NFT — more than art?
Let’s face it, the NFT space is evolving at light speed, and what was trending in the NFT space 2–3 months ago is no longer “in fashion” today — This, of course, has to do with the quick evolution of the NFT ecosystem, and as enthusiasts of this amazing technology, we should embrace these dynamics — it’s what keeps the industry alive.
That is why it comes as no surprise that, like the technology, communities are evolving and their demands and expectations from the value the NFT art presents to them today.
So with that said, let’s look at what the NFT collection means to the community today? And why we are seeing the demand for more unique projects.
I want it now, and I want it all — the need for value today.
Every day, we see more communities demand value for the NFT today and NOW. If a few months ago it was OK for projects to offer future value for their NFT, today, that card won’t pass with most NFT buyers. In short, fewer buyers are willing to wait a year or more actually to start feeling the value of their minted NFT. Instead, more and more holders now demand projects to offer instant value to their NFT; so they can either engage instantly in its benefits or sell the NFT to those who missed out in the drop. This, of course, has changed the plans of most projects- and in recent months, we have seen roadmaps decrease their feature release dates to shorter time intervals. So now, unlike months before, we are witnessing projects starting closed communities for the holders — which give immediate benefits — this could range from participating in active DAOs to engaging in existing simulations and games.
The interesting thing is that this is not only happening with new projects. The same trend is seen in NFT projects which had their art sold months ago. Moreover, if existing projects ignore this demand, they can expect that the need and value of their NFT will substantially decrease, which might sentence even the most promising projects.
I want to belong to something I believe in.
Here is where emotions and beliefs all come into play, with the main question being -how important is to you the idea of the NFT?
In other words, do the fundamental value of the NFT outweigh the monetary marketplace price? For certain NFT holders, the emotional value associated with the NFTs is far more important than its actual dollar price. For some people, this could be the team’s goal to promote a particular movement, and for others, it can be their childhood role models owning an NFT in the collection. NFTs are like anything we own because we want to be associated with an image or lifestyle. For a particular crowd sharing their story via social media about why and how much they bought a certain NFT in all aspects outweighs the monitory value that the NFT bring to them. It’s all about belonging to a group or project they believe in and could get them added value in other ways than with the NFT community.
The Art Collectors
Here is where the real HODLERs and NFT visionaries live. Within this category of buyers, it is where we see the majority of NFT owners collect digital art with the only aim to have as many pieces as possible from different collections. In some ways, the real reason why these folks hold their art can only be answered by them; it would be naive to think that they don’t have a plan. However, some admit that they do believe in the future value of the NFTs- whether it is in the metaverse or another not yet existing space — they see their digital art collection to grow and expect to gain significant exponential gains in the future.
A unique thing to point out is that these people are not exactly what you could classify as traditional art collectors as we imagine them in our minds — in fact, the so-called “digital art collectors” are usualy senior IT engineers who have been involved in the development of the NFT since the very start of the hype.
Now the big question — who are you?