NFT Art: New Wave of Blockchain Profits!
I’ve added a new addition to the Mampilly art collection … Well, I started with one and ended up with about 50!
It’s called NFT art.
Non-fungible tokens, or NFTs, are unique, one-of-a-kind investments that can’t be replaced with something else.
This Fourth Industrial Revolution art is backed by blockchain.
NFT art is a game-changer for artists, creators and investors alike, helping to generate consistent income for their amazing talents and abilities.
And I’m telling you, there are some future Picassos out there!
As a long-time art lover, I’m excited to see NFTs disrupt the art world the same way Uber and Tesla redefined the car and travel industries. See the full scoop now:
What is an NFT and NFT Art?
A non-fungible token (NFT) is a ‘unit of data stored on a digital ledger, called a blockchain, that certifies a digital asset to be unique and therefore not interchangeable (like currency or bitcoin). NFTs can be used to represent items such as photos, videos, audio’ files and of course digital artwork.
So, the best way to think of NFTs is to see them as a one-of-a-kind digital asset that cannot be replaced with something else.
In the art world, Paul sees crypto and blockchain technology working together to make art available to all, both as artist and collectors, where nearly everyone can participate on both sides with nearly very little barrier in terms of money exchange.
The NFT art and collectible space is on a tear, per Barron’s reporting, there were $437 million in NFT art sales in the first 4 months of 2021, compared to $50 billion in sales by the traditional art market in 2020 with online sales totaling $12.4 billion. What this shows is that even though the NFT art market is small (for now), its addressable market is massive and this new form of buying art can potentially have a significant foothold in the art industry.
NFTs give artists an outlet to sell their work that might otherwise not be seen by big audiences.
One decentralized digital art gallery known as Hic et Nunc, which translates into “Here and Now,” is one such outlet. Hic et Nunc gives artists a platform to sale their digital art. This platform democratizes original art. Per the platform’s website, this decentralized application allows its users to manage decentralized digital assets, serving as a public smart contract infrastructure on Tezos Blockchain. Tezos, another type of open-source blockchain network, can perform peer-to-peer transactions and serve as a platform for deploying smart contracts.
Many artists, as seen in this digital gallery video, sale original pieces on platforms like Hic et Nunc for pennies and some will see the price of their artwork soar later. To mint a piece on this platform may cost about 7 cents for an artist and with that, an artist may get 15,000 people to see their work opening them to a large buyers’ market not available before. Traditional galleries and agents should take notice of this disruptive trend.
Per reporting from The Verge, as an artist, quote “NFTs have a feature that [artists] can enable that will pay [them] a percentage every time the NFT is sold or changes hands, making sure that [their] work gets super popular and balloons in value.” And as an art buyer it allows you to “financially support artists you like … and … usually gets you some basic usage rights, like being able to post the image online or set it as your profile picture. Plus, of course, there are bragging rights that you own the art, with a blockchain entry to back it up.”
Now in order to start buying/acquiring art in the NFTart world you’ll need a cryptocurrency wallet. Since Hic et Nunc uses Tezos blockchain. Temple Wallet, a cryptocurrency wallet, is one an easy-to-use wallet for interacting with the Tezos ecosystem. Temple is a web extension that allows users to manage their Tezos private keys via a web browser. These web browsers include Google Chrome or Firefox. Step by step instruction videos on how to set up this type of wallet is available right on Youtube by searching for “How to get started with the Temple Wallet” and interact with the Tezos dApps. Once your wallet is set-up, you’ll be able to get started buying art pieces that pique your interest.
The rapid rise of the NFT market is here. One way to play this market is to consider buying Ethereum Cryptocurrency the physical crypto. Resident crypto and sr. investment analyst, Ian Dyer forecast Ethereum reaching $8,000 in this buy cycle. It’s currently trading around $2,500 at the time of this recording and a key blockchain used in the NFTArt market. Another way into this growing market is by signing up for Paul and Ian’s upcoming Crypto Flash Trader trading service. There are over 4,000 cryptocurrencies ripe for investing and potential future gain. Ian in particular is laser focused on cryptos and furrowing out the crypto stars for tomorrow that are ready for investing today.
This is a disruption in the arts!
#NFTart using #crypto #blockchain is a game changer in the same way that $Uber $ABNB made cars/homes into an income producing assets. artists, creators can now generate consistent incomes from their talent and abilities. another #A2O #4IR disruption this time in the arts #BOP
— 🇺🇸Paul Mampilly (@MampillyGuru) June 10, 2021
This is another crypto game-changer. And it’s another reason Ian and I are launching a cryptocurrency trading research service called Crypto Flash Trader.
With Ian leading this one, you can expect full steam ahead on bullish recommendations. Much like his bitcoin (BTC), Uniswap (UNI) and Ethereum (ETH) predictions for 2021:
Will post any more in replies to this
— Ian Dyer (@IanDyerGuru) January 8, 2021
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