When thinking of what to buy in the NFT art market, there are many things to consider. The one thing that a buyer should always take into account is if he or she likes the art. So the quality of the artwork produced by the NFT artist has to be at the forefront of it all. But what else is a buyer looking for?
Here are some of the things that you as a NFT artist should look out for, so that you are always able to at least deliver answers to those people that you are looking to sell to.
- The artist
When considering what to buy, one of the first things that collectors do is look at the artist behind the work. Think of the following. People don’t usually refer to Vincent Van Gogh’s “The red vineyard” as the “The red vineyard”. In collector’s circle, it is usually referred to as “a Van Gogh painting”, or simply as “a Van Gogh”. Not to say this is good. But this highlights the importance of name of the artist when it comes to the valuation of an artwork.
It’s a powerful marketing leverage, and it’s specific to the art sector. The power of a name should not be underestimated. If you don’t have a name, then don’t worry. Most people don’t have that leverage in their favor, but that does not mean that they are not giving it a try.
You can always play with the idea of one day having that name power, as long as you’re delivering with great art.
- The potential to gain value
If you still don’t have a powerful name, the brand to give your art that prestige inside the NFT art space, then you have another tool you might want to use. Anybody would have loved to go early on an artist that is already on the peak of his or her fame. Buying the artist’s artwork before he or she reached notoriety. That way, the collector is not spending as much money on art that —if the artist gains a lot of fame— will increase its value.
Now, saying that someone will eventually become a household name is getting into the fortunetelling business. Which is something that collectors and investors don’t like doing. Can you provide some sort of a promise that your NFT will rise in valuation?
- Who owns this artist’s NFTs
Just as there are famous NFT artists, there are also famous NFT collectors and influencers. If one of these collectors happens to pick up any artwork, then that collection and that artist will rise in interest and, possibly, valuation.
So, what this means is that you should always try to be very polite and grateful to your buyers. You never know who is the one that might have a strong following, and a big influence. After all, it is one of these collectors who might make or break an artist’s career.
- The blockchain used
One of the main things you are going to want to have a look at is the blockchain where the NFT art is being put on. If you’re on Ethereum, you are going to have many marketplaces that are dedicated to 1/1 NFT at your disposal. Foundation.app, SuperRare, KnownOrigin, and Nifty Gateway are all at your disposal. This is where artists can sell NFTs that are for the sole purpose of art and creative expression.
If you’re on a newer blockchain, such as Solana, then you might not have these dedicated marketplace options. Perhaps Alpha.art and especially Exchange.art could be the options to access the art collector market within the blockchain.
The main difference that a blockchain can provide with regards to another one is the adoption rate. It’s not only the amount of potential clients, but the amount of solutions, alternatives and marketplaces available. And on that front, Ethereum wins. But, there’s also a key advantage for Solana with regards to Ethereum. And that is the gas fees. For every transaction that you get your collectors to make, you’d be saving them some of those fees if you choose Solana over Ethereum.
- The artwork
Finally, there’s the artwork. This is what should be speaking above else. Do I like it or not? This is something that you get told a lot in space. “DYOR (Do your own research) and go with your gut”. Well, the gut is used mostly to say if one likes art or doesn’t.
The first thing one would need to know about the art is whether you like it or not. That’s what allows anyone to stand for artwork and defend it —so to speak—.
If you see that someone likes your artwork because of perceived themes, then that is something worth exploring. Not that you should repeat it, or become a conformist. Just look at what is striking a cord.
Finally, and still with regards to artwork, one of the things that can make it stand on its own and draw attention from collectors is the uniqueness. NFT art allows things that no other form of art permits. Like smart contract configurations so that the artwork changes as it is transferred from one wallet to another. Or the use of generative to create different types of paintings thanks to an algorithm that represents the vision of the artist. Another way that NFT art can be uniqued is by making it through traditional means, and scan it professionally. Like what SOPRG has in exhibition in its shop.
When you create a new piece of artwork, make sure that afterwards you know which of these collectors needs and wants you will leverage to make a good sale.