Honestly, there is no step-to-step guide to assess the value of NFT. The value assessment of an NFT art is just like any other physical portrait that is being auctioned. The value is determined by the creator or the seller of the NFT. The perception of the buyer and seller drives the NFT value. It is hard to estimate the price that the next buyer wants to pay.
The common mistake that buyers do during the price evaluation is that they overlook the properties of NFTs. The lack of strategic thinking cost them hugely. Therefore, it is important to consider the factor before determining the value of NFTs. Below are some of the factors that will help you evaluate the value of NFT.
Rarity
The more unique and rare an NFT artwork, the more will be its value. Unique digital arts from renowned personalities are worth millions of dollars and make great examples.
Utility
The utility is one of the prime factors to evaluate the price of an NFT art. Currently, the NFT market is still at an early stage, and in the future new innovations will surely emerge. This will lead to new ways of utilizing NFTs for different purposes like tokenizing precious metals, securities, and real estate.
Tangibility
A tangible NFT art will have more value in the long run compared to non-tangible arts. For instance, investing in sports game tickets may not be profitable in the long term due to its expiry date.
Interoperability
Another key factor that you must consider during price valuation is interoperability. It determines the ability to use NFTs in various applications.
How you can approach NFT?
If you are planning to buy NFT then Krazy Kong NFT collections are the right choice. Krazy Kong is one of the modern apes who is trying to get over his tumultuous past and fit into modern human society. The main motive of this NFT project is to bring awareness towards environmental and social issues including deforestation, animal rights, inequality, conflict within and between animals and humans.
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