NFT art is getting a lot of attention, but is it worth it? And for what reason is it said to be worthless? This time, I collected the reasons why art is said to have no value.
Why NFTs Are Worthless
Artworks are the most common NFTs, but since they are digital, some people say they are just electronic waste, but in reality, many artists are creating collections of games, music, digital art, etc. Their presence is large, and buying and selling can cause bubbles and booms. New works are unique and valuable, so they are priced high. However, there are problems, and there are more failures than successes. There are not enough success stories, and only a few works are evaluated. I will explain why prices fall within the service. The number of similar works is increasing for free. There are many voices on X (twitter) saying that the management does not look different when looking at the list. I wonder if it is profitable to hold them.
not legalized
NFT is still an emerging industry, so the law has not yet been developed. Since the market suddenly became popular in the 2020s, the enactment of laws has not yet caught up. Conversely, it means that it is not protected by law, so there is a risk that you have to invest at your own risk.
Anyone can make NFT art
99% of what anyone can create will be worthless. For this reason, although the NFT industry is currently a hot topic, it does not have an advantage, so worthless works will likely be mass-produced in the future. We need to find NFT art that is not worthless. Currently, even if you continue to buy, there are many cases where the prices plummet and they become completely worthless even on their own. Even if you think that the price should rise or rise, your own token may fall in vain.
oversupply
One of the reasons why 99% of NFT art is said to be worthless is that there is too much supply. There are too many creators, and the demand can’t keep up. The reality is that most of the works of people other than some famous people do not sell at all. That’s why 99% of various NFT art becomes worthless. Even if you use news or events to promote your photos, they may become worthless by the time you sell them. It’s easy to sell items and it’s easy to get started, so many people try their hand at it.
just image data
NFT art is just image data after all. The fact is that very few people see value in it. Owner information remains on the blockchain for NFT art, but even so, the reality is that no one wants to invest in image data that much.
Why NFT Art Is Worth It
On the other hand, it is also said that NFT art has value. The main reasons for this are as follows. The latest projects are researching and learning from precedents, and the quality of registered works is improving. Experts and major companies are also participating.
proof of ownership
NFT art uses a technology called blockchain, so ownership is proven. The advantage is that you can tell if the NFT art is real or fake. Therefore, even if it is copied blindly, there is not much meaning. This can add brand value. This is especially true of works by celebrities.
utility
NFT art has utility. By adding some kind of added value, such as a community that only the owner can participate in, or a complimentary ticket that only the owner can change, the meaning of NFT purchase can be found. It can motivate you to buy.
the market is growing
The NFT market is booming in the 2020s. It is said that more and more major companies will enter the market, and more money will move in the future. It is said that NFT art will not lose its value because of this.
NFT Marketplace
Gate.io allows you to enter the NFT marketplace and actually do business. To do so, you will need to open an account. If you want to sell your work, open an account. I also introduce it in the following article.
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