When I say “Traditional NFTs,” that means I’m talking about the original NFTs that used to sell and do not have any utility added to them. These NFTs represent unique digital assets on the blockchain in the form of art or collectibles.
Nowadays, many NFT artists and companies are moving towards Utility NFTs, but still, traditional NFTs will always have their own market and buyers, but only if the NFT is unique in some way. In this article, we will see why some NFTs were sold at very high prices, while many NFTs are lying around with no one to buy them, and the market feels somewhat saturated. We will also discuss what NFT artists can do to thrive and be successful in this saturated market.
To understand how to be successful in the NFT space in today’s saturated market, first, we need to see why high-end NFTs sold at such high prices and what was so special about them.
The high sale prices of these iconic NFTs stem from a combination of unique factors that distinguish them in the marketplace. Here’s a breakdown of what made each piece special, along with insights for today’s NFT artists aiming for similar success:
Iconic NFTs and their Uniqueness:
* “Everydays: The First 5000 Days” by Beeple
Culmination of Effort: This piece represents 5,000 consecutive days of artwork, showcasing Beeple’s dedication and evolution as an artist over 13 years.
Cultural Relevance: It captures key moments from contemporary culture, making it a significant digital artifact.
Established Reputation: Beeple was already a well-known figure in the digital art space, attracting collectors’ interest.
* “The Merge” by Pak
Innovative Model: This NFT introduced a unique model where buyers could purchase “mass” units that combine to form a larger piece, promoting interactivity and community ownership.
Scarcity: The limited availability of masses created urgency and demand, driving up prices.
Pak’s Influence: Pak is a renowned artist known for pushing boundaries in the NFT space, which added to the allure.
* “Clock” by Pak and Julian Assange
Political Message: This NFT serves as a powerful political statement about Julian Assange’s imprisonment, connecting art with important social issues.
Collaborative Impact: The collaboration with Assange attracted attention from both the art and activist communities, broadening its appeal.
Philanthropy: Proceeds supporting Assange’s legal defense resonated with buyers looking to contribute to a meaningful cause.
* “The First Tweet” by Jack Dorsey
Historical Significance: As the first tweet ever posted, this NFT is a piece of internet history, giving it immense sentimental and cultural value.
Celebrity Status: Jack Dorsey’s status as co-founder of Twitter added substantial interest and legitimacy to the sale.
* “CryptoPunk #7804” and “CryptoPunk #3100” by Larva Labs
Scarcity and Rarity: CryptoPunks are among the first NFTs on the Ethereum blockchain, and their limited supply creates a sense of exclusivity.
Cultural Icon Status: They have become cultural icons in the NFT space, recognized by both collectors and the broader public.
Community and Fandom: The strong community surrounding CryptoPunks enhances their desirability.
Now that we have seen the specialties of the iconic NFTs, let’s see what we can do to be successful in the NFT space.
NFT Artist Success Tips: What Today’s NFT Artists Can Do to Achieve Success
To make NFTs unique and stand out in a crowded marketplace, today’s artists can explore various strategies that enhance creativity, interactivity, and storytelling.
Here are some important points to consider:
- First and foremost, your NFTs should be unique and original. This means they should be quality artwork and not AI-generated junk. Though AI is great and is solving millions of problems in today’s world, when it comes to artwork, it should be original. Just like Picasso and the Mona Lisa, your artwork should be breathtaking; the only difference would be that Picasso and the Mona Lisa were on paper, while your artwork would be digital—that’s all.
- The second thing is your online presence. Create a brand through a personal website, social media, etc. For example, you can own a website like myNFTledger.com, write articles focused on NFTs and artwork, build a community around it, and display your artwork on your website as well.
- Thirdly, you can and should join and engage with NFT-related communities on great platforms like Reddit, Discord, Twitter, etc. Networking is very essential when it comes to the NFT space.
- The fourth point is scarcity. This is obvious and seen not only in the NFT space but in the general world as well; people want to buy items that are scarce. Just like limited edition luxury cars, watches, sneakers, etc., NFTs are no different. Always create limited editions or exclusive drops to enhance the value of your NFTs.
- Next is the artist’s reputation, which plays a crucial role. NFTs created by well-known artists or those with a strong following often fetch higher prices. Established reputations can instill confidence in buyers, leading to a willingness to pay a premium. Even in today’s saturated market, if Beeple drops an exclusive NFT, I’m sure it will sell for millions of dollars. So, work on your reputation.
- Another crucial factor is storytelling. The story behind an NFT can enhance its value. People connect to the story and want to be part of it; the best way to be part of the story is by acquiring the NFT related to that story. For example, there are some epic movies or web series of all time with a big fan following, like “The Lord of the Rings” or “Game of Thrones.” Imagine if they dropped NFTs in limited editions—what would happen? I’m sure they would sell for millions because people want to be part of it.
- Last but not least, choose the right NFT marketplace. Different NFT marketplaces cater to various audiences. Research and select platforms that align with your target demographic and artistic style.
By incorporating these strategies, NFT artists can create unique offerings that attract collectors and stand out in a competitive market, enhancing both artistic expression and commercial success.
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