Written Date: April 17, 2021
Edited Last: May 22, 2021
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I wanted to talk about this for a little while.
I tried finding the article so I could include it, but there was one that I read that talked about how the author went to a physical NFT art gallery, and they just commented “eh”. That response was due to the NFTs not looking any different/having any differentiating utility than their physical counterparts.
So after reading the article, I honestly am convinced that until auction houses get developed on metaverses for NFT art, I think selling NFTs now is going to be an extreme low ball in hindsight.
I say this because with NFTs specifically, the “market depth” is extremely uneven if you could say, across all projects and blockchains. What do I mean by uneven?
I have came to the conclusion that as of right now, we have two divisions of NFTs: Aesthetic and Projects. When looking at the “NFT Bubble”, people are really just talking about ETH NFTs and no other blockchains. So if we had a bar graph, ETH NFT popularity is far superior to Flow and WAX as a whole right now. Because of this, people’s perception of value is skewed because they don’t have any other reference points of what NFTs could be/how they can be developed to gain monetary value. In other words, NFTs can be regular looking but be worth far more than extremely beautiful NFTs (Aesthetic).
I say this because, just with Fungible Tokens, Utility focused NFT projects like In Depth Crypto will attempt to design value WITHIN the project, rather than asking the public their opinion on it through an Opensea.io for example. This is why having a whitepaper for In Depth Crypto is necessary.
My opinion is that, until metaverse auction houses get developed where they can showcase different NFT projects to the entire world by category of NFT project (so far Aesthetic//Utility), it’ll be very hard to get a fair assessment on the value of your NFTs as the buying public generally doesn’t have a streamlined/general understanding of how to value these projects yet. The NFT space is too far in it’s infancy honestly.
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