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RE: Why I'm so Bullish on NFT Art

in #leofinance4 years ago

I'm not the guy coding it, but part of the team building the site and designing it, yes. From what I've seen, some artists do well with multiple editions and selling for lower prices, while others only ever make 1 edition and sell for higher prices. It takes some experimentation to find your market and demand level.

If people aren't buying a 1 of 1, you might have to try doing multiple editions cheaper the next time. It definitely takes some experimentation. Honestly I wouldn't worry about secondary sales first and foremost though, you gotta get it sold in the first place for that to ever become an issue. I tend to think of anything secondary as a happy bonus.

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Some of my art are or looks traditional like an old school type. Maybe I should sell like an old school art gallery. I'm certain that some buyer would want to be the only one to own a single edition. For now, I'm going to issue single editions like it's been done that way for thousands of years. It might be expensive but someone might enjoy owning the only piece. I may never see a secondary sale if the buyer holds it to himself. thats the risk I take but it would be like selling the only physical artwork. Hilter stole famous artworks and I think some were never recovered. I worry my art may never be recovered like if the buyer dies or forget the secret password to resell, the secondarys

It could happen, but compared to traditional galleries that usually take 50% of sales, have to deal with inventory, rotation, insurance, etc... the cost of dealing with NFTs is minimal on HIVE. On ETH you have a lot of gas fees, but it really doesn't hurt to try minting a piece and see how it goes. If it doesn't sell and you decide to go the physical gallery route, just burn your token, you're out a whole 5 hive (less than $1 right now) and it is removed.

What happens to secondaries when tokens are burned?