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It consisted of one-of-a-kind works and pieces with thousands of duplicates. MAC SOARED HIGHER THAN MY HOPES FOR THE FUTURE *AGO MACEstablished synth-pop musician Grimes made her NFT debut in February 2021, in collaboration with her brother Mac Boucher. MAC SOARED HIGHER THAN MY HOPES FOR THE FUTURE *AGO SERIESBy contrast, a critically acclaimed creator may comfortably sell out a series of prints for thousands of dollars apiece.Įvidently, provenance contributes to a work of art’s value. An amateur artist may struggle to find a buyer for a single-edition piece, even at a comparatively low price. Yet, scarcity alone is not enough to imbue an asset with value demand is a crucial factor too. This is reflected in the price of XRP and YFI - the former remaining below $1.00 and the latter trading above $30,000, as of the time of this writing. ![]() Yet, XRP’s circulating supply of almost 50 billion coins makes it much more abundant than YFI, of which there are just under 36,000 tokens. We’ve seen this time and again across all assets - including those in the cryptocurrency market.Ĭlearly, there is more overall demand for XRP than YFI, since it has a total market capitalization of around $45 billion versus YFI’s $1.09 billion. If a limited-supply asset is in high demand, its price will rise. Does decentralization play as big a role as one might expect? Do those other factors mentioned contribute more to a project’s potential future demand? What gives an NFT value?Īt the heart of the NFT value proposition is scarcity. Turning our attention to the blockchains themselves, we question what it is about certain networks that make their NFTs more sought-after than others. Historical significance - often brought about by the innovation they bring to the industry - is important, as is utility. Elite-tier NFTs appear to have a few things in common. Yet, almost every NFT is limited in supply - and this alone does not elevate a collection’s average price. As is common across all assets, scarcity is an important factor. We begin by asking what gives an NFT value in the first place. In this OKX Insights in-depth examination, we look closely at the NFT phenomenon and the value propositions of the most successful collections. Prices of blockchain-based collectibles, artwork, GameFi assets and other virtual items have gone through the roof - leaving many on the sidelines scratching their heads. Without a doubt, one of the biggest trends in the cryptocurrency industry throughout 2021 has been nonfungible tokens. An in-depth look into the recent NFT mania, asking what gives a project the highest chance to achieve long-term success ![]()
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