Gate.io: Is NFT art not profitable? Can’t sell? 5 reasons explained

Gate.io

This article explains why NFT art is said to be unprofitable, tips on reselling it, and how to make money from it. There are currently countless works on the market, but most are unsold. In fact, the reality is that more than 90% of works are unsold at all. So why are there so few people buying art?

The reason why NFT art is not profitable

The reasons why some people are not making money with NFT art are as follows. There are tricks to making money, but it’s not easy at first, so start with a side job. In conclusion, until you can make a profit, you need to understand market trends, demand, and how NFTs operate and distribute them. It may take some time before you can start making money now.

Entry of major companies

The NFT market is a field where individuals have been active so far. Even in such a state, there are few works that sell, but from now on, it will be even less profitable. The reason is that major companies are entering the NFT market more and more. Due to the entry of major companies, creators who are working individually will face a difficult development. Companies are better at manpower and marketing, so the winter era for individual creators may come.

not recognized

The reason why NFT art is not selling well is that NFT itself is still relatively unknown. In the first place, many people don’t know about it, so even if you list it on the market and sell it, there are very few buyers. There is no way NFTs will sell if there are no people in the market. There are cases where the planning is bad, but since there are few competitors, it is possible to make money by disseminating information to collectors and buyers. At first, you may want to focus on gathering information and sell it at a low price.

not advertising

The reason why NFT art is not selling is because it is not advertised on SNS. It’s only natural that this won’t sell unless you’re a celebrity. No one will buy it if they don’t know the work itself. If you’re an individual creator and can’t sell, aren’t you doing advertising in the first place?

Poor quality of work

Nowadays, if the quality of NFT art is low, of course no one will buy it. If you are an influencer or someone who already has a lot of followers, you may be able to sell your work even if it is of low quality. However, if you are anonymous and your work is of low quality, you will not be considered for it in the first place. Initially, until it becomes a hot topic, sell in large quantities even if it is expensive to create. In order to avoid failure at first, it is best to go for a low sale price.

not original work

One of the reasons why NFT art doesn’t sell is that it lacks originality. There is nothing rare about works that are simply imitations of popular works of art. It’s a creator’s world after all, and if it’s not unique, it’s not rare, so no one will buy it. A new piece of work that you feel is good may end up looking very similar to someone else’s work. Of course general supply, let’s review it a little before releasing it.

Characteristics of people who make money with NFT art

On the other hand, there are people who are producing about 10% of NFT art that sells well. What are the characteristics of these people? In Japan, the number of promotional tweets on X (twitter) to launch investment projects and sell collections is increasing. Even for beginners, it is difficult to start buying and selling online just by doing it honestly in the domestic market. Although the number of transactions on Opensea is increasing, scams are also increasing, and caution is increasing, making it difficult to sell even good images.

Added value

Added value is important. By adding value such as being able to join a community or receiving coupons by purchasing an NFT, the number of buyers will increase. It is also true that there are works that will sell just by doing this. If you want to sell your latest images, pics, at a high price and efficiently, it will be tough if you don’t add some value. Users will also have to pay Ethereum (ETH) for gas fees. The point is that it is charged anywhere, even on Coincheck. In other words, it needs to be an important work that you are willing to pay the fee to get.

are advertising

People who are making money from NFT art promote their work using blogs and social media. If no one knows about your work in the first place, no one will buy it. Social media is a tool to let people know about you, so make use of it. Advertising is free. In order to be successful, it is essential to advertise in a way that does not give buyers any disadvantages. We are in an era where you can buy your work under good conditions, so you need to advertise actively when releasing it. It depends on the timing, but if you take advantage of the opportunity, you may be able to sell a lot.

celebrities, influencers

Works by celebrities and influencers tend to sell even if they are low quality. They have a large number of followers, so even doing something small attracts attention, so in many cases, whatever they do goes well. Therefore, if it is your first business venture, you will need to get bloggers to write for you or be creative. As your reputation improves, you will get more access and will gradually start selling on your own. It is probably quicker to get your work featured in the news and spread the word. When you have just published or are just starting out, it is impossible to sell at a high price, so sell it cheaply.

Resell NFTs

There is a method called reselling, where you don’t create NFTs yourself, but buy them and sell them on the black market. If you can buy promising works at low prices, you can make a lot of money. This doesn’t make you a creator, but it’s true that some people can make money from them. Fortunately, images are not a genre that will cause losses in the digital market. Generally, the more well-received the work, the higher the demand. Therefore, when assessing works, we recommend those with a long track record of developing and selling items, as they have a high chance of succeeding in reselling. If they attract attention at events in the industry, they will become more popular and their profits will increase.

NFT Marketplace

Gate.io allows you to enter the NFT marketplace and actually do business. To do this, you will need to open an account. If you want to sell your own work, open an account. This is also introduced in the following article. You can choose from options such as Metamask and transfer funds securely.

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