'The 4 Building Blocks Of NFT Value' nft art
With a market cap of $43bn & a trading volume of $3.6bn as of last month, the NFT craze has hit an all–time high. Artists & aficionados are creating NFTs out of their media, music & GIFs. The nature of the industry has led the general public to believe the value of NFTs is fabricated out of thin air. But value of NFTs can vary – based on 4 different factors; Utility, Ownership history, Rarity and Liquidity.Every piece of content you create can be a piece of art. Clout.
That's the dilemma we've set out to address in the next few minutes. But before we clarify whether NFTs are just a big pile of thin air – we first have to address the biggest elephant in this room.There are plenty of ways to explain what the concept represents. But in a nutshell… NFTs are simply a digital representation of ownership and authenticity of an asset. Non-fungible means non-exchangeable.
Because here's the thing. The nature of the art industry is mostly speculative. And this has led the general public to believe the value of NFTs is fabricated out of thin air - -just based on pure human hype.It's easy to read stories of users purchasing moving pixels for outrageous price tags –like the original gif of the Nyan Cat, which sold for $590,000 at an auction –and think every NFT is priced at an arm & a leg.
The matter is clear: Whenever a famous artist, celebrity, or brand owns the rights to anything – the perceived value of said asset instantly increases.
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