NFTs can and are sold for anywhere between a few dollars to even millions of dollars. What is it that determines their value? Here we take a look at all the variables that together shape the worth of an NFT.
Consumer interest – by far the biggest indicators of value are consumer interest and trends, which can be hyped and popularized by both the market and the community as well as the NFT creator and the collection they put forward. The more in demand and popular a collection, the more money it will make.
Rarity – the worth of an NFT is determined by its uniqueness. How unique and rare an NFT is can be seen by anyone on the blockchain and it’s impossible to falsify this information. You alone can create and exclusively own a unique piece of art of your favorite creator.
Ownership history – an NFT’s ownership and transaction history are recorded in the blockchain. Anyone can see previous buyers, sellers, owners and the creator of the NFT. Notable creators and collectors can increase the value.
The Community
MyPeople helps you with building and expanding your very own community, making it easy to interact and engage with others. The value of an NFT can also be determined by the shared agreement of users, which means the more engagement and enthusiasm a community produces the more value is reinforced. Works by coveted creators can generate value given the artists and collectors history within this space.
