How nft can help artist-
- The nft can help digital artist revive their sale and generate
revenue. While earlier digital artist could only ask for likes and subscribers ,now they can actually earn money for their work
- And not just for 1st sale
- They receive a royalty for each time their art is sold.
- Nft give a status to digital artist.
Till now we were only aware of the artist
who created digital paintings,
but now we will learn about the artist of digital artworks as people are spending a hefty sum on them.
- By using this reputation digital artist can earn more money in future
- Indian artist have been earning profits from nft. In feb 2021,amrit pal singh sold 2 digital art for rs.1.8 million.
What did buyers get-
- Buyers can exclusivity.
You would be among the selected few people who own this meme.
For ex- logan paul , a popular American youtuber created an nft of pokemon which is worth $1.3 million. This nft can be bought by only 4 individuals.
- Due to this craze of nft, several new investors have entered the market with the hope that they would be able to sell the nft at a higher price in future.
Who can buy nft-
- Anybody can buy nft-
- If you love digital art.
- Or if you want a earn a profit by investing your money in digital art.
Where to buy nft from-
- There are 3rd party websites where you can buy nft’s using a cryptocurrency known as ETHEREUM.
- The speculators( those who are investigating in nft to earn a profit ) are relying on economic concept known as Veblen goods.
What is Veblen goods concept in nf-
Usually when the price for any good falls, its demand increases. But this isn’t the case with Veblen goods , usually they are luxury items. The higher the price of the item the more would be the demand.
These speculators believe that this would be the case the nft.
Other applications of nft-
- Nike has devised a method by which you an verify the authenticity of the sneakers. Nike calls this nft system-cryptokicks.
- Many websites are offering cryptocurrency loans if you deposit nft as collateral.
This means that nft and cryptoloans are analog to a house and personal loan .