Better understand how NFT works

Where can I buy NFT works?

Alexandre Czetwertynski: “There are several sales platforms, or marketplaces, which act as intermediaries between artists and collectors. Examples include Open Sea or Feral File. But you can also find works by NFT in the galleries present in the Metaverse or on the sites of the artists themselves. Sometimes there are also very creative sales methods, such as handing out a piece of paper that contains a code and then gives you access to the NFT.

Does the NFT market follow the same rules as the traditional art market?

“The link is often more direct between the artist and the collector. There are also many communities. People who are part of an artist’s community, for example, will have priority access to new NFTs created by this artist. What changes is that the artist does much more alone: ​​he creates the work, sets the price and promotes the work. These last two phases of the traditional market are instead managed by the gallery. But today there are still no specialized NFT galleries. On the other hand, there are curators who select NFT to show them in exhibitions whose works are also for sale.

Today there are still no specialized NFT galleries.

Alexander Czetwertynsky, Parallel

Are there any specific risks associated with owning NFT works?

“These are the same risks as other cryptocurrencies. You need to know how to properly manage your wallet.

Can an NFT job be insured?
“Not yet at the moment, but insurance companies are working on this issue. What could be insured is his Ledger, which is a kind of USB key that acts as a physical wallet for his cryptocurrencies.

What is the profile of an NFT collector?
“These are generally people who are in these virtual environments on a daily basis and who are already familiar with cryptocurrencies. But it can also be a completely different person who is simply curious about this art. There are perhaps more very young collectors. We are talking about people who are under 20 years old. Because the advantage of NFT is also that you can become a collector with a much more modest budget than for example contemporary art. Then, among collectors, the profiles are very different: there are people who buy only on Tezos, or others only generative art … There are speculative collectors and others who do not buy only on impulse …

What are the benefits for the artists who produce these NFT works?

“The link with collectors is much more direct. They can also earn royalties more easily on the secondary market.

Are traditional museums interested in NFTs?
“Yes, there are already examples. The Uffizi Gallery, for example, has already sold an NFT version of a Michelangelo painting. This digital, authentic, tamper-proof and encrypted copy provided additional income for the museum that had lost a lot of money in the pandemic. The Vasarely Foundation did the same and used the money to restore works of art. This is a new form of sponsorship in this specific case. Furthermore, Moma is starting to collect NFT and the Luma Foundation of Arles and Art Basel have joined forces to create a blockchain specialized in the art world, Arcual. “

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