The coming of the new digital asset NFT has made it possible for a single asset to be sold for millions of dollars. Beeplet sold their first NFT for $69 Million and the CEO of Twitter , Jack Dorsey sold his first tweet as an NFT for $2.9 Million ; a confirmation that NFT is not confined to art works.
Artist saw the coming of Non Fungible Token as an opportunity to give their artwork monetary value and world recognition. This saw the entry of many artist into the NFT market and the existence of tons of NFT's . Sadly , for non artists or creators their NFT seems to be of low value and undervalued. Many of them find it difficult to sell their art work even after listing them for a fair price.
It makes the game of NFT appear as a game for the big fish and a struggle for the small fish. Most times the small creators have to use giveaways to attract buyers to their work.
Despite having similar features with Cryptocurrency , their value seems not really affected by demand nor by their supply amount, some NFT seems to depreciate in value with each passing day and this makes it difficult for investors as it seems that their investment is not yielding any profit . I for an example have some NFT listed in the market for weeks now without making any sale.
What are the concerns over NFTs ?
Cryptocurrency can be sold upon connection to a Dapp or through an exchange but NFT needs the seller to list the art work according to the price of the template and wait for an interested buyer to come for it. Sadly, it might take long before the NFT can be sold. One who may need money for something urgent may have to wait for long or even infinity to get the art work sold.
Platforms like atomichub has made it easier for NFT to be created easier and cheaper and this has flooded the market with tons of art works thus reducing their value. A quick look at the image below shows that out of the 49 Million NFT created only 29 thousand has been sold.
Despite the height that NFT has achieved , I still believe that it won't attract investors as it is with Cryptocurrency because of the difficulty in selling them. Also some of the creators may be discouraged in near future especially when they are unable to generate profit from their creations.
Do you see future in Non Fungible Tokens ?