NFTs Part Two: Why are they popular in the Art World?
Welcome to Part Two of Alchemy’s blog on NFT Art! Picking up where we left off – we now know what NTFs are and what they represent. But why do people buy them? Why have they become so popular in the art world? Well, before NFTs became a sought-after genre in the industry, they started gaining prominence and their popularity grew through personal purchases. Almost anyone can make (mint), buy or sell an NFT. Some users take the investment approach – the idea behind being that the NFT will retain or even increase its value with time, making it a lucrative asset to have and re-sell later. In addition, as the tokens themselves are unique and impossible to replicate, some people use NFTs to safeguard their digital ownership of rare collectibles, gaining an easy way to prove purchase and possession. Eventually companies, brands and organisations would catch on as the ways in which people utilised NTFs would grow, attaching exclusive perks, tickets to events or hidden Easter eggs to the...