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How Valuable are NFTs and The Impact on Artists

When we talk about NFTs, you might instantly think of the digital arts and the topics that have been talked about on social media, especially Twitter. NFTs are actually worth more than that and are not limited merely to digital arts. In this country, NFTs began to gain recognition when they first became a topic on Twitter. In fact, there is plenty of nft developer in Malaysia these days, which is such an interesting fact to know. In this post, we will get to know the value of NFTs, are they that valuable? Apart from that, we will reveal the impact of NFTs on the artists involved.

NFTs and Their Value

Non-fungible tokens (NFT) have been in the industry for almost eight years. Despite that, they have only received popularity around late 2020 or early 2021. They hold their own special values and as the name suggests, they are non-fungible, which means they cannot be exchanged or traded. NFTs are very different from other cryptocurrencies such as Tether and Bitcoin. Hence why NFTs are known to be very valuable due to their authenticity and the fact that they could never be traded. 

You could never imagine what are the prices that NFTs could be sold for. The prices could be ridiculously expensive for some of us. Let’s take an example from the world’s famous meme, “Disaster Girl”. The NFT version of it was sold for $500,000! You read that right. In fact, this isn’t the most expensive NFT you could ever find, but at least you are familiar with this one. Wait until you find out the price of the most expensive NFT ever.

On December 2, 2021, an NFT piece by Pak which is named The Merge, was sold for $91.8 million. Yeap, million! Can you believe that? This might answer your question on whether NFTs are valuable or not. You can answer the question on your own now. 

 

NFTs and The Artists

The artists who created these NFTs gained so many benefits from their creation. Most of the time, they will get the money too and they can use that money for their upcoming projects. There are numerous industries that have begun to be involved in NFTs due to their popularity. The gaming industry, entertainment industry and music industry are among the industries that started to step up into the crypto world. In the music industry, for example, it is quite rare to see artists come up with vinyl or CDs since most of them prefer to release their albums online. These are among the collectables that can be made into NFTs and of course, there would be avid fans of them who are willing to buy them despite the cost. 

The artists and those who are involved in succeeding in the arts would also receive some income from the bid. It is completely understandable that most people are worried about this matter. There’s no need to worry as artists are promised to receive their income as well as those who are involved in the making of the art.