Indian millionaire Vignesh Sundaresan would he be foolish enough to buy the collage of 5,000 digital images of Beeple for $ 69 million? How would a crypto-art collector benefit from owning virtual items? The answers in these few lines.
Tokenization
First, it should be said that we are gradually witnessing the tokenization of our digital life, a phenomenon boosted by the rise of non-fungible tokens or tokens (NFT). The rise of cryptocurrencies, supported by the blockchain revolution, has certainly had something to do with it. What is certain is that the traceability of an NFT and the certification of the identity of its owner complete the picture.
Exclusivity
Thus, owning a digital art object could only be understood by physical art lovers themselves. The happy owner of a physical copy of an original work of art would certainly have as a motivation the exclusive possession of the article in question and the possibility of resale in the future. Note, however, that this exclusivity does not exclude possible membership in a community, as is the case for holders of pixelated avatars of the type CryptoPunks.
Optimistic purchase
Here, you don’t need to adopt the same reasoning of stock market investors, which requires a consensus of opinion to establish the value of an asset. With NFTs and physical works of art, market values are rooted in the motivation of the most optimistic buyer. To put it simply, we will simply say that the attribution of any object will be a function of the highest bid.
Resale
The idea of being able to resell NFTs also influences the price fluctuation of a crypto-art coin. Don’t worry if the price of a digital art object bought for $ 1 million in 2021 sells for twice as much in 2022. It makes perfect sense in this universe.
Miscellaneous services and benefits
We don’t say it often enough, but NFTs provide a whole host of advantages such as access to a new collection of digital goods. In addition, they are not limited to art: see for yourself the concept of fan tokens developed by Socios for sports fans.
Do not forget the existence of the detractors of the NFT art who keep evoking a “hype” in his favour. Regardless of what they say, don’t forget that the word “NFT” was voted Collins’ word of the year. History to prove that we do not denigrate non-fungible tokens so easily.
Source: Quora
Mikaia Andriamahazoarimanana
The blockchain and crypto revolution is underway! And the day when the impacts will be felt on the most vulnerable economy in this world, against all hope, I will say that I was there for something
