come.
Since some individuals have a lot of money, they have effectively devised a new method to achieve certain NFTs and express their wealth.
Finally
This explains why so many people are willing to spend large sums of money on NFT artwork. In the end, it’s about getting a good deal and being able to talk about it.
NFTICALLY blogs often provide step-by-step tutorials on a variety of topics. If you have questions about NFT, you can find answers to our frequently asked questions or get instant help on our Discord or Telegram channels, which have a twenty-four hour staff.
https://ift.tt/N1tLCAQ
Post a Comment
Post a Comment