The NFT Marketplace and digital art sale – view by artist NFT Snarskis
Valued at around $25 billion in 2021, the size of the non-fungible token (NFT) market is growing at an extraordinary rate, with sales forecast reaching nearly $35 billion in net sales by the end of 2022.
Defined as unique data stored using blockchain technology, an NFT is used to identify proof of ownership. While NFTs are commonly associated with the digital art that has taken markets across the web by storm, they can be used in game items, collectibles, physical goods, and tickets, all in the primary purpose of incorporating proof of ownership.
From a seller’s perspective, the NFT Marketplace provides an opportunity to publicize their works, generate sales, and reach an audience they didn’t have before. While digital art was relatively large before the rise of NFTs, it was difficult to prove ownership and pieces were susceptible to manipulation without permission. By storing a record of ownership on an immutable digital ledger, collectors have a digital certificate that identifies them as the true owner.
For a buyer, NFTs allow collectors to not only enrich their collection, but also to use them as a potentially profitable investment. On marketplaces such as OpenSea, Rarible, and Makersplace, buyers have access to thousands of NFTs that they can purchase using cryptocurrencies such as Ethereum. These marketplaces can work like the regular marketplaces you see for physical commodities, with the ability to buy and sell to make a profit.
NFT collections such as Bored Ape Yacht Club, CryptoPunks and Invisible Friends have become very lucrative and highly sought after investment opportunities, with a recent purchase for a Bored Ape Yacht Club NFT for $430,000 from American football player Tom Brady.
The NFT market is a booming place. But what do the artists think? Artist NFT Snarskis, who created the Multiplanetary collection of 1/1 editions available on OpenSeashares his opinion.
What do you think adds value to the NFT space for investors?
Snarsky: It’s a great way to diversify your investment portfolio. The NFT market is on the rise and only in its infancy. I see NFTs today as the early internet when people were skeptical about making a purchase online. The NFT space is already a multi-billion pound industry, and there is still a majority who are not even aware of this space or how to get into it.
As an artist, what does the NFT space do for you?
Snarsky: It has never been easier for an artist to reach so many people and at the same time for collectors to buy works directly from the creators. Blockchain technology eliminates the intermediary that used to stand between the artists and the collector. You are now entering a market that is not just for elite artists – it is a level playing field where you have access to the same collectors – it is more accessible for an artist to sell. NFTs provide a huge opportunity for artists to connect with collectors. There are no physical or monetary barriers.
Do you think digital art has the same originality as tangible art?
Snarsky: The medium/technology never defines human creativity. New technology and new tools only enable and open up new opportunities for artists. In this case, technology allows us to be more productive. We can only expect to see the unexpected from the next generation of artists and we must be prepared to be surprised. Tools like digital art and virtual reality will allow us to not only see but also experience art like never before.
How do you translate the value and skill of an artist working in different mediums in real life to producing this digitally?
Snarsky: Art comes in different shapes and forms. The beauty of art is that there are no rules, and new technologies allow us to explore human creativity without limits. As an artist, you always express your thoughts and emotions. It’s always an authentic “you”, no matter what tools you use to express yourself.
How do you see the NFT space evolving in the future? From an artist and investor point of view?
Snarsky: First of all, the NFT market is far more superior than an actual auction in many ways. Starting with transparency – the blockchain removes the factor that fake artwork could be purchased in the NFT space, all transactions are traceable back to the original source and therefore making purchases impossible unwanted. Unlike in real life, when one of the world’s most famous and influential auctions ended up being duped and resulting in the sale of fake artwork for millions.
Second, the future of engagement is natural, users will grow organically on both sides, there will be more new artists joining the space and this will attract more investors to join and start investing. Finally, people will soon be able to purchase artwork on the NFT market in fiat currency and will no longer need to convert their money to crypto. This will simplify the process and make it more accessible.
What do you think of NFTs in the context of the metaverse?
Snarsky: Maybe gamers will agree that NFTs have been around for a very long time, but we just call them “skins”. For example, in some games we could already buy “skins” that would change your character’s outfits, hair color or even your weapons. In order to acquire and improve your character, it would be necessary to make a payment directly on the platform. Later, these “skins” could be traded with other players and could be sold, just like we do now in a digital marketplace.
Tell me about your collections to date and the process of producing and marketing your pieces?
Snarsky: It all starts with an idea. Sometimes I start working on paper or, if I have a clear vision of what I would like to achieve, I go straight to building a composition on my tablet, which is connected to my computer.
My work is very unique and most of my work consists of 1/1 edition digital paintings, with the exception of transforming some digital versions into multimedia artwork. Physical pieces have a slightly longer process – after I complete an artwork, I print it onto a canvas, which is then stretched over a wooden frame. In order to create some extra depth/texture/dimension, I add a layer of acrylic paint and some of the delicate gold leaf detailing.
My very first sale made on an NFT blockchain platform was my 1/1 multi-planetary collection. The concept of the collection is simple, I first created a visual of Elon Musk crucified on Mars as Jesus and placed it on the Tesla sign. Since there was great interest and positive reaction from the community, I extended this to a collection and created the same visual by simply moving it to different planets, containing different characteristics and varying moods. Collectors absolutely loved the idea because of the pop culture references and the translation of how Musk is perceived in the culture into NFT. The collection is sold out, but new planets will continue to be added to the collection, allowing more collectors to own some of the multi-planet artwork.