I want to start a discussion on where NFTs’ value comes from. Perhaps it’s a bit reductive to ask people to point to one specific attribute, but I want to know what is the greatest contributor to some NFTs’ high prices.
Please let me know more of your thoughts in the comments.
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I’m interested in why many people have responded with the utility of NFTs. What sorts of utility do NFTs provide you all? I’ve seen some brands try to offer utility through perks that extend outside of owning the digital asset, like access to exclusive events and forums. I think some popular games have or will eventually use NFTs to offer some benefits there, like unique cosmetics.
I would go with utilities for NFTs because they tend to keep their value far better than collections based purely on art or hype, making them a less risky investment, it’s just that locating top utility NFTs may be difficult. One good example is the seekers NFT, the only NFT that can be turned into a Sylo Node, and acting as a conduit to connect the different worlds of the Metaverse through communication, and NFT Academy that aims to provide creators with access to the tools to create their own NFT projects!
As the use of utility NFTs expands, they can be used by a variety of businesses to give holders with everything from access cards to in-store discounts, ensuring that NFTs retain value for holders over time.
I guess utility is the most important thing in any NFT.