The NFT art market is exponentially growing, and more people are joining the space, looking to get in on the action and start an NFT collection. However, there are some factors you should consider before jumping headfirst into an impulsive purchase. Check out our list of three reasons why you should probably avoid purchasing an NFT artwork.
You are not sure the seller is genuine
Today numerous marketplaces are offering NFTs - both original works and secondary market resells. Unfortunately, some of these marketplaces do not have a rigid verification process ensuring that sellers, in fact, have the right to offer this NFT on the market. Not only that, there has been a rise in fake ‘artists’ copying artwork from other people and publishing it as original NFTs.
Because of the enormous potential the NFT market has, scammers have started trying their luck in cheating collectors. Considering this, if you feel like a seller is shady or have suspicions that an artwork might not be genuine, we recommend staying away and not purchasing the artwork. Platforms are becoming increasingly aware of this problem and have started introducing more detailed verification procedures to limit the possibility of stolen work being sold on their marketplaces.
You are not confident with the marketplace
With the abundance of NFT marketplaces, it’s sometimes hard to distinguish between established platforms and ones created with the single purpose of defrauding customers. If you really like an artwork in a hypothetical situation, but it’s published on a somewhat questionable marketplace, we would advise you to consider a purchase carefully.
Artists and creators are usually open to publishing their art on several platforms and marketplaces at once. This means that there is a good chance you might still be able to purchase the artwork if you ask the creator to publish it on a platform you are confident with. Connecting with the creator allows you to share your concerns and also builds your relationship with the person behind the artwork you fell in love with. It’s worth a try, plus you’ll be sure that your purchase will be processed correctly, and the money you pay will go to the artists and not to a scammer.
You don’t like an artwork, but it is from a popular artist
Understandably, you might be tempted to purchase artwork that is becoming viral because of the topics it illustrates or the artist who created it. However, this might not be enough to make a fulfilling purchase.
Imagine a scenario in which you have the opportunity to purchase an NFT from a rising artist, who attracts a lot of attention, and whose works go viral all the time. The only problem is - you don’t like the artwork. Would that be a rewarding addition to your collection?
Of course, if you are only looking at NFT art as an investment, nothing stops you from purchasing art you don’t like but believe will appreciate in value. Yet devoted art collectors might be hesitant to buy art that doesn’t speak to them, only based on the prospect of monetary gains.
While these may seem like grim scenarios, do not be discouraged as there is so much great art out there. The Minty.Art team is dedicated to facilitating the best experience for both artists and collectors so that such fears and questions do not stop you from purchasing the art you love. What is more, we are heavily invested in creating an atmosphere of support through our patronage scheme, so artists are supported and given the best possible environment to create great art. Find out more and sign up here.