Revolution Calling: More than the artwork, investors are drawn to the community that comes with NFTs
For anyone on the outside, perhaps the most puzzling question around NFTs is how they hold any value whatsoever. After all, they’re digital creations that, at least on the surface, are easily copied. The NFT is a certificate of authenticity, but the digital items they’re affixed to look or sound exactly the same as worthless copies.
Some are in it for the art, and the potential investment that comes with it. But when people buy into a larger series or collection—some of which number 10,000 pieces—the NFT is more than something visual. It’s a key into a community of kindred buyers.[Text Wrapping Break]
Who’s buying these digital creations? And why?
“Most people, when they first hear about NFTs, they think ‘Whether it’s $69 million or $10 million, why would anyone buy one of these?’ Probably most people’s initial reaction is ‘that’s ridiculous.’ And that was my initial reaction, frankly. But as an artist, I thought I should check that out and see if some of that ridiculous energy can rub off on me.”—Bobby Lee, an investor in Kira Bursky’s NFTs.