NFT and art market are very similar. Traditional art has been working as a store-value, status symbol and as a good investment mainly for the wealthy
Now it seems NFT is taking over the status. Just like how art valuation work, well-known/well-marketed projects are valued extremely high with prices keep going higher.
NFT adds speed, low cost(relative to the traditional art trading) and hype from cryptocurrency to the art market. Plus, it lowered the entry bar to the art market with digitization for both the artists and the collectors. So now an average person like me can own a nice piece of art with very low or no broker fee, and can even easily sell it back(if someone buys lol).
Many people think NFT is in bubble, I agree to some extent, but in the end art as a trading asset is a bubble. Art was never meant to be a trading asset. Art is art which give people food for their soul and heart.
People can buy NFT and flip it for quick profit and I like that as well since the liquid market attracts more people to the NFT world. I probably wouldn't try to learn about NFT if I didn't see the news like 24x24 pixel art being sold for millions. But anyway that made me learn about NFT and I am very much in love with it.
I think purchasing an NFT art/collectible to support the great project/artists would pay back, whether financially or in other way like healing your soul. Of course not all purchase can be financially successful but at least owning an amazing inspiring project/art will fill your heart and soul which I think is worth spending for.
tl;dr
If you purchase NFT only to flip and if it isn't sold you would be very disappointed and in some case stressful. But if you purchase a nice work that makes you excited and inspired, knowing that you support the hard working artist, it will be satisfying experience.
Yay! 🤗
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