What Is NFT Art Finance (NFTART), Is It A Good Investment? Best Guide

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Another question What is NFT Art Finance? ( NFTART ) is a financial company founded by Romanian investor, fund manager, and entrepreneur George Papakosta who has a Ph.D. in Physics from the University of Oxford? He started the company after realizing his potential to get involved in the Irish art industry, which he described as a vast and growing sector.

Papakostas is a member of the Irish Art and Artists’ Fund, which manages the vast NFT art investment portfolio. He explained the company was investing not for financial reasons but to support art collectors, collectors to provide liquidity to artists, to create stable revenue streams for artists and artists’ groups, promote art in wider society, and to improve the professional reputation of artists.

Papakostas explained that NFT art was starting to invest in art portfolios in other countries including Turkey and the UK.

The company was only in its first year but saw “more than 1000 art professionals engaging with its decision-making process. The Irish art market is exceptionally strong at present with a significant number of collectors seeking to diversify their portfolios away from property and commodities. This presents NFT art with a huge opportunity to build its presence here”, Papakostas said.

He has no plans to come to Ireland, though he said he is a regular visitor to the country.

What Is NFT Art Finance? You Must Know

How Does An Artist Get Paid For Their Art?

Irish artists do not get the profit from the investment or the price of the artwork.

How Does An Artist Get Paid For Their Art?

The art that NFT art buys has been bought because it has the characteristics of Irish art and art made by artists of Irish nationality. All of the art is created and made in Ireland, the brand it works with is known as Impressionist Modern. NFT art works in collaboration with international investment banks such as Credit Suisse and Landesbank Berlin to make its art portfolio and the process of buying artworks happens across many jurisdictions and that is why it is not an Irish company.

Is It Feasible For An Irish Artist’s Work To Be Invested?

Yes. NFT art is not a new entrant into the Irish art world, the company has worked with several art collectors over the past 10 years, but the three artists that were placed in their portfolios in 2014 were the first from Ireland. In total, the company invested in 12 artists, eight in Ireland and four in the UK.

When it invests in an artist, the artist will be notified by the company and the work will be displayed on a dedicated web page, where the artist can sell their work.

How Much Does It Cost To Be A Portfolio Artist On NFTART?

An artist will be paid a percentage of the overall profits that are made from their work. The commissions are different for different artists. For example, the artist that is working on the King’s Cross mural is paid a percentage of any profits made on the commission for the King’s Cross artwork as they are the artworks that were placed first.

What Happens If The Chosen Artwork Does Not Sell?

If an artist fails to sell their work, NFTART pays them a percentage of the work that has been placed on the website but does not pay them for the work that has not been sold.

How Much Money Is Created From The Artist’s Work For NFTART?

From the artists that were invested in 2014 NFT art has created some €10 million worth of revenue and, as NFT art aims to diversify away from art to other sectors, the money generated is shared amongst its portfolio of artists and other market platforms that were created for them, such as art fairs. The fund has returned 7 percent over the last five years.

Is There Any Danger In Investing In The Art World?

Yes, of course. We are all aware of how volatile the financial markets are and investors have concerns about holding the art market for the longer term. This is a company that runs according to maths rather than emotions and it doesn’t get rid of the potential downside in the art world.

So, What Does It Take To Be A Member Of The NFTART Portfolio?

The artists will need to have a portfolio of works that have already sold and they need to be willing to collaborate with NFT art in the future All of the artworks that NFT art invests in have to meet the two-pronged criteria that the art investment company operates by.

So, What Does It Take To Be A Member Of The NFTART Portfolio?

According to NFT art, the two criteria are: “Art is created, produced and made by one or more Irish artists whose works are properly attributed to the artist. This is the classic definition of art by an Irish artist and it provides for independent research into the artist’s track record and who owns the work that we place in our portfolio”.

“Artists must have a track record of art sales with proven sales history and a proven track record of getting art into the public domain. Their works have to be under the control of one or more dealers or art advisers who represent the artist. These are our core criteria, the others are secondary in our eyes”.

Justine Gleeson was an artist who was part of the portfolio that NFT art invested in.

How Has Your Perception Of The Art World Altered Since Your First Encounter With It?

When I was younger I was enamored by it, but now it’s a lot more of a business. The investment industry is a small part of the whole market and the main part of it is the charity sector and how it works.

I have always tried to be open and honest about my career path and the investments I have made. I don’t like being secretive about my career path. It is sometimes in a way the art world is part of that too – artists hide behind their art and they don’t take that step into the real world. But I am open about what I do and it is not something that is necessarily a cover-up but it’s just a different path.

What Role Did Your Family Play In Encouraging You To Pursue A Career In The Arts?

My dad is a musician and my sister is a ballet dancer so we have always had a strong artistic influence on the family and it’s something we talked about when I was younger. My mum always wanted me to go to university but I didn’t go that route. I studied at Trinity College Dublin and I went into business school afterward.

My parents tried to discourage me from getting into the art world, it wasn’t something that they ever really supported, but it is a good way to finance my income. It allows me to express myself in ways that I would never be able to do work in finance.

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