Mar 13, 2021
Coming Soon: HYPEROBJECT FINE ART NFT Gallery — EcoFi’s First Contemporary Artist NFT Marketplace
With the above piece of blockchain based art recently fetching 69 million dollars at Christies, it’s difficult to deny the sudden and extraordinary popularity of this new wave of digital goods, each one backed by a unique cryptographically distinct Non-Fungible-Token (NFT).
With the growing pace of the NFT ecosystem, we think it’s important to share a little bit about what NFTs are and provide information about the nature of digital art, the psychology behind its ownership and creation, what forces drive demand, and the particular risks and rewards involved with owning and trading NFTs.
So, What is an NFT?
When I bought my first piece of blockchain connected digital art, what I actually bought was an NFT. An NFT is a digital certificate of authenticity, similar to a digital barcode. While I hold the NFT in my wallet it certifies that I, am in fact, the owner of that specific piece of digital art. If it’s not a 1/1, the metadata contained within the NFT also certifies whether it is serialized and the serial number. For example, the piece I bought was number 2360 in an edition of 5000 of these limited digital ownership certificates (NFT’s). So, if you wanted to buy that specific number from me, number 2360, you would have to buy my specific NFT. But that’s only if I am willing to sell it to you.
Or, on a secondary marketplace, you can see if you can buy any one of the other numbered digital certificates in that limited edition. Lower serial numbers are often known to fetch higher prices in such markets.
Perhaps the most important thing to understand about an NFT is that it cannot be duplicated, or counterfeited. Each individual NFT can only ever have one owner at a time, and this can be verified on the public blockchain. Everyone can see exactly what erc-20 wallet owns each specific NFT, and how much Ether or Sprout they paid for it.
Art On A Blockchain-Powered Public Ledger
HYPEROBJECT operates with an unprecedented level of transparency and provenance, made possible by the Ethereum blockchain. For the uninitiated, think of the Ethereum blockchain as a public spreadsheet, where anyone holding that specific NFT in their address can point to it and proudly say to her friends, family, and even strangers, “Ya see this here? Well that belongs to me. That number 2360 belongs to me. That’s my NFT. Yes it’s true, anybody can see the digital image in the HYPEROBJECT gallery. But, I’m one of the few people who own it. And furthermore, because of the way HYPEROBJECT Gallery works, I also have a fractional share of the original art that the NFT was created from.”
In essence, when you buy a FINE ART NFT from HYPEROBJECT, it’s an authenticated verifiable piece of actual art that you can own, whether you are a beginner, explorer, or a serious collector.
A New Way Of Ownership
NFTs in general represent a different way of thinking about and owning traditional real estate or FINE ART.
In the art world, reliable records mean everything. FINE ART represented by NFTs that have a tamper-proof trail of ownership records and exchange are a game changer for an industry where millions are often spent on provenance alone.
With blockchain backed records, HYPEROBJECT offers art collectors from all walks of life an undeniable, cryptographically verifiable connection to the artist, the likes of which has never been known before. Because NFT based art is tracked from inception, there will never be any question as to the authenticity of the art itself.
Art For Everyone
At HYPEROBJECT, we share a single goal: to get FINE ART NFT’s into the hands of regular people and give them a chance to begin building their own FINE ART NFT collections.
As HYPEROBJECT gallery curator Farida Amar noted, “since the buying power of young, new collectors has tripled in recent years, the fine art world is seeking for new ways of catering to them. HYPEROBJECT is offering an original approach to building your collection with fractionalized ownership making art that would normally be too expensive for this audience entirely accessible. HYPEROBJECT is also backed by a smart contract that will help new collectors grow their wealth, making investments in fine art more accessible.”
HYPEROBJECT’s goal is to have different tiers of digital scarcity for art collections generated, in order to provide reasonable pricing for collectors, making investments in fine art a practical option.
Risks and Rewards
The one risk to NFTs is that we are still very early in the game, and it’s difficult to predict where the market will ultimately go. However if anything can be certain, it is that FINE ART NFTs have cemented their place in history and that the hype is growing: there are more people interested in investing in NFTs now than ever before.
That being said there are some best practices you should follow before starting your collection:
Always follow best practices with safeguarding your private key, or any account access credentials. This means avoiding SMS based 2FA, never sharing your password, and whenever possible, using cold storage wallet devices.
When buying in secondary markets, always make sure you have done your own research about the artist you intend to buy from and ensure that the wallet address you are buying from is authentic, or that the art originates from the artist’s authentic address.
Use your best judgement when acquiring art, and never put more on the line than you would be willing to lose. If we have learned anything during our time of growth, it is that these are volatile waters.
Still, with a calculated risk the rewards you reap can be boundless.
NFT’s — Setting Records Every Day
With all this in perspective, if you consider that 1000 SPRT you may spend on that one FINE ART NFT to be a lot of money, then you may be surprised to know that serious FINE ART collectors from around the world are setting records on a regular basis for the amount of money they are willing to spend to curate their own NFT collections.
So far, the record for the most amount of money spent for an NFT is 69 million dollars, and who knows how high it will continue to climb? As the prices on secondary markets continue to shoot up, the initial minting market is beginning to awaken on exactly how to price NFTs, and today, the demand from collectors to buy many of these digital objects has already overwhelmed the supply.
Don’t be left behind. Join the digital revolution, get in on the tokenized transformation of FINE ART, and start building your NFT collection on HYPEROBJECT.gallery — coming October 16th to a smartphone near you.
