A lot of people are excited about non-fungible tokens (NFTs) and their potential to revolutionize the world of crypto. And for good reason! NFTs can do all kinds of cool things, such as let you own a fractional part of a digital asset or determine whether or not an item is authentic. But there’s one thing that NFTs can’t do: sell themselves on the open market. That’s right: despite all their potential, many NFTs are essentially worthless because they’re never going to be traded. Let’s explore some reasons why certain NFTs just won’t sell.
A lot of NFTs are worthless
There are a lot of NFTs out there, and not all of them are good. As with any other asset class, some NFTs will be worth more than others. But when we talk about the “worthless” or “unsellable” NFTs–those that fall below a certain threshold in terms of value–it’s important to understand what makes them so.
A large part of this has to do with how much work went into creating each token: if you’re going to create an artwork using blockchain technology, there are many steps involved in actually making sure your artwork becomes an NFT on Ethereum; these include setting up smart contracts for metadata management and establishing relationships between artists, curators, collectors, and potential buyers/investors through social media channels like Twitter, Instagram and Discord.
If a lot of people want an item, then it’ll sell
If the community wants an item, it will sell. If the community does not want an item, then it won’t sell. It’s that simple.
The most obvious example of this is CryptoKitties: when CryptoKitties was first released in November 2017, there was a huge hype around it and people were paying hundreds of dollars for their cats. Nowadays though? Not so much anymore–you can get almost any kitty for less than $10 on the secondary market.
The market for NFTs is very volatile
NFTs are a new type of asset, and they’re highly speculative. Because the NFT market is still so young and volatile, it can be hard to predict how much money you’ll be able to get for your NFTs at any given time. This means that if you try to sell an NFT right now–even if it’s been sitting in your inventory for months–you might not get as much money as you’d hoped for. In other words, don’t expect any quick bucks from selling your unsellable NFTs.
NFTs are hard to predict and some will never sell
Despite the hype surrounding NFTs, it’s important to understand that their value and success are difficult to predict. While some NFTs have sold for millions of dollars, others have failed to capture the attention of buyers. In fact, some NFTs may never sell at all.
The value of an NFT is often subjective and influenced by a variety of factors, such as the popularity of the project it belongs to or the reputation of the creator.
There are some factors that may increase the likelihood of an NFT selling. For example, NFTs associated with popular projects or creators may have a higher perceived value and therefore be more attractive to buyers.
Additionally, selling through established auctioneers like OpenSea can provide a level of credibility and exposure that may increase the chances of a successful sale.
Some NFTs have the potential to be very valuable
While NFTs have the potential to be very valuable, they’re also hard to predict and some will never sell. If you’re looking to get into this new market, it’s important that you understand how volatile it is before investing any money into NFTs.
The biggest reason why NFTs are so volatile is that they can be difficult to value. The value of an NFT can be completely subjective and NFT prices tend to be driven by the popularity of the project it belongs to and the reputation of the creator.