Buying a piece of artwork on the NFT art market requires a love of the medium, strong belief in the artist, and a willingness to support a new market. Unfortunately, this fast-growing industry is also ripe for scammers. This is why the phrase "buyer beware" is doubly relevant. Investing in art involves a high degree of risk and is not recommended for beginners. Fortunately, there are a few ways to avoid being ripped off.
First, look at how art is produced. Since cryptocurrency is a new medium, the NFT art market has experienced a massive boom in popularity. While it is unclear whether this trend will continue in the future, traditional auction houses have acknowledged the potential for crypto art. Christie's, for example, recently offered a piece by Beeple titled EVERYDAYS - The First 5000 Days in crypto. Christie's characterized this new art market as part of a generational and demographic shift. Another risk associated with the NFT art market is the proliferation of bots. The use of non-fungible tokens would trigger a "completely dysfunctional" art market fueled by bot-driven prices and undetectable digital heists. But if you can envision the potential risks, the NFT art market might be worth considering. There are two main advantages: SuperRare: Rarible is a peer-to-peer NFT art market. It enables anyone to post an image on its website, and it offers an option for creators to specify a percentage of the secondary sale price. It also uses a cryptocurrency called RARI, which is a native token to the Ethereum network. Moreover, it is the first NFT art marketplace to use ether as its native currency. Christie's: In April, the Christie's auction house will be holding a charity auction for Make-a-Wish Hong Kong, which will feature 14 NFT artworks. A portion of the proceeds will go to ReefLine, a seven-mile-long underwater public sculpture park off South Beach. Its fine art market also has a reputation for commissions. Sotheby's is no stranger to commissions. Go to superrare.com to start trading in NFT art today. Art NFT collectors are similar to traditional collectors, but their motivations differ. For instance, most NFT collectors buy art from artists they like and support emerging artists. In contrast, only 7% of participants stated that they collect for a return on their investment. Thus, it is crucial to provide a meaningful incentive for them to invest in art on the NFT. So what is the most significant difference between the NFT art market and the traditional art market? In the meantime, Bell and his team are building a physical home for the NFT museum. Bell bought a 19th-century church in Kingston, N.Y. as a virtual gallery, but he is also launching a virtual "rooms" feature in Somnium Space. In the future, Bell hopes to launch metaverse platforms that will offer artists and curators tools to curate their work in open-access digital worlds. This link https://en.wikipedia.org/wiki/Fungibility will open up your minds even more on this topic.
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