How much NFTs or non-fungible tokens are selling for is not an easy question to answer as they have spread immensely. In this extension we need to examine the different value that NFTs have in the phases.
As you probably already know, NFTs show extreme price fluctuations. Some can sell for $100s and others for hundreds and thousands of dollars. So let’s look at what gives an NFT its value.
Before a collection on a large marketplace such Open sea or Rarely, the collection is minted for the first time. When the collection is minted, individuals can purchase an NFT at a set price.
Once it hits the market, the price has the potential to skyrocket. This was clearly visible Bored Ape Yacht Club. Their minting price was nowhere near what their NFTs sell for today.
Originally minted with 0.08 Ethereum, today many of these monkeys can go for over $500,000 and hold a current floor price of 107 Ethereum.
This price increase occurred in less than a year. To think that this kind of price increase happened in less than 365 days is frankly mind-blowing.
In contrast, Bitcoin took many years to come into the limelight with the expected price increase. Remember that anyone can upload and sell an NFT.
Just because someone posts one doesn’t mean the NFT will sell. It is said that only 1% of NFTs sell for over $1500.
It’s hard to imagine as all the NFT news outlets rant about the big collections and how well they’re all doing. In reality, they only make up 1%.
I cannot stress the importance of communities in relation to NFT price volatility. This is one of the biggest make-or-break factors regarding any collection.
Whether it is Twitter, discord or telegram, presenting all the community members and the project creators. Crucial to the award is a community that believes in a collection.
The community adds and lets the NFTs keep their value. Communities are the foundation of a collection.
Another make-or-break moment affecting the value and price of an NFT is the collection roadmap. The roadmap describes the steps that the NFT creator will take in implementing their project, the timeline, and the benefits that the NFT holder will receive.
The more the roadmap offers, the more potential a collection has and thus increases the overall price. If you’re looking for a collection that has a roadmap, research them and see what they offer you.
Set your On price
A great aspect of digitizing art with NFTs is that anyone can put their creations online and sell them for any price. Not only do NFTs encompass massive collections, they can also encompass individual digital works of art.
As the saying goes, “Beauty is in the eye of the beholder.” Many people buy NFT pieces that don’t come from large collections.
This allows artists who do not want to participate in collections to publish unique works of art. This allows individuals to purchase a work of art that they find truly beautiful.
The future of NFTs is bright. They branch out into many industries, like music and even sports. Eventually, they will include various aspects not even related to creative arts and sports.
But now we have to wait and see where they will end up. So there you have it folks. And as always, let us know what you think in the comments below. And while you’re at it, drop your email for insights into your inbox.
https://alexusrenee.com/how-much-do-nfts-actually-sell-for/ How Much Are NFTs Actually Selling? – Alexus Renée Celebrity Myxer