The new dawn of Digital Art - NFTs
By: Seo Service
Just a few months ago, By Moeller was posting his artwork online as posters, canvas prints and similar. Now the 43-year-old digital artist's dreamy creations of abstract painting and funny GIFs of Cows were drawing plenty of likes, comments, and shares, but not much income.
But BY Moeller has recently been selling the same pieces for thousands of dollars each, thanks to an emerging technology upending the rules of digital ownership: NFTs, or non-fungible tokens. NFTs—digital tokens tied to assets that can be bought, sold, and traded—are enabling artists like By Moeller to profit from their work more easily than ever.
What is an NFT? – See a more thoroughly explanation here.
The value of Digital Art
Art is interpretive, reflecting an inner vision of the creator intended to resonate with the viewer's senses, emotions, and intellect. Good art always inspires. But how do you set the value of digital art? In economic literature, there's this interesting division between functional value and hedonic value. You might think of that as basically saying, "What can I use this for?" versus "How much do I like this thing, in and of itself."
But it always comes to the vievers point, do you like it? And here, do others like it? This can cause a bidding war, or a higher re-sell price, if the buyer is an investor. Such to an instant an NFT was put for sale at a $100, but was sold for $10,000. You can divide the buyer in investors or/and collectors.
There's a flip side we don't hear about often that's in direct contrast to the artists who minted an NFT and put it up for $100, but sold it for $10,000. There might be people who paid $10 in gas fees to upload some artwork or a tweet thinking it was going to sell for $1,000 and it never does. Then, they just lost $10. That notion of demand is really necessary for digital scarcity to work. Other people have to want it.
NFTs Big-Bang Moment
NFTs are having their big-bang moment right now: collectors and speculators have spent more than $200 million on an array of NFT-based artwork in February alone, according to market tracker NonFungible.com, compared with $250 million throughout all of 2020. And that was before the digital artist Mike Winkelmann, known as Beeple, sold a piece for a record-setting $69 million at famed auction house Christie's on March 11—the third highest price ever fetched by any currently living artist, after Jeff Koons and David Hockney.
Digital Art has long been undervalued
Digital art has long been undervalued, in large part because it is so freely available. To help artists create financial value for their work, NFTs add the crucial ingredient of scarcity. For some collectors, if they know the original version of something exists, they are more likely to crave the "authentic" piece.
At one2collect.com, also known as O2C they embrace this, as they now can earn some upon the hard work which has gone to produce the digital artworks, and give collectors the opportunity for some rare and unique art pieces.
NFTs explained - https://one2collect.com/
By Moeller - O2C Limited NFT Art Collection at OpenSea - https://opensea.io/
Attached Pictures - from the O2C - One2collect Collection:
- My Family. Digitally edited work By Moeller 2021.
- Cow Walking - "How the Cow Walk" – The Original White GIF Edition 1 of 1.
- Digitalized Neon Super Highway Edition - 1-4