Psychology of the (crypto-)art buyer
Tags: #🌲evergreen
Links: Cryptoart | Streamer Fan Psychology
Sources:
- https://medium.com/coinmonks/nft-wtf-part-1-prologue-2714434f09f1
The question we pose here is why people would buy NFTs or any type of art or collectible.
It is an investment. Some art leads to capital gain.
They are captivated by the story behind the artwork. They learn about the pregnant lady Mona Lisa, or the period in time that painting represents.
They are inspired by the creators. For example, they might learn about the life story of an artist or become inspired by the actual effort and skill it takes to make their artwork.
The artwork carry powerful statements and messages. From Beeple's work you see that he haven't missed a single day's of work.
To support artists so that they can continue to produce more work.
They want to display the artwork on their premises (not possible with NFT, unless on virtual worlds).
NFTs are like an autograph on a game winning ball. The value of cryptoart is like any collectible: it is determined by like-minded collectors.
Owning an NFT elevate the status of a fan in their fanbase social circle. It creates a special link between the owner and the artist. This connection may manifest in the virtual world as the artist can have greater contact with their fans because there are no intermediaries.
NFT satisfy the desire to own stuff without having to protect it or take up physical space. NFT takes only head space.
Having ownership of art makes it feel more valuable to the owner and thus less willing to trade for something equivalent (Endowment Effect), which may explain a price increase.
Also, the previous owner of the artwork may make it valuable if the buyer admires him or her.