2022-07-26 12:51:07
How to assess your own NFT’s value
NFT value appraisals are difficult because it’s a relatively new asset class. As NFTs go more and more widespread across multiple industries, they have also risen in value by a considerable margin. To correctly appraise these tokens, one must look at the three key factors: rarity, utility, and tangibility.
1. Rarity. This factor is about how rare the NFT in question is. Examples of very rare tokens include first of its kind items from well-known authors or celebrities.
2. Utility. This factor speaks to how useful the token is in either digital or the real world. For instance, some NFTs are more than just collectibles, and they serve as property rights for virtual real estate, game items or characters.
3. Tangibility. Some NFTs are linked to real-world objects, which gives them value as a digital representation of a material item and the ownership rights to it. Its value is mainly defined by how practical, rare, or satisfying it is to own.
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