NFT Space: The Untold Truth

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Avatar for nyiks
Written by
2 years ago
Topics: An art

When I first heard about NFTs I wasn't so much interested because I didn't understand what it was all about. Then the hype began to filter in: how MR Jack sold his tweet as NFT for a whooping sum. That didn't stop there as more stories filtered in of how many people became a millionaire just by creating arts and taking pictures.

You don't say! I wasn't going to just fold my hands and let this money pass me by. I had started the calculations right in my head of how I was going to make my own fortunes from NFTs. In fact, I had already calculated the amount I was going to make even before I started my creations.

My Journey

I quickly activated my Twitter account because that's where the buzz dominates and what I read on Twitter made me more determined to delve into the NFT world. On a daily basis you would read tweets as: "I have 5 ether, shill me your art". Damn! I was elated because I thought there were many buyers and my art would sell regardless. I quickly started creating and thought that this was the beginning of a better thing to come.

I did a quick search on google on what collectors were actually looking for and I learnt that they are usually endeared to the story behind the art than the aesthetic quality of the art itself. Really? This makes it easy because I am a story teller and I can come up with lots of creations to tell my story.

My First Creation

This was titled: 'The Woman Called YST'. In the real sense of the world, this creation would go down as my best so far because the story behind it is as real as day. It tells about the germ stem cancer called 'Yolk Sac Tumor' and the dangers it poses. In reality, a close relative suffered from this cancer and didn't make. So I felt the need to use the NFT space to create awareness for it.

Hmnn.... I started my campaign on Twitter and I felt like I was talking to myself. Truth be told, I didn't list this particular NFT because I dedicated it to my late relative and listing it would have been a smear on her memory (That's how I felt). Even at that, not a single person picked interest in the message I was trying to pass across.

The Rat Race

Months into my campaign and I realized I was caught up in a rat race which was beyond my capabilities. Whenever you are trying to re-strategize on your next action, a tweet pops up: "Thank you Mr XYZ for purchasing my NFT, you are so kind"! Before you realize what is happening, MR collector gains more followers from desperate NFT creators eager to sell their NFTs.

As if that isn't enough, while some small NFT artists are listing their arts for as little as 5$, other privileged artists will tweet about how they sold their arts for as high as 10 ether. They tweet in such a way as to make other creators feel less of themselves.

Who are These Collectors

This is the most interesting question. These people are the game changers and control the NFT space. They are the people responsible for creating values for this NFTs. They can purchase an ordinary art for as much as 50 ether just to raise the value and make it more appealing. They hold, swap, sell and dominate the NFT space. They don't care about your story. They don't care about how physically appealing your art is. They care about who you are as an artist. The bigger your name, the more favored you are. How else would you explain how any collector would pay as much as 7.5 ether to purchase the art pictured below?

Don't get me wrong as I am not trying to undermine the creations of any artist. Regardless, I think it is hypocritical when a collector tells you to work on your art as an upcoming NFT artist, but don't care about what the big fishes do. That NFT pictured above looks like what a 5 year old would create and doesn't in any form looks like the work of a professional. To buttress my point, it was probably created in less than 5 minutes and if we were to value it based on the effort behind the creation, then it shouldn't be worth more than 10 cents.

Whales and NFT Creators are Manipulating the Space to Gain More Sales and Recognition

Have you ever been on Twitter and suddenly, an NFT creator shares a picture with the caption: "Bid War"? What this means is that many people are bidding on their NFTs. Whenever you see those tweets as a struggling artist with no sales, don't sweat it. This is because, most of those bids are manipulated.

Here is what usually plays out: When some creators auctions their art, they recruit people to bid on it just to increase the value of that art. This is the strategy most creators are using to make sales and also create the impression that their art is highly valued. Some of them will even use their numerous ether wallets to bid for it. This strategy is working for them because collectors buy from creators who have made sales and not from those who haven't.

Recently, an acclaimed whale posted a picture of an offer he made on an NFT. While the NFT was listed for about 50 ether, MR generous decided to make an offer of 100 ether. What he failed to show us was the fact that he was both the creator and the bidder. Only the gullible would fall for such a gimmick.

You Will Hardly Survive as a Small fry

This is what they failed to tell small and unrecognized NFT creators. The space is for only big names and if you are a struggling artist, no one will collect your art. Even if they do, it will be for a paltry sum. This sounds very harsh but it is the bitter truth. No collector cares how much time or work you put into your art. As long as you are small, that will always stand against you.

The way Forward

Try as much as you can to develop a strategy that works for you. Do not wait for an 'angelic collector' to purchase your art. Try and make the first purchase with your funds. That way, you will begin to create a mark in the NFT space. In other words, collectors will hardly buy from you if you have zero sales. So, make that sales and start the shilling. You might get lucky!

Is This the end for me?

I am just getting started. I have never given up and never will. I started this journey due to the bandwagon effect that surrounds the NFT space. But at this moment, I am in love with what I do. My creations may be mediocre but they are original and conceptual. And that to me is all that matters.

I have a recent creation titled: 'Denouncement'. It was borne out of my imagination to live in a world devoid of rape, murder, and other bad things threatening humanity. You never know as my collector might just be reading this. If you want to take a look at it, here is the link: https://opensea.io/collection/denouncement

Final Thoughts

I love the thrills that the NFT space gives me and I encourage creators to delve into it. Don't worry if you don't make any sales. Just keep doing your best and perhaps, someday, luck may shine on you. The NFT space is a crazy place, bear this in mind and have peace. I love y'all!

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Avatar for nyiks
Written by
2 years ago
Topics: An art

Comments

Understanding nft's is a difficult task, I guess you are lucky to create your own, thanks for sharing your journey.

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