“Nyan Cat” went for USD $580,000 and “Weird Wales” sold for USD $395,000. These are massive amounts of money to spend on crypto art, but people are spending the money anyway. Maybe people just have the money to spend, maybe it’s the fact that buying crypto art from NFT marketplaces gives you sole ownership of the artwork. Maybe it is a combination of both and lots more.
NFT Marketplace a place for NFT art Auctioning
Similar to a real world auction, the NFT marketplace provides an avenue for digital art to be displayed to individuals and corporate entities with an interest in acquiring crypto art.
This artwork could be for personal or business reasons, but what is certain is that people are willing to out-bid others to buy NFT art. The NFT marketplace is trusted because of the immutability of the Ethereum blockchain on which it operates.
Every transaction is a smart one which further heightens people’s trust and desire to partake in open bidding. Indeed, the lure of the NFT marketplace cannot be overemphasized and this could be partly responsible for people’s willingness to spend and spend big.
The Uniqueness of Crypto Art
Another reason why people may be willing to spend huge amounts of money to get NFT art is because of its uniqueness. As a buyer of NFT artwork you have complete sole ownership. Having sole ownership of such artwork allows you to use it in any way you want.
You could use the art for video games for example. This is one reason why someone may be interested in NFT art, as it offers them a chance of getting artwork that no one else can own or use for any purpose. In effect, NFT art becomes an investment and asset that they can sell-on to another willing buyer.
If you want more information on why people would pay large amounts of money to buy NFT art, leave your enquiry in the comment box or send us an email today.