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Shuvodip Ray

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YouTubeย โ€ขย 1y

NFT is just a random art ? How does it become valuable?

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Anonymous 5

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sliceย โ€ขย 1y

NFTs value depends on the type of asset that it represents on the blockchain. If the asset in question is a tangible property such as residential real estate, its real-world price is reflected through its NFT on the blockchain. But suppose that the asset is a digital piece of content that doesnโ€™t come with a pricing label, then its value is purely speculative. In essence, it's value depends on the market, supply and demand. You can think of this as dealing with a specific type of artwork, where each pieceโ€™s value is determined on market sentiment and what potential buyers are willing to pay for it. This means that the seller can set the price of their specific artwork to any level they want. Whether the buyer will pay that cost to gain ownership of the asset is a completely different thing altogether.

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