NFTs: The Latest Art Industry Trend
NFTs have been all over the headlines lately, and not just in the financial sections of the newspaper. You must’ve been wondering what the fuss is all about. NFT is short for a non-fungible token, and here at Distinction Gallery, we’ve taken up the task of explaining it to you.
Now you must be wondering, art and NFTs: what’s the connection?
First, let’s break down the meaning of NFTs. These non-fungible tokens are a type of cryptocurrency, meaning that they’re not a tangible money form but much like Bitcoin. However, they differ from traditional cryptocurrency because they can’t be exchanged. So what makes NFTs so popular in the art industry?
While there are several types of NFTs, all of them have a mutual quality. They can store information and digital files and are considered valuable equal to the holding price of the stored file. These stored files can range from music albums to art pieces and digital graphics.
The Big Bang Moment in the NFTs Artwork Market
You’d be surprised to know that investors, as well as art collectors, are extremely positive about the future outlook of the NFT art sales. According to NonFungible.com, in 2020, collectors and art lovers spent over 250 million USD on an array of NFTs containing art pieces, GIFs, images, and other forms of art.
This report further estimates that the NFT spending has already crossed over 200 million USD in the first half of 2021. A report explains that due to vandalism and copyright breach risks, baseball card collectors are willing to pay as much as 3.7 million USD for a card piece with a picture of Honus Wagner.
How Big Is the NFT Art Market?
The NFT market is still evolving. It’s difficult to give a rather clear image of what the future of art NFTs looks like, but we can say that it’s definitely positive.
The art NFTs market has two primary platforms: open and non-curated. Both of them offer an opportunity to art collectors and investors to allocate their money in acquiring and reselling valuable art pieces.
Today’s NFT art sales are stronger than ever. With people looking for more online investment opportunities, the sale rate has crossed 95.5% of the overall prediction. The latest ArtTactic report revealed that the NFT artwork collectible generated over 71% of the total industry sales in 2020.
Invest in the Most Reliable NFT Art Sale Today
As the NFT art market continues to strengthen its reputation, now’s the time for you to buy NFT artwork for sale in CA and abroad. At Distinction Gallery, we stock art pieces from various emerging and mid-career artists.
With over 180 art exhibitions executed successfully, we can assure you will find the best original art pieces for sale at Distinction Gallery. Call us at 760.707.2770 today, or subscribe for the latest trends and updates.