The Emerging NFT Market

Nowadays, the world of art has been shaken by some massive development of NFT markets booming. Many people have succeeded to sell their artworks at a fantastic price. However, not everyone approves that recent trend and causes interesting discussion regarding that matter.

Despite many people doubting the validity of the NFT market due to its own nature as an art market. In some cases, the NFT market gives a new horizon to the undervalued artists to promote themselves and to make real sales of their artwork. The NFT market differs itself from the business model characteristic of the conventional commercial gallery that allows the artists to trade their artworks without any intervention of the art dealer nor the certain collector that usually affects the organized pricing of the artworks. Everyone can involve themself in this market and can trade the aesthetic products at their desired price.

On the other hand, this uncontrolled market can lead itself to a market bubble where art is never meant to be the ultimate goal as stated by McLaughlin in theguardian.com. As the consequences that everyone can involve themselves, the market remains unstructured and cannot be limited nor is regulated by certain authorities in the artworld. Everyone can sell his or her artwork without any price control over it. Meanwhile, buyers might be caught themselves in a speculative trade for profit instead of the value of the art itself.

Despite the polemic on its massive emergence, the NFT market indeed shows its promising credit for most of the undervalued artists. The NFT market is the case where the art market goes beyond its regular structure and supposedly brings more advanced and interesting studies in the near future.