NFT art, which has become a hot topic in recent years, has received a lot of attention, but it has also been criticized. There are many highly valuable NFT arts, but it is said that there are also quite a lot of worthless works.
What are NFTs?
NFT is an abbreviation for “Non-Fungible Token”. It has the meaning of a non-fungible token, anyone can sell it, and it can be bought and sold without any complicated knowledge about blockchain. When NFT is resold, the reward to the author will be included. In recent years, interest in NFTs has increased, especially among young people, because it leads to long-term profits for creators.
What is NFT Art?
NFT art is a digital art work that has unique value by utilizing NFT. Digital art is art created using digital devices, such as illustrations, paintings, videos, games, and music.
Until now, digital art can be easily duplicated or altered, making it difficult to create asset value. However, with the emergence of a new technology called NFT that utilizes blockchain, it has become possible to add unique value to digital art in the same way as traditional paintings and sculptures.
NFT art is not necessarily created by professional painters. A lot of amateur works are also appearing, so there are many art works created by amateurs. Therefore, many low-quality works are mass-produced, and there are many disgusting and low-quality works.
Why NFT art is called garbage
A lot of NFT art is out now. In terms of the number of works, it has appeared in countless times in the past few years. But most of them are said to be garbage. Why?
Lower quality than AI works
NFT art has no value as a work of art. It’s a digital work, not an analog one. It is also said that AI will eventually surpass humans. It is said that the rise of AI will easily surpass the current quality of digital artwork. In other words, most of the digital art that is out now is said to be worthless. It is said that 99% of my current works are low quality and garbage.
Virtual currency and NFT are the same, but the legal development is not progressing at all. The law won’t protect you if something goes wrong. Since the legal system has not progressed at all, there is a question mark as to how much protection will be provided, and even from a consumer perspective, not many people will buy it.
There is a hacking risk as a problem of NFT art. When you make an NFT transaction, you will pay from a virtual currency wallet called a wallet. However, in recent years, there have been quite a few incidents of this wallet being hacked. Virtual currency exchanges are also working out countermeasures, but the incident itself is happening frequently, so it is a cause for concern.
The NFT market has been booming and crashing in recent years. This happened in just a few years, so the price fluctuations are extremely high. Even if you buy NFT art, you won’t be able to get your hands on it if you think that there is a risk of a crash afterwards. There are an increasing number of cases where investors do not touch the NFT market.
Characteristics of high-quality NFT art works
It is said that 99% of NFT art is garbage, but on the other hand, there are works that are not garbage. This includes works with the following characteristics.
Some of the NFT art has brought rarity. Those who provide added value to the work are recommended. For example, there are special offers and discounts, and there are purchaser-only services. With such benefits, the value of NFT art will increase.
Resellers are also appearing on the NFT boom. Resellers are generally disliked, but they are helping to revitalize the NFT market. The advantage of NFT resale is that it will be a digital asset, so there will be no fixed costs. Since the market is still developing, it is said that profits can be increased in the future.
Bybit’s NFT Marketplace
Bybit has an NFT Marketplace. If you open an account, you can actually enter and trade, so let’s try it.