Why should I buy NFT art? What am I supposed to do with my collection? How can I buy the art I want when I don’t have a big juicy wallet? These are some of the questions that most artists are facing when starting out.
Let’s break it down and see what we can get out of it.
You should definitely buy art!
This is an obvious one, but many haven’t thought about it that much. They simply buy what they like once in a while and leave it be. That’s a good first step though! I bet most of you have already done that.
How the market works
The cryptocurrency that goes out in profits, needs to come back in and preferably a lot more in order for the market to flourish. If artists took out all of their profits and didn’t put any back in, everything dies. We can’t solely depend on collectors to constantly bring in new money. We need to keep some in there in order to feed the machine so it doesn’t stop.
Do your part
It’s important to think about how much of your profits, you are able to put back in. We all have different circumstances, don’t compare your situation to others, do what YOU can do. But if you only sell art, but don’t buy art… then I bet a lot of artists will look differently towards you. Are you only here to make money?
If you are serious about making art and you want to be able to make a living from it, you also have to support the process and keep doing so until you get the rewards you deserve.
How to think about buying art?
Have you ever wondered why you buy what you buy? Might need to start asking yourself that question now. You can buy art for fun. You can buy art for strategic reasons. You can buy art as an investment. It’s up to you and the sooner you know, the better! Let’s talk about it.
Buying art is an art form in itself.
Just For Fun
Buying art that you like is fun and it doesn’t have to be more complicated than that. Just know that you really are helping those artists out and they are all thankful for your support. You don’t have to sell, ever. It’s up to you.
Get Strategical
Buying art has its advantages. Sometimes you can use that in order to get something more. You can buy art to create a relationship with the artist. You can buy art to get access to a group of people. Maybe that will lead to more promotion for your art in the future, maybe a collaboration could happen, you might get help landing a sweet job, and so on.
With some luck…
…if you collected a Bored Ape, you would have got some extra opportunities in this space. If you collected a Boogle, you would be in a very exclusive and impactful group that could kickstart a real artist career for you. You can’t possibly know that beforehand, but keep an eye on WHO is creating the next project and try to get in early.
Think Branding
People in the space will look at what you have been collecting and add that to your artist persona. The first thing they will see is your PFP, then your own art and then your collection.
If you manage to buy amazing art that many people appreciate, they will respect you even more as an artist and as a collector.
Usually, we look at the visual side of collecting, the known artists you are purchasing from, and the unknown artists that you are finding and presenting to everyone else.
Gallery Showcase
This goes hand in hand with your brand, to open up your own digital gallery where you showcase what you have been collecting. Here you can decide if you want to have an overall theme for the gallery like ‘Abstract art’ or ‘Pop Culture’ etc. or you can switch art every week to get more people interested in visiting your gallery.
There are plenty of directions you can take here, but it gives you an idea of what kind of art you should be looking for. Instead of buying random art, maybe focus on ‘Abstract art’ to get your gallery into the best shape it can be.
Investing
You can see art as an investment to earn more money. You can use that money to collect more art or put it towards your dream house. There’s nothing bad about investing and everyone benefits from it. The artist gets a royalty cut, the new owner of the artwork is happy and you get that extra money.
What art is out there to be collected?
There are a couple of different ways to acquire NFT art and they all have very different utility to them.
1/1 Art
Pure art with no obligation to include any utility at all. But some artists have locked Twitter chat groups and they can be very valuable to get access to.
PFP (Profile Picture) Project
Art or not. These are everywhere and some have fantastic communities and do events, workshops and can bring a ton of value for you. Some come in 100 editions and some come in 10,000. The smaller the run, the closer you get to the people in it and you have a bigger chance to have an impact.
Key / Membership
Instead of creating a brand around the art, these ‘companies’ are focusing on building a community where they focus on giving value to its members in a more direct way.
pNFT
In some cases, you can get a participation NFT called pNFT by just simply putting a bid in at the auction.
Friends Art
It’s important to show support when your friends are trying to make it too. Make sure that all of you are helping each other out.
Secondary Art
Sometimes it can be a little more expensive to buy from secondary, but don’t forget to put in offers lower than what the actual price says. It’s all about making a deal. And secondary sales are super important for artists!
Do you have to like what you buy?
NOPE!
My wallet is empty…
If you are selling art, then you probably have something in your wallet to play around with. If you don’t, then put a little in from your real-world wallet if you can. It’s a good time to do so now when the market is down.
Get in Early
If you cannot afford to buy from one of your favorite artists, then that’s okay. Maybe the artist will drop ‘Editions’ at a lower price at some point or have a raffle. BUT…
…in the meantime, find another artist that you like, that isn’t well-known yet. Collect early, show support, and help that artist get attention. Now you can sell the artwork on the secondary market, earn profits and add a little budget for acquiring a more expensive piece from your favorite artist. Repeat!
Make an Offer
If you see a fine-looking piece of artwork on the first market or secondary market for a certain price, then don’t take that as face value. Put a lower bid in! Make great deals!
Sometimes artists don’t sell their work for what they originally hoped for. Time passes by and still no interest. Then you show up with a lower bid, but it’s still a bid and a SALE is really important for the artist, and voilá, both end up in a win-win situation.
Trade Art
Feeling that you want to get rid of some artwork in your collection, but no one is taking them off your hands? Try trading them with another collector.
Create Art to Get Art
You can always slide into a big project’s DM and offer your services and in return, get a free PFP or money for example.
Sometimes big crypto and NFT personalities want derivatives of their PFPs and will likely pay you to make them one.
Some hold competitions and if your illustration is accepted, then it might end up in an auction with many eyes looking at it and you collect the paycheck.
Free pNFT
These might not hold as much value as the art that is up for auction, but you can use them to fill out your gallery. Plus, people will see that you are active in the space which is always a good thing and sometimes collectors do want to get that pNFT and will make you an offer.
I hope you found this helpful and if you want to discuss this with me further, then go ahead and slide into my Twitter DM.
This is part of an ongoing series, where I want to educate and share my view on the NFT space. I am an artist / collector and this is what I have learned so far.
