What is the age demographic of people that buy and sell NFTs?
Research shows that people invest in NFTs for various reasons. However, there is no guarantee that people of all ages and genders buy or trade NFTs. However, return on investment seems to be the main reason. In terms of demography, individuals aged between 24-41 are the most buyers of NFTs (Trautman 2021). Consumers are more likely to spend more on art as they digitalize the process. This age, also known as the millennials, are the young tech buyers, particularly during the pandemic. The pandemic compelled many people to online selling and buying, and the trend is more likely to continue attracting more individuals who spend much of their time online. Besides, they are running the art shows and are more likely to purchase art online than other generations. Research has also revealed that millennial art investors are more strategic with high-end art purchases than different generations. Therefore, they quickly see art as a critical financial asset and an effective way of building wealth. Personal motivation is the primary driver for collecting art. Individuals in this age also hold varied perspectives concerning money management than their parents. This shows that the heart of millennials ‘value is sustainability. Sustainability means they can alter their habits to ensure their revenue and investments align with their eco-friendly lifestyles. Therefore, by leveraging the centric values of millennials, New West Symphony’s NFTs will obtain a fair opportunity to attract additional investors into their business.
Can symphony lose a new audience?
Ideally, the new west symphony will not lose its core audience because NFTs present several opportunities and endless possibilities. For example, the audience can purchase NFTs for digital land purchases in the virtual world. At the same time, it provides unique access to exceptional sales and limited edition products. Besides, the pervasive advancing technologies are constantly revolutionizing how people operate businesses, invest and manage financial transactions. Therefore, people would want some form of asset that can easily be exchanged for other items of similar type and value. NFTs are the best asset because they are created for anything that can be converted into digital format (Bouraga 2021). Therefore, customers will benefit from NFTs in various ways. For example, they would improve their market efficiency because converting a physical asset into a digital one facilitates streamlining, removes intermediaries, improves the supply chain, and enhances security. Besides, one of the primary reasons people purchase NFTs is the return on investment. Second, people can use NFTs to fractionalize physical assets like tangible assets and artwork ownership. NFTs digitization would expand these assets and lead to higher liquidity and prices. More critical, NFTs allow people to protect their recorded information from malicious individuals because it cannot be changed or deleted (Wilson, Karg & Ghaderi 2021). Besides the benefits people will get, the symphony will have to promote its art to retain and attract more people.
What kinds of NFTs can symphony make?
When looking for the kind of NFT for the company, it will be essential to consider the marketplace and the type of tokens it supports. In this context, I would suggest Opensea NFT for New West Symphony. Open sea is one of the leading in NFT sales will an assortment of digital assets accessible on its platform. This NFT is free to sign up for and facilitates the browsing of various offerings (Trautman 2021). More important, it will encourage artists and creators to create personal NFT using an easy-to-use process. Opensea has a marketplace that supports 150 and above different payment tokens. By using this NFT, the new west symphony will give its audience a platform to purchase and sell NFTs on the secondary marketplace. Besides, its marketplace is easy to navigate with a filter feature that will allow users to find the NFTs they want quickly.
Opensea NFT offers various products, including domain names, art, NFT projects, and sports cards. The NFT lives up to its claim due to millions of items available for sale on its platform. The collection manager feature increases the NFT to continue dominating the market. The open sea is secured with the power of blockchain, which makes it safe. Being one of the leading NFTs in the marketplace, Opensea will enable new west symphony to attract additional users to view their products and sell them. The collection manager feature will allow the company and its users to improve profits for their sales while attracting new users. This will increase the company’s visibility for its listings. However, Opensea has limitations such that secondary sellers can only keep the profit for themselves. At the same time, the new west symphony can invest in Rarible NFT as it facilitates tokenized digital art and other NFTs. Raible allows users to buy and sell digital NFT, including photographs, memes and games. The Ethereum-based platform creates, trades, and buys ownership rights to digital art using other NFTs. Users can mint their NFTs using the Rarible platform. This NFT gives users the right to control its development, like changing trading fees and adding new features to the Rarible token (Trautman 2021).
NFTs are valuable because they verify the authenticity of non-fungible assets. Therefore, the new west symphony’s NFTs will facilitate the creation of new markets where users can create and develop different ownership forms (Nadini, Alessandretti, Di Giacinto, Martino, and Aiello & Baronchelli 2021). The community that forms around NFTs creates the underlying value for particular NFTs. Increased engagement further reinforces the importance of NFTs. There is no doubt that NFTs permanency adds value since the assets are not susceptible to accidents, theft, and damage. Instead, the ownership is signed and digitally sealed on blockchain platforms. Therefore, the new west symphony will need to improve its NFTs to add more value to holders.
Several conversations for NFTs revolve around digital art and content. Therefore, users can download and copy their pieces of art freely. Here, the NFTs value will be based on quantity and availability ratio. Also, the utility should be at the core of the new west symphony’s NFTs. In other words, the technology should have the ability to indicate boundaries around its digital asset, assign ownership, permissions for usage, and guidelines that guide interactions in the physical and virtual domains of the company. New symphony’s NFTs can also increase value for holders by retaining core users. The value of an NFT is based on the identity of the initial user. This means that those with high ownership history have famous identities. New west symphony can create unique items for its users, including collectors and game developers, since NFTs, once developed, cannot be copied or taken away from the owner. After creating its unique items, the company will start selling the products on its NFTs marketplace platforms. This will build up liquidity and community for the company’s NFTs (Kapoor, Guhathakurta, Mathur, Yadav, and Gupta & Kumaraguru 2022). Simultaneously, it will create attention for the NFTs projects, which will play critical roles in marketing operations.
Conclusively, new west symphony NFTs will create value by solving a problem that has plagued the art industry. The NFTs and their platforms allow users to purchase, trade, sell and collect digital assets. Creating scarcity in the industry will offer new west symphony a new revenue stream, particularly for game developers who don’t have to rely on trading the game itself. NFTs are limited because they are easily transferable, which increases their value. The fact that the NFT is limited in supply guarantees its value.
References
Bouraga, S. (2021, September). On the Popularity of Non-Fungible Tokens: Preliminary Results. In 2021 3rd Conference on Blockchain Research & Applications for Innovative Networks and Services (BRAINS) (pp. 49-50). IEEE. Retrieved from https://ieeexplore.ieee.org/abstract/document/9569792//
Kapoor, A., Guhathakurta, D., Mathur, M., Yadav, R., Gupta, M., & Kumaraguru, P. (2022). TweetBoost: Influence of Social Media on NFT Valuation. arXiv preprint arXiv:2201.08373. retrieved from https://arxiv.org/abs/2201.08373/
Nadini, M., Alessandretti, L., Di Giacinto, F., Martino, M., Aiello, L. M., & Baronchelli, A. (2021). Mapping the NFT revolution: market trends, trade networks, and visual features. Scientific reports, 11(1), 1-11. Retrieved from https://www.nature.com/articles/s41598-021-00053-8/
Trautman, L. J. (2021). Virtual art and non-fungible tokens. Available at SSRN 3814087. Retrieved from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3814087/
Wilson, K. B., Karg, A., & Ghaderi, H. (2021). Prospecting non-fungible tokens in the digital economy: Stakeholders and ecosystem, risk and opportunity. Business Horizons. Retrieved from https://www.sciencedirect.com/science/article/abs/pii/S0007681321002019/
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