Jack Davidson, NFT artist and Co-Host of the Relentless Podcast, talks about the factors that impact prices for NFT's and discusses the challenges for DigitalArtists face in building a community. 

Opening Bell

Understanding the NFT Market and How Artists Are Benefiting From the Space

here with more on this is Jack Davidson, N. F. T. Artist and co host of the relentless podcast. Thanks so much for being with us. What do you think are the major factors that are contributing to this rising demand and kind of this on fire N. F. T. Market, wow. So um thank you for having me by the way. That's awesome. But I think a lot of things that are contributing to the space right now is just um people are hearing about it, they're curious about it, They want to know more about it and they don't so you know, they say in sales, the number one reason why sale transactions don't go through is because the client is like fearful because they don't have the information. So N. F. T. S are totally intimidating. Kryptos totally intimidating and I think that um what comes with that is people naturally being interested because people are making a lot of money here. So I think um Getting to like the mainstream media and seeing like celebrities get involved in certain projects and just stories like mine, like my life has rapidly changed in 365 days because of the space. And I think people are really interested in how they can get there and what they can do to be a part of the community because it's just really insane and it makes sense once you're here. But at first it's like a little hard to digest. Yeah, I love hearing that your life has changed in the past year just through the N. F. T. Market. I'll talk with you a little bit more about protecting a lot of consumers who are interested in N. F. T. S in just a moment. But because you touched on celebrities entering the market and driving this growth also these huge deals that we talked about really regularly here on chatter. Um What do you think this means for the future of N. F. T. S? Do you foresee this being something that's more regulated? Do you see more transparency? Do you see some of this excitement kind of cooling off? Uh great questions for all of those things. So what you mentioned is like the celebrity driving and a lot of traffic and stuff and I think it's a mixture of that and just people creating phenomenal art and projects and communities and um just offering like many different uh just revenues to success here. So um it's ah it's it's easy to get lost here because of that because you kind of want to follow their lead. So um it's just a matter of doing your own homework finding the right places to post up that. Um But I'm sorry what was the other half of your what was the other half of the question? Yeah. Just generally what you see for the future and I also wonder kind of piggybacking on that. I feel a little bit bad asking you this as an artist because there's like inherent value in a lot of these. But I think one of the things that people are looking to now is the value beyond what you can purchase with an image essentially. Do you see that being more of an emphasis moving forward? Um Yeah so that's like a thing right now too. So um a lot of people aren't here for the art and as an artist like that kind of sucks my community super tight knit because we had we started really small and it just really really grew with a really really tight, really tight, amazing group of people. But I think um a lot of speculation just rolling forward in the future is there's just so much in the air that can happen. The markets just growing so fast. People are here outside of the art for something called utility. So utility is essentially just like what you get offered in your project. So for example I hold a boarding and like that's like one of the top tier N. F. T. S. I got super lucky last year and purchased at a great spot. So outside of the actual jpeg image of the board eight, there's a lot of back and utility that's offered and utility is just like what the the heads of the project are going to offer for their community. Like what do you get for investing into them like early on. So for example the apes would do things called Airdrop. So Airdrops in the N. F. T. Realm are basically um you get like yeah that supported that's not mine, that's somebody else's abortive. Yeah this is that they look great but uh the utility that they deliver is just phenomenal and that's why people flock to the space. So for example the board apes, they'll meant things called minting is also just like the creation of the piece of art on the Blockchain. Um They did something called mutant apes, they did kennel club that they would Airdrop free to board upholders and like the value of those N. F. T. S. Because board apes has like this king status level, you know, credibility in this space. It's like those and mps that they're giving you for free are worth like 100 grand 25 grand and you're just getting them for free. 3 to 3 days ago I woke up seven AM with with $160,000 worth of eight point that they just air dropped me. I was like wow this is insane. Um Yeah so like that's utility. So that's what it's worth passed. The art. So for me as the artist, like I love to always keep that at the center because it's just like um that's just me. Like I came here as a real estate guy. Used to work in an underprivileged uh incarcerated youth. Underprivileged kind of setting and like art was always my passion, I was able to bring it here and deliver it and people loved my art and I always wanted to make the art the centerpiece of it. But also like, I love my community and I want to deliver on it as well. So you're kind of joining these like sub niche groups of people depending on like your art taste. Kind of like that's like the first initial connection like oh I like this. Let me see what this group is about. Yes, I'm loving all of this. Have like 10 seconds left with you. If you had advice to avoid NFC rug polls for people, what would that be? Do your own research, do your homework, study getting discords, get on twitter, make sure that you are doing your homework before you spend anything. These are investments, they're totally tangible investments. So like do your due diligence, don't get rubbed, see how they treat each other in discord. That's something that my my community does bad fruit is that we are just a great place to start. Um because we we we just we understand it's like a really tricky thing to get and we just want to make sure we're on boarding. Um just people that may not know the first thing about it because it really is fun once you get here, I had a million more questions for you, so we'll have to have you back. That's Jack Davidson, N. F. T. Artist and co host of the relentless podcast. Thanks so much again for joining us