🌓NFT Types
Understanding the status quo when it comes to NFTs
Types of NFTs
The two types of NFTs I want to focus on– there are many– are Fine Art and Generative Art. I believe these are created with such different intent by design that you have to discuss them separately. Both of them by design are part of the problem.
Fine Art
1 of 1 - Held in the highest regard and typically valued higher than generative art on average.
Often sold by Auction or Buy Now
The ability to sell this asset is completely reliant on the artist's ability to inspire buyers
It can be difficult to part with these as they are unique in every way
Considered the most illiquid of NFT assets
Pretty frowned upon to sell w/o royalties
Artists typically see income in waves (you eat what you kill so to speak)
Limited Editions
These are typically copies of a single image for example 1 of 25.
Typically sold in Buy Now fashion
Artists can plan around what they expect to make from a drop
These are considered more inclusive. A group of people can share that artwork as opposed to only one hoarding it for themselves
Too many Editions or Editions of too large a size could look bad if they repeatedly don't sell out
Release art at your own pace don't worry about grinding to sell out before releasing more
Open Editions
Let the market decide! I suggest you make it a timed mint though. It rewards the people who showed up with a smaller supply. 24 hours is a great amount of time. Too large a supply and these lose value and become looked at like spam. Take note of Drip.Haus and the before and after when they added the Secure feature.
Generative Art
This can be hand drawn, AI, or digital art, the medium is less relevant than the intent behind it. Most generative art gets thrown into the "NFT Project" bucket. It's unavoidable and comes with some pitfalls. Generative art buyers consider themselves investors and co-owners of your company and may begin to concern themselves with details like, "Where does the money go?", and "Who is the team?" and "Are they capable?" so keep all that in mind when stepping out of the fine art world and into something stressful.
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