Have you wondered what makes NFTs valuable? Even though NFTs have usually been associated with the world of digital art, you can’t deny the fact that they have been taking over a number of industries and will continue to do so.
From music, art, the meta-verse, and even fashion, NFTs are paving the way for digitalization. So why would they not be valuable? As you may know, there’s always talk of “bubbles” in new industries.
What Makes NFTs Valuable?
When something is hyped up, it is a matter of time before the said “bubble” will burst. But that was said in the 90s and 2000s with the internet, then again with Bitcoin, and now look where we are…
So let’s take a look at what ultimately makes NFTs valuable.
Industries
As more and more industries are entering the world of NFTs, we see them taking over things we could never have imagined before. NFTs are giving us a new way to claim ownership of digital assets and are allowing creators to receive their fair share of profits whenever their NFT is sold or resold.
The reselling of an NFT means the value will always go up, as content creators can receive royalties each time it is sold. In addition, NFTs in music is just getting started and with that, a new practice in the industry is evolving.
This will allow singer-songwriters to sell their songs as NFTs that individuals can buy where they would receive profits from the song, as well as royalties whenever it is resold or played.
This has never been done in the music industry before, and with its success, we are sure it won’t go away. Not only that, but NFTs have even entered the universe of fashion.
Adidas for example launched a collection of clothing tied to NFTs. This has allowed individuals to know that they can own one of their unique clothing pieces with proof of ownership through their NFT.
NFTs will also have the most value in the gaming universe. From gaming accessories to what we used to know as skins, all will soon become NFTs that you can own.
Projects and metaverses such as Decentraland and The Sandbox allow you to craft your own in-game NFTs that you can sell on the marketplace.
Many industries will be affected and changed in the process of adopting this new mindset.
The Metaverse
If you think that real estate in real life is a fluctuating market, where individuals can make a profit selling land, then virtual real estate in the Metaverse will blow your mind.
Virtual real estate in the sandbox is currently selling on OpenSea with a floor price of two Ethereum, close to $6000 to date. As time goes by and more people enter the world of crypto and the metaverse, you can count on prices skyrocketing.
NFTs here will encompass many aspects, from your avatar to their clothing, makeup, and accessories. Everything is being transferred to NFTs.
More and more individuals are entering the Metaverse and we know that NFTs and cryptocurrencies are taking over.
Influencers and Celebrities
There is news constantly popping up of influential individuals entering or reinvesting in the NFT scene. They are not stopping, from Elon Musk to Steve Aoki, you see them buying and investing.
Where people with power and money go, value will go up as well. They are ultimately what allows NFTs to keep their value.
Conclusion
Overall, NFTs will not only keep their value but will go up. The digital world is here to stay, so why not get a head start and be clued up. So there you have it, folks.
We hope you’ve learned more about what makes NFTs valuable. Let us know your thoughts in the comments section below. And while you are at it, drop your email to get insights into your inbox.
