NFTs are another innovation based on blockchain technology that achieved huge success in recent years. It amassed huge media attention and achieved unprecedented growth thanks to artists and influencers like Elon Musk, Beeple, and Grimes, to name a few. The NFT market’s value spiked from around 82 million to over $17 billion in 2021. Needless to say, the entertainment world paid attention to the incredible growth of NFTs, and in this article, we will explore the role of NFTs in the comic book market.
What are NFTs
NFTs stand short for non-fungible tokens, and they were developed on Ethereum’s blockchain network, but unlike cryptocurrencies, each NFT is unique, and they were essentially developed for a different purpose. The main goal of NFTs is to provide proof of the rightful ownership of certain items.
Each NFT is therefore designed as a unique asset, and in contrast to cryptocurrencies, it cannot be replaced by another NTF. So, NFTs are not designed for online payments as cryptocurrencies, but they represent a digital certificate that proves the ownership of certain assets that can range from digital artwork, GIFs, and video games, to real estate.
This is why NFTs gained traction. They directly connected artists with their fans and revolutionized the fine-art collection market. In the future, NFTs, for example, can be used to verify Modigliani paintings or rare comic books, for that matter. That being said. Currently, most NFTS that are sold and purchased on online trading platforms are mainly associated with virtual objects.
NFTs are also popular in the world of sprots. We all are familiar with the value of baseball cards, trading cards, and collectibles. Trading cards are not as popular as other NFTs sold in the marketplace, but they are valuable for fans of certain sports like baseball, golf, and basketball, to name a few. So, it’s safe to say that NFTs hold power to redefine the landscape of multiple industries.
What Are NFT Comics?
Comic books can also benefit from NFTs because they are also works of art, and digital NFT comics can certainly boost the net worth of the comic book market. With digital NFTs, any comic book fan around the world can own a digital comic book by buying an NFT that is associated with that particular comic book edition.
So, essentially it will create multiple opportunities for comic book fans around to world to buy digital first editions that have collectible value. Otherwise, you can also opt to purchase a fraction of the NFT, an option only available in the NFT market.
Due to the popularity of NFTs in 2021, Marvel made a partnership with VeVe, and they developed an app that you can install from the App Store or Google Play Store. These NFTs represent digital copies of famous Marvel Comics – Fantastic Four #1 and Journey Into Mystery #85.
Soon after their release, they sold over 60,000 copies and grossed a revenue of $1 million dollars in just 5 minutes. So, it’s safe to say that NFTS can become an asset for comic book fans and artists, as well as brands that want to draw more attention to their rare comics.
Another famous example was the development of the CryptoPunks collection of 2D sprites into the PUNKS Comic.
The NFT marketplace is decentralized, and there is no designated website where you can purchase any NFT. You can actually choose from different NFT trading platforms that might specialize in certain artwork, music or comic books, for example. But,before you make any investment make sure to do your researchand invest in safe crypto wallet.
In conclusion, NFTs represent a great digital innovation that will have an overreaching impact in many industries beyond fine art. Comic books are to present a golden opportunity for artists who just want to showcase and promote their work to the audience, as well as brands that want to offer collectible editions to their fans.
It is also a great way for anyone that wants to purchase certain comic book edition. All you ned to do if you want to purchase any NFT is to simply sign up on a safe digital marketplace. That being said, the NFT market is still in its early stages of development, and we are yet to see how this market will evolve in the future.