There are countless works of NFT art out now, but most of them are not selling. In fact, the reality is that more than 90% of the works do not sell at all. So why are so few people buying art?
The reason why NFT art is not profitable
The reasons why some people are not making money from NFT art are as follows.
Entry of major companies
The NFT market is a field where individuals have been active so far. Even in such a state, there are few works that sell, but from now on, it will be even less profitable. The reason is that major companies are entering the NFT market more and more. Due to the entry of major companies, creators who are working individually will face a difficult development. Companies are better at manpower and marketing, so the winter era for individual creators may come.
The reason why NFT art is not selling is that NFT itself is still unknown. In the first place, there are many people who don’t know about it, so even if you put it on the market and sell it, there are few buyers. There is no way NFTs can be sold if there are no people in the market.
The reason why NFT art is not selling is because it is not advertised on SNS. It’s only natural that this won’t sell unless you’re a celebrity. No one will buy it if they don’t know the work itself. If you’re an individual creator and can’t sell, aren’t you doing advertising in the first place?
Poor quality of work
If the quality of the NFT art work is low, naturally no one will buy it. If you are an influencer or someone who already has a lot of followers, you may be able to sell even a low-quality work. However, if you are anonymous and the quality of your work is low, you won’t be able to deal with it in the first place.
not original work
One of the reasons NFT art doesn’t sell well is that it lacks originality. There is no rarity in works that are just imitations of popular art works. It’s a creator’s world, so if there’s no originality, there’s no rarity, so no one will buy it.
Characteristics of people who make money with NFT art
On the other hand, there are some people who sell well-selling NFT art about 10% of the time. What are the characteristics of these people?
Added value is important. By purchasing NFT, the number of people who buy it will increase by adding value such as being able to participate in the community and receiving preferential tickets. It is also true that there are works that sell just by doing this.
People who make money from NFT art use blogs and SNS to promote their works. No one will buy your work if they don’t know it exists. SNS is a tool for getting to know yourself, so let’s use it. Advertising is free.
Works by celebrities and influencers tend to sell well even if they are of low quality. In their case, they have a large number of followers, so even if they do something small, they get attention, so there are many cases where they do well no matter what they do.
There is a way to resell the NFT by purchasing it and distributing it as it is, without creating the NFT yourself. If you can purchase works with future potential cheaply, you can make a lot of money. I can’t say this is a creator, but it’s true that some people can make money.
Gate.io allows you to enter the NFT marketplace and actually do business. To do so, you will need to open an account. If you want to sell your work, open an account. I also introduce it in the following article.