NFT art is getting a lot of attention, but is it worth it? And for what reason is it said to be worthless? This time, I collected the reasons why art is said to have no value.
Why NFTs Are Worthless
Art works are the most major for NFT, but it is said that these works have little value. Why?
NFT is still an emerging industry, so the law has not yet been developed. Since the market suddenly became popular in the 2020s, the enactment of laws has not yet caught up. Conversely, it means that it is not protected by law, so there is a risk that you have to invest at your own risk.
Anyone can make NFT art
99% of what anyone can make becomes worthless. Therefore, the NFT industry, which is a hot topic now, does not have an advantage, so worthless works will be mass-produced in the future. We have to find NFT art that is not worthless.
One of the reasons why 99% of NFT art is said to be worthless is because there is too much supply. There are too many creators to keep up with demand. There is a reality that most of the works other than some celebrities are not selling at all. That’s why 99% of NFT art is worthless.
just image data
NFT art is just image data after all. The fact is that very few people see value in it. Owner information remains on the blockchain for NFT art, but even so, the reality is that no one wants to invest in image data that much.
Why NFT Art Is Worth It
On the other hand, it is said that NFT art has value. The main reasons are as follows.
proof of ownership
NFT art uses a technology called blockchain, so ownership is proven. The advantage is that you can tell if the NFT art is real or fake. Therefore, even if it is copied blindly, there is not much meaning. This can add brand value. This is especially true of works by celebrities.
NFT art has utility. By adding some kind of added value, such as a community that only the owner can participate in, or a complimentary ticket that only the owner can change, the meaning of NFT purchase can be found. It can motivate you to buy.
the market is growing
The NFT market is booming in the 2020s. It is said that more and more major companies will enter the market, and more money will move in the future. It is said that NFT art will not lose its value because of this.
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.