The real purpose of purchasing art can be multifold. The simplest reason is that you appreciate the aesthetic of the art. The artwork is visually pleasing to your eyes from the composition to the colors to the quality of the execution of the piece. The purchase of such art is to possess the art to display as part of your own aesthetic. Unlike a physical piece of art that can only be displayed in one physical location at any given time, NFTs can be displayed in any number of ways on multiple devices to multiple viewers at any time day or night. Plus there is no worry about the security from anyone viewing the art as only you have keys to the wallet where ownership of the artwork is kept.
The next deeper reason is that the subject matter, idea, or meaning of the art speaks to you. It may remind you of your past, what you have experienced but been unable to capture. What you have been through and survived. The personal struggles of yourself or those you love. The purchase of such art is to agree with what is being said or felt through the artwork and validate its worth.
On a more meta level, art can be purchased as a way to give money to the artist. A kind contribution that will help the artist pay their bills and have the financial means to further their craft and produce more work. This can also be seen as voting with your money. You like a particular style or subject matter in this piece and would like to see the artist produce more like it. You appreciate what the artist is trying to do and want to support their attempts.
On a financial level, art can be purchased as an investment. In this aspect, owning an NFT makes as much sense as owning a physical piece of art. NFTs (non-fungible tokens) are by definition as unique as a one of a kind artwork. An NFT can be traced from reseller to reseller all the way back through the initial sale to the creation or minting of the piece. Since there can be only one, there is inherent scarcity in an NFT. In the crypto space where coin prices may vary considerably, the demand for unique art will remain nearly the same or can grow over time. In this, the artwork has value and as the artist becomes more popular the value of their artwork will increase as well. What can be purchased earlier in their career can be sold for much more in the latter part of their career. Even if the price of the cryptocurrency goes down, the value that you and other collectors with similar taste deemed worthy to spend on this artist’s work will continue to grow.
All in all, there is value in the beauty of the artwork, its execution, what the art stands for, who the artist is and will become, the uniqueness and scarcity of it, the guarantee of authenticity, and what displaying it says about you. Tell me, why do you invest in NFTs and crypto art?