A veteran digital artist, venture capitalist, and real estate mogul, Ryan Dean Hoggan explains the magic in NFT art transaction and how they are effectively created, marketed, and set to explode in the ever-growing crypto-world.
We asked for Ryan Hoggan’s insight on NFT and what investors look for in an NFT artist.
Remember Jack Dorsey? He sold his first Tweet as an NFT for $2.9million. You might not be alone if that news was a major attention grabber for you and has made you pondered on investing NFTs as early as possible.
The question is: what is driving people to invest millions on NFTs in what seems like a newly discovered alien investment world for most of these investors?
Since the pandemic started, my focus has always been on real estate and NFTs. Unlike real estate, crypto appears all-new. But not known to many, crypto art has been with us for a few years.
For those who discovered it through its newfound fame, it came out of nowhere like the big bang, with banging millions of dollars involved too. One of the most natural explanations for the rise of NFTs is the pandemic.
People invested and concentrated efforts on cryptocurrencies which eventually led to the rise in bitcoin and altcoin prices. The millions of people trooping to NFT platforms think that digital arts could be the new jackpot, with some heavily betting on the Beeple phenomenon.
NFT artists have attracted more investors with their works in the past few months while investors double down on the “bright future” they perceive. So, what are these investors looking for in an artist and their digital works before investing?
The digital art market boom is a result of the sprawling of the NFT space. Some of these markets are already incredibly saturated.
Even though the structure of these platforms has given artists more control of their content and community in general, the intrusion in the markets by imposters who are in search of quick bucks cannot be overlooked. It is one thing to have easy access to mint new art and make them available online at a whim; it is another for the investors to locate the artists and their works in a sea of NFTs.
Some of these investors will prefer exclusively curated platforms, while others just want to skip the tedious job of searching out their preferred NFTs and their artworks. They are keen on investing in artists who have been verified on their resident platform.
It will do an artist a lot of good if their NFT marketplace has an advanced yet simplified way of artist and NFT verification. This will increase the confidence of an investor.
Originality, Outstanding Artworks
With so many NFT marketplaces springing up, an exciting topic of uniqueness, originality and genuineness of NFTs are inevitable. As hard as it is not to get excited about the next masterpiece that will emerge after Beeple’s “Everyday: The First 5,000 Days”, it is equally hard not to be concerned about counterfeit NFTs.
Investors are increasingly getting concerned about accidentally buying an NFT from a marketplace that may have earlier listed for sale on multiple marketplaces. Any digital artist that hopes to succeed with NFT art creation should stay clear of plagiarism.
Aside from the possibility of litigation, it is a walk in the opposite direction of being discovered by credible investors. Create more unique artworks; the market thrives on scarcity; the rarer your work is, the better the chance that investors will seek it after.