The question of what makes NFT art valuable is one to really reflect upon. Some people from the traditional art realm see NFTs as a mostly speculative endeavor. On the other hand, people who have adopted these digital assets could see artistic 1/1 NFTs as not worthy of their time. However, during the crypto winter, it has become abundantly clear to everyone that some collections are not holding onto their value due to them being overly reliant on “hype” and speculation. This means that the use cases of NFTs were not as clear. The only one that persists is art.
To start answering the question of what makes NFT art valuable one should look at what the technology brings. One of the most important innovations of Non-Fungible Tokens is that they provide digital scarcity. In the web 2.0 paradigm, content is easily reproducible and available for anyone to use and share, and the artist usually has missed out on due recognition. In traditional art people may reproduce an artwork but there will always be one, scarce original.
Think of how La Gioconda (The Mona Lisa) by Leonardo Da Vinci is easily viewable online via a Google search. But the original, the one in the Louvre Museum in Paris, is far more valuable because it is the original artwork created by Leonardo Da Vinci. And so, the image of a woman with a mysterious smile is not scarce. The original work, created by a man of high historical and artistic importance, provides scarcity and value. Scarcity is what makes NFT art valuable. At least in part.
Another thing that makes NFT art valuable is that it serves a clear purpose. Firstly, this is to allow digital creators to protect their intellectual property. Secondly, 1/1 NFTs allow art collectors to buy and hold digital artworks and be recognized as owners. This could sound trivial, but the NFT space can be speculative because there is not a clear-cut use case for NFTs that is massive. NFT art is an exception and has proven to be useful for content creators.
This takes us to the next attribute of NFT art that makes it valuable: NFTs can be their own artistic medium and can allow artists to create unique artworks. Through smart-contract functionality, an NFT artist can program the artwork to mutate as it is sold, which is a good way to insert commentary on art collecting as the piece itself exchanges hands. This also works as an incentive to sell the artwork, making it acquire more value as it is sold. Being able to create unique artwork enhances the scarcity aspect as well. An NFT artwork can be unique in and of itself, and also be unique because when it gets sold it will mutate. The experience would be different for the buyer and the seller.
Finally, it has to be said that NFT art communities are tightly knit and very supportive of artists. Part of what makes NFT art valuable is that people have an opportunity to connect with the artist and fellow art enthusiasts that like the artist’s aesthetic vision. The ease to create a community is valuable for collectors and the artists themselves.
How to make valuable NFT art
Having seen what NFTs bring to the table, artists must play to these tenets. The good thing is that it can be done without compromising artistic freedom or creativity. Here’s what NFT artists should do to drive value to their art.
- If you think your aesthetic vision is unique, then that is great news! You can create something for your collectors that they cannot get anywhere else.
- Be willing to experiment. Being unique comes from innovation and experimentation. NFT art allows for this type of experimentation, as mentioned above, and is the source of many innovative and cutting-edge artworks. This is a big part of what makes NFT art valuable.
- As you build a community, it’s crucial to tell the story of why your art and vision are so unique. Where do you draw your inspiration from? What are the philosophical foundations from which you create? These questions are a great resource to explain your art to audiences and enhance the uniqueness of your artwork.
- Use the correct terms. Avoid referring to your creations as “collectibles” and instead use NFT art, 1/1 NFT, or artwork. That way, you are defending your NFTs as legitimate and true art, as well as their value. This should go without saying, but in the NFT space slang can catch on really fast.
Making sure the NFT retains value
Imagine you have created an appealing 1/1 NFT artwork. With this in hand, you still might be a long way to go. There are several examples of NFTs being copied and marketed as “derivatives” that could potentially lead to a loss of value. You don’t want a copycat putting a dent on part of what makes NFT art valuable, in this case, your art. That’s why it is really important for you to get all the adequate copyright protections. This way, those that collect your art will feel that even though a copycat could arise, they are protected by the law as well as the blockchain.
In short, being able to provide legal tranquility —so to speak— is a great source of value. And one that could be a world of its own, and make it potentially daunting. Luckily, SOPRG NFT art gallery has a wide variety of services, which include helping you get the legal protection you need for your artwork.
In order to maintain value, there can be other things to consider aside from the legal aspect. Blockchain, smart contracts, and NFT are technological mediums with which art can be created. Technically, it is possible to view digital and physical, old-fashioned art in the same space. Digital art can transcend its own confines, and so can traditional art. NFT artists can also seek out art galleries, who are already making inroads in the NFT art space. Having your artwork curated by an art gallery can bring all sorts of eyes to your art pieces, and also provide innovative ways of showing your artwork.
SOPRG, for example, is an art gallery specializing in NFTs that helps artists enter the space. On one hand, they can digitize your physical artwork and convert it into NFTs. That way you offer collectors an asset in physical and digital forms. So, old-fashioned art can make it all the way into NFT form and even into the metaverse. And because they have a physical location in Prague, Czechia, 1/1 NFT art can make the opposite journey: from the digital to the physical world and be shown physically. What makes NFT art valuable is being able to harness these synergies to produce art as aesthetically pleasing as possible.
As you can see, most of these recommendations are all about defending the art that you produce. You can find true art in almost any form, and NFTs are no exception. All that matters is whether the artwork is produced to create aesthetic enjoyment in the person viewing it. At the end of the day, what makes NFT art valuable? The fact that it is art. Pretty simple, right?
The beautiful NFT art by Alina Hrabětová (below) you can find in our Opensea gallery or you can visit our virtual gallery in Somnium Space (Jiří Školník – actual exhibition).
