In virtual reality, you can buy land and houses like candy. In this way, earnings are made 5 times greater than in real estate
What appears clear is that the Metaverse and non-fungible tokens (Nft) will play a crucial role in the digitization process of artistic fruition.
On the contrary, digital works of art will be fundamental to the economic growth of the Metaverse, where the latter represents a space for collective exposure and use of digital works.
While the Nft will give the possibility to acquire value to paintings, photographs, and other virtual installations, thanks to their uniqueness. All this will bring liquidity of money with exchanges of artistic goods between individuals, art galleries, or collectors.
Here Ernst & Young, in a report on the subject, explains the growth potential of the Metaverse and why.
ART AS THE FIRST FACTOR IN THE DEVELOPMENT AND EXPANSION OF THE METAVERSE
Ernst & Young is a worldwide network of consulting, auditing, and taxation services. In 2020, it had 300,000 employees and has more than 700 offices in over 150 countries.
According to them, visual arts with the Metaverse and Nft will have great opportunities:
– Artists can create natively digital works of art and authenticate them, making them exclusive and transable.
– Then, there is the exhibition, purchase, or sale of digital works and thus the collections, including museums, which are accessible to a wider target of users and indeed attract the new generations more.
– Finally, the Metaverse can represent the means to create a more immersive learning system, made up of contents and interaction between different realities.
It is not to be excluded that new forms of art may be born that we do not even imagine at the moment, thus making a real revolution in the concept of art and in the various conceptions and artistic movements.
The Ernst & Young report predicts exponential growth of the Metaverse, estimated at around $1 trillion by 2030.
This would mean that the value of the digital economy would be equal to 10% of world GDP, making the Metaverse a highly profitable space and attractive for investments and businesses.
In addition, the consulting firm estimates that, in 2025, more than 35% of the global population will be connected to the internet, with over 50% of users using augmented and virtual reality.
The Metaverse will be a space in which all those who want to experience new forms of entertainment and also work and leisure, will find themselves.
THE INCREDIBLE DATA FROM THE REPORT
According to a well-known magazine of the Wall Street Journal group, this is the data that emerged from EY:
“If the economy of the Metaverse has already reached 350 billion dollars and the exponential rates of growth could bring the market to be worth 993.9 billion dollars by 2030.”
“Ey also estimates, by 2026, 25% of the world population will spend at least one hour a day in the Metaverse and 30% of organizations will have the products and services to operate there.”
“As for NFTs, the sector is expected to hit $47 billion at the end of this current year, despite the volatility of cryptocurrencies on international markets.”
So in the Metaverse, companies will be able to offer new services, create new products, and launch innovative, and effective marketing campaigns, interacting with users in a more direct and emotional way.
Even artists and creatives will have new tools to create their works, to convey their message to the target audience more effectively.
The Metaverse will be a place where companies will increasingly invest both for their ability to generate profit and for the possibility of interacting directly with the public.
Obviously, this above is not an indication. You have to do what you believe, and it is not my intention to advise anyone. This is about my analysis, you should do whatever you want.
A REVOLUTION FOR COMPANIES
EY states that “NFTs are transforming the way companies communicate, interact, and relate to customers.
They allow companies to create personalized, and engaging experiences that will not only attract customers’ attention but will also involve them in the brand building process.”
The advantages for artists are obvious: they will be able to create authentic and unique works of art and will be able to earn from their sales.
The artists will have the opportunity to interact directly with the public and create a relationship of trust with the fans, in order to build loyalty over time.
It will also be an excellent opportunity for companies to communicate more effectively and emotionally with the public, through personalized content and experiences.
Finally, EY states that “content creators and artists will be able to use NFTs to generate passive income from their works, taking advantage of the growing demand for these digital collectibles.”
In other words, NFTs offer artists the opportunity to earn even after selling their works, thanks to the growing demand from collectors and investors.
HOW TO EARN FROM ARTWORKS IN NFT?
Nft is already a very profitable and expanding market, and it is estimated that the demand for these digital collectibles will continue to grow over the years.
Anyone who is not an artist can use digital works as a kind of trading.
For example, you can buy a work of art in NFT for $1000, and wait for its value to increase over time. At that point you can resell it at a higher price, thus earning money.
If you invest in works of art by established and well-known artists, it will be much easier to resell the works at a higher price in the future.
Always remember to invest only what you are willing to lose. Never invest money that you cannot afford to lose, as it is a market that is extremely volatile and you could suffer losses.
Cryptocurrencies are new markets, where a lot of money circulates. They are often uncertain and unpredictable.
In order not to risk too much, as long as you spontaneously want to make investments in digital works of art, you could start by buying products that are cheap.
You may be faced with potential photos, for example, that will explode in price.
Remember that if you really want to make money with NFTs, you will have to invest a lot of money. $1000 is a symbolic figure in this market.
There are excellent margins to have incredible and absurd capital gains. Here is an example:
In 2017, a famous art collector, Beeple, sold a digital work in NFT format for $69 million.
The work is called Everydays: The First 5000 Days, and is made up of 5,000 drawings made every day by Beeple from 2007 to 2021.
The work is made up of 5,000 images created by Beeple in the last 14 years. Each of which represents a single day of his life.
The work was auctioned at Christie’s and became the first NFT-format artwork to be auctioned by a major auction house.
This shows that digital art in NFT format can be worth a lot of money, and that investors are willing to spend big bucks to buy them.
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