Who's buying NFTs? If you can understand this you can begin to promote your NFT art and projects more effectively. NFTs are now being displayed in prominent places where you would usually expect to see traditional art. It's this trend to display NFTs and understanding who's buying them, that can help you be successful.
It's easy to mint and add your art to NFT marketplaces such as OpenSea, Mintable and Rarible, but these aren't the only places to sell your art. As more artists are learning how to make and sell an NFT it's now more important than ever to learn where and how to sell your art. And it's not always on an NFT marketplace. You can also discover how International Women's Day and World of Women revealed how NFTs are revolutionising equality in art.
A new survey conducted by Yodeck (opens in new tab) suggests the value of NFT art is following a similar trajectory to traditional art. More companies and individual collectors now see NFTs as a way to decorate their office spaces and homes, just as they once did with traditional paintings and sculptures. Let's look at who's buying NFTs…
Want to know more about NFTs? Don’t miss Vertex Week 2022, the ultimate virtual event for the digital art community. Bored Ape Yacht Club and Stereoheadz founder Jace Kay will be discussing NFTs, music and the metaverse, while Disney artist Chris Petrocchi will share how to promote your NFT art.
Companies are now buying NFTs
An impressive 69% of companies surveyed said they would buy NFT art either as an investment or to display in their offices and receptions. Based on the stats, if you're creating NFT art it would be a good idea to collaborate with interior decorators and architects.
Many corporations outsource buying decisions so pitching NFT projects to design studios, interior designers and firms directly could be an easy win. We have a good guide to the types of design clients you may meet, and how to handle them. The fascinating take from the survey is NFT art is becoming a replacement for traditional art, and with it a real world value.
How to price your NFT
When minting a non-fungible token onto a blockchain for sale it's always tricky to know how to price your NFT. Looking at selling to a company, architect or interior designer offers a unique way to price your NFT art. The data from this survey shows, on average, companies will pay up to $4,999 / £4,999 for an NFT.
Even if you're not planning on selling to the corporate sector, this offers a good guide to how to value and price NFT art. Digging into the survey data 15% of those interviewed said they would pay between $1,000 - $4,999 / £1,000 - £4,999. But, 15% would also pay between $50,000 - $99,000 / £50,000 - £99,000. Interestingly a further 15% would pay up to $1M / £1M.
What the stats show is that selling an NFT to a company or designer is a route that can support all artists at every stage of their career. Whether you're an established artist or newcomer to NFTs, there's potential in this traditional route to sell and grow your artistic career.
Why NFTs can replace traditional art
If you're intent on selling your NFT art into spaces where traditional art has always been, it's important to understand why you can succeed. Looking at the stats 97% of those asked currently display art in their offices and public spaces. 80% of this art is paintings, which bodes well for NFT art. 76% is digital photography and 42% is video installations.
NFT art can embody all of these trends in one image, suggesting there's a big opening for NFT artists who can create paintings and art that mixes media, combining video and photography, for example. We have a feature looking at the NFT trends for 2022, which can help you focus your creativity.
When do companies buy NFT art?
It may sound dry, but understanding when designers and companies buy art can offer an insight into how to promote your own art. Knowing when art is being bought can offer a clearer idea on who's buying NFTs.
In the survey 41% of those questioned said they'd buy new art when doing annual maintenance on a building. This is great news, it means it could lead to regular sales of your NFTs or enable you to plan around buying decisions.
Building good contacts at design studios, with architects and decorators could lead to regular contracts and sales. Looking at the stats, 16% of those surveyed also said they'd buy NFT art that catches their attention. A good online presence, use of Twitter and Instagram is crucial to getting a buyer's attention. And don't forget NFT drops, these could be targeted at design agencies and architects to grab their attention.
Buying NFTs: something to think about
The data from this Yodeck survey clearly shows there's a growing demand for NFT art in the corporate world. While Yodeck has a stake in letting us know this great news – it sells digital displays – it shouldn't devalue the core idea; interior decorators and architects are now on the lookout for NFT art for their clients and projects.
It may also be beneficial to understand the different NFT cryptocurrencies and which is best for you. Some NFT blockchains already attract brands such as Nike while others are more environmentally friendly, and as such likely more appealing to corporations.
To do this right you'll need to think a little traditionally about your NFT projects. Consider bridging the physical and digital worlds; look for galleries willing to display NFTs alongside a social media campaign and NFT marketplace push.
What the survey shows is the world of NFTs is getting larger by the second, and there are opportunities for artists who know who's buying NFTs and how to reach them. If you're serious about being successful with your NFT art, consider creating projects tailored to clients needs and identities.