The Non-Fungible Token (NFT) market is booming, to say the least. Data from DappRadar estimated that the value of the NFT market was $22 billion at the end of 2021 compared to the conventional art market which was valued at $50 billion. That is still a significant difference but bear in mind that the NFT market was valued at only $100 million in 2020. (If you are not familiar with NFTs or are still a bit skeptical, click here to read our blog explaining what they are and how they work.) These baffling numbers have drawn the attention of artists all around the world who would all like to try to succeed in the digital world, which is why you are here. The rest of this article will give you the insight you will need to understand how to make your physical artworks into digital NFTs as well as some points to keep in mind.
This question comes up all the time. Whether the value of the digital artwork will mirror the physical one is a tricky question to answer. One way to look at it is that there are two different markets that you are selling to. Buyers of your art do so because they appreciate it in its physical form, whereas it may not appeal as much to the digital market. This can also be looked at in a positive light as buyers of digital art may appreciate your work far more in a digital form. It all really depends on your creative process and finished product, and how it is perceived by your market. For example, a Banksy artwork was purchased for around $100 000 after which it was digitised, minted, burnt on video, and then sold a week later as an NFT for roughly $380 000. So the only way to properly answer this question is to experiment and test the market.