NFT stands for Non-Fungible Token. It is a relatively new technology that allows artists and collectors to verify original ownership and provenance of digital art pieces.

NFTs use the blockchain-the same technology behind cryptocurrencies such as Bitcoin and Ethereum.

Recently, NFTs led to a boom in digital art sales rivaling that of traditional fine art sales.

Read this Forbes article to learn more about NFTs.

NFT’s have many of the same challenges—and opportunities—as the traditional fine art market.

Experts can help you avoid overpaying or getting scammed.

1. Pay Fairly: Price analysis means scanning past auction records and recent sales to ensure you are getting a good deal.

   Fair pricing also means ensuring you don’t overpay on the Ethereum network’s transaction fees. These fees fluctuate massively, and can be thousands of dollars more than what you should pay.

   Navigating these require timing and technical know how.

2. Avoid Scams: Fraudulent works are also an issue with NFTs. Scammers forge and sell NFTs to unsuspecting novice collectors.

   Countless millions of dollars have been stolen this way. And with crypto, there is usually less recourse for getting your money back.

3. Display: Showcasing NFT’s in your physical space can be deeply rewarding, but also technically challenging.

   This includes working with your decorator, mounting your NFT display device, and properly installing the necessary software.

4. Sell NFT Art: If you wish to sell your NFT for profit, you will want to ensure ideal market timing in both the NFT and cryptocurrency space, as well as avoiding additional scams on the sell side.

Capital Art Advisory handles all of the aspects of NFT acquisition, management, and creation if desired. We ensure a seamless process from start to finish to help your NFT journey be stress free and ideally, profitable.

CAA takes a highly personalized, end-to-end approach for our clients.

We offer to do everything in person, at the client’s space for maximum security and simplicity.

CAA can do the following for you:

1. Consultation: CAA discusses investment goals, budget, and additional preferences.

2. Home Visit: CAA comes to your home or place of business.

3. Setup: CAA sets up everything on your personal computer to purchase NFTs.

   This includes setting up an account for you at a cryptocurrency exchange, completing the verification steps, linking it to your financial institution, and trading your dollars for the relevant cryptocurrency to purchase target NFTs.

   We then set up your NFT hot wallet, cold storage wallet, backup security key, and NFT marketplace profiles.

4. Research: Once your accounts are set up, we research the market to achieve the goals discussed in step 1.

   Due diligence includes formulating a comprehensive auction strategy, and purchasing/bidding on your behalf.

5. Acquisition: NFT is purchased, transfer is made, and asset is secured in your possession.

6. Maintenance: CAA helps you securely store your NFTs to prevent hackers from stealing it.

   We also continue to monitor the NFT and cryptocurrency market on your behalf so that you can maximize your chances of selling at a high price point.

7. Selling: If you wish to sell your NFT, CAA again researches the market to formulate a sales strategy.

   This means deciding between private sale and auction, choosing a platform, and setting reserves.

   Please note: We are not certified financial advisors, and will never buy or sell your NFTs without your authorization. Return on investment is not guaranteed. Invest at your own risk and not more than you can afford to lose.

8. Education (optional): Throughout the process, we can educate you on the world of crypto and NFTs.

   Some clients enjoy learning about process as they go, others wish to be as hands off as possible. You may fall somewhere in the middle.

   Whatever your goal, we ensure you feel as involved in the process as you wish to be.

Every day more artists, businesses, institutions, and entrepreneurs are entering the NFT space as creators.

However, creating an NFT is a complicated technical process that involves selecting a blockchain network, coding the smart contracts, and setting price terms.

These all require technical as well as artistic skills. If done incorrectly, a poorly crafted NFT can be unprofitable at best, reputation damaging at worst.

CAA facilitates this backend process by working with a trusted team of digital artists, designers, and blockchain programmers to provide a seamless NFT creation process, helping realize your vision and goals.

Our NFT Creation Advisory Services are suited for:

1. Artists/Studios: Big name traditional artists like Damien Hirst, Mark Wallinger, and Philip Colbert are now in NFTs. These artists understand the opportunity in selling works to the newly wealthy “crypto rich.”

   For artists/studios looking to create NFT artworks—whether this means supplementing an NFT to an existing physical work, or creating a digital NFT artwork all it’s own—we assist with the technical and artistic end of creating, market pricing, and blockchain hosting (including setting up your cryptocurrency wallet to accept payments).

2. Businesses: Many business, including some of the world’s largest Fortune 500 companies, have begun producing NFTs. In addition to profit potential, companies are also leveraging NFTs for PR opportunities, as blogs and newspapers gravitate to a new NFT story.

   Examples include: Gucci, Adidas, McDonalds, Coca-Cola, BMW and the South China Morning Post.

   In addition to technical creation, CAA assists with the ideation process as well as integration into larger marketing/PR campaigns.

3. Institutions: Museums, nonprofits, and other public organizations have turned to NFTs to promote their cause and raise funds from the crypto rich.

   Examples include: the State Hermitage Museum, the Belvedere, Save the Children, and UC Berkeley.

   In addition to technical creation, CAA assists with the ideation process as well as integration into larger awareness campaigns.

   We also assist with the acceptance of NFTs and crypto as donations, which have exploded in popularity and can provide enormous digital asset value to an institution’s endowment.

4. Private Individuals: Whether looking to produce NFTs as part of an entrepreneurial venture or simply for fun, we facilitate the entire process, including design, pricing, and blockchain hosting.

   We tailor our services to your individual requirements.

We work both virtually and in person via trips to your studio or place of business as needed.

This short article from The Conversation discusses why NFTs are changing the art world, and how we can see this trend continue to unfold in the coming years.