What is NFT
Non-fungible tokens (NFTs) commodify the previously uncommodifiable. They create digital assets out of typically non-tradable assets, like digital artwork and computer-generated art and algorithms. The ability to mint artwork into NFTs is a relatively new phenomenon that provides digital content creators and artists alike a new route to market that has taken the art world by storm. With a new global community of collectors and the ability to charge royalties on future sales previously unknown artists and professional artists alike now have the ability to profit from their talent.
Value and NFT
CryptoPunks are one of the first NFTs sold on Ethereum. Savvy investors who bought in early made enormous profits. These pixelized pieces are still one of the hottest digital collectibles in the world and one recently sold for $7.58 million USD. Originally the creators gave them away for free after launch in June 2017. For several years only small sales were transacted. Once NFTs caught on, the value of these creations exploded. They contain various male and female forms with a combination of accessories and small variations that add rarity and thus value. HoDooi.com debuted with the heavyweight boxing champ Tyson Fury’s NFT collection, with the “Lineal by Tyson Fury” NFT selling for an astonishing $987,000 USD. But where do these NFTs get their value? To understand the actual value of NFTs for newcomers, it is useful to examine the traditional art world. Claude Monet, one of the most prolific painters and founder of the impressionist movement has work displayed all over the internet. People can print, frame, and display his work for next to nothing. Some artists can complete indistinguishable replications that are fairly cheap on the open market. An actual Monet sold for $110.7 million USD at a Sotheby’s auction house in 2019. So what is the difference? This Monet was verified and traceable back to the original creator by a skilled curator. Value for the painting comes from the ability to trace its authenticity and verify that it was actually created by Claude Monet. It is the verification that provides the authentic Monet with value.
A curator is needed to authentic physical art. In the new world of digital art, smart contracts take on the role of curator by verifying the authenticity. Once minted on the blockchain the asset is tied to the original creator, forever solidified on an immutable ledger.
In Search of Next Crypto Punk
on-fungible tokens (NFTs) are here to stay in the art world and investors need objective and timely market data to help them make the best investment decisions. Content creators, buyers, and sellers simply need the NFT truth. The NFT marketplace is oversaturated and finding the best deals and content is nearly impossible.
Access to information is the key to understanding how to invest and leverage the NFT marketplace but currently that information is inaccessible and non-existent. Most NFT enthusiasts are familiar with opensea.com, rarible.com, and HoDooi.com, but how do they know if they are seeing all the pieces needed to make an educated investment? How do investors compare options between sites easily? How do investors surf the web of unending art galleries to find the next Monet?
The current NFT marketplace is segmented across different blockchains and platforms within these chains. This causes both buyers and sellers to miss opportunities and make purchases based on instinct rather than information. Everyday new drops appear, and no one knows or understands which drop they should ape into.
The answers to the most pertinent questions are not available. Buyers want to know which NFTs are increasing in value, where they can find more information, or where do they even start to look? How do they simply search for NFTs they like according to taste rather than specific project name? Sellers continually ask how they can promote their own NFT project?
NFT insiders and influencers seem to run the show and have the power to make or break a project. But even they only have access to their followers and lack the ability to stand out on top. The most confident and engaged investor and seller will be the ones with the most information and options. This data needs to be in one place and easily accessible. NFTogle.com is here to provide that platform and information.
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