The price of NFT art coinmarketcap is very varied due to various factors that affect it.
NFT is a unique crypto asset. By the way, this digital token not only contains the value of money, but also the value of pure art of quality. This art meaning also affects the price of NFT assets and makes it expensive on the market.
Furthermore, it seems that there are still many factors that determine the price of a NFT.
4 Factors of the NFT Price
Unlike other crypto coins whose price is equal (standard), each NFT token actually has a different price. Its main reason is the quality and art value brought by each NFT art coinmarketcap.
Well, before selling or buying NFT art coinmarketcap, you must understand anything that affects the NFT price so that investment is more profitable:
1.) The originality of token
The first factor determining the price of the NFT asset is the authenticity or originality of the token. This factor works the same as the art asset in general. A work of art is considered high value when it is actually proven original.
NFT assets adopt the same system. NFT blockchain system has been designed in such a way that encrypted tokens cannot be copied or duplicated. As a result, each NFT art token is unique (only 1 in the world) and its originality is highly guaranteed.
When a person purchases an NFT art, he will get a unique proof code of ownership that no one can copy. The same code can also be used to track the token makers, the creators of art works, and the identity of the owner of the current asset.
Certainly every NFT token has a different code, even though it is purchased by the same person. This is why NFT art coins are considered super rare and high value.
2.) The process of artwork
Everyone is sure to agree that art works deserve a high price because the process makes it not easy.
Bitcoin, Ethereum, Dogecoin and others have the same form as digital coins. Compared to the reverse, NFT is present in various forms, both abstract objects and personal collections.
- GIF
- Song / Music
- Game or character
- Photo
- Video
- Films
- graphic design and so on.
The price of NFT art coin marketcap is highly influenced by the hardness of the artists when making the works of art. Starting from the process of extraction of ideas, the creation of works of art, until it can be represented in the form of NFT and sold.
For example, the most expensive work of the online artist “Beeple” has a value of 980 billion rupees.One of the factors behind the NFT “Beeple” is the duration of the creation of art works for 13 years.
3.) The Artist's Silence
The image popularity factor of NFT artists appears to also contribute to determining the price of the NFT asset. NFT made by automatically renowned artists will have significant added value.
But in certain cases such as the phenomenon of Beeple that the fantastic work of NFT could also add popularity to the artist.
In the beginning, not many people know who Beeple is. His new name rocketed after his NFT collase became the first art item that was launched online plus the highest price in history.
The relationship between the quality of the work and the popularity of the creator is very close at once.
4.) Quality of Artwork
The last thing that causes the price of NFT art coinmarketcap to be very expensive is the quality of the artwork it brings. The more quality and in the art meaning of a NFT, the more expensive the result is the price in the market.
So, if you want to succeed in investing in NFT, then try to make an artwork that is truly valuable and demands the target market. It is also good for jelly when choosing a high value NFT to obtain the maximum investment profit.
Pricing of NFT
How a NFT token gets its price or value?The answer lies in the unique code that each token owns.
NFT is a digital token currency (cryptocurrency) built with Ethereum blockchain systems ERC-1155 and ERC-721. However, after many fans like now, NFT also joined the development with other types of blockchain such as Tron, Eos and Neo.
The appearance of the NFT token price begins because of the presence of demand and supply of such assets in society. This factor plays a great role in moving the NFT value graph from day to day. As long as society still loves NFT coins, then the price will continue to grow.
Facts on the field show that the development of the value of the NFT belongs to ‘mild’. This is because the demand for artwork from the collectors is increasing. Not even remembering the tendency of the art collectors who never question the price of the asset. They will continue to seek work to be invested and collected.
Furthermore, the four factors (the originality of the token, the work process, the image of the artist and the quality of the work) begin to play a role in determining the size of the asset NFT.
Each piece of NFT has its own unique code of high value. This is also considered a unique challenge for the collectors to complete their own NFT collection.
Finally, the sale of NFT purchases has become very high in the crypto marketplace until now. The number of fans of NFT art coinmarketcap continues to increase to the general community (non-art collectors). The community is interested in buying NFT to sell back and gains a huge profit (trading).
While the artists are continually encouraged to work because NFT allows them to sell their creations easily, safely and profitably.
5 most expensive NFT in history!
Every NFT has its own price. Do you know which NFTs are the most expensive in history? Here is a complete list of the most expensive NFT collections that have ever been in the crypto community:
1.) Everydays: The First 5000 Days (Beeple)
The world’s most expensive NFT is the “Everydays: The First 5000 Days” by online artist Beeple or Mike Winkelmann.
The unique art value and complexity of successful collage creation made the name Beeple listed in the 3 major list “Everydays Influential Artists”.
2.) The first tweet in history
Next is the first tweet in history sold as the most expensive NFT asset. The tweet is fantastic because it is the starting point of the world’s largest social media history, Twitter.
The tweet was made by Twitter CEO Jack Dorsey, and said: just setting up my twttr. NFT tweet Jack was successfully sold in March 2021 for $2.9 million.
3.) Pixel CryptoPunk #7523: Covid-19 Edition
There is a pixel art work entitled “CryptoPunk #7523” which is listed as NFT for $11.8 million. The work is a human avatar with a medical mask that symbolizes the situation of Covid-19.
4.) Save Thousands of Live
Another high-price NFT collase work is “Save Thousands of Live” made by Noora Health. This collase is made as a donation action to help mothers and newborn babies in the region of South Asia. Thanks to its noble goal, the collase Save Thousands of Live behaves equivalent to $5.1 million.
5.) Meme “Doge” Shiba Inu
The most expensive NFT is the “Doge” meme of Shiba Inu. This funny Japanese dog is very popular in the virtual world. It is proven that Shiba Inu is also a special icon of crypto Dogecoin.
2 Ways to Predict Crypto NFT Price
Although there are many factors that affect the NFT crypto price, it seems there is a way to predict the crypto price one.
Check the news in the media
The price of the crypto asset can be influenced by the news in the media.When many media tell a lot of good news about the NFT, the price will be rocky.
Analysis of market conditions
The second way to predict the crypto price is to rigorously analyze the market conditions. the market conditions greatly affect the price of an asset. the more demand for NFT, the price will continue to rise.
It is very important for a trader or crypto investor to understand how to analyze the market conditions. Analysis of the crypto market conditions can help you make it easier to determine the best time to buy, sell or HODL assets.
There are three ways to predict the commonly used crypto price:
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Technical analysis: an approach with the aim of mining statistical trends of an asset. The analyzed elements are the history of the price movement of coins, the volume of sales of coins, and the forecast of the future condition of coins. Technical analysis is most often used by investors because it has accurate forecast results with strong data.
The analyzed element is the history of the price movement of coins, the volume of sale of coins, and the forecast of the future condition of coins. Technical analysis is most often used by investors because it has accurate forecast results with strong data.
- Fundamental analysis : an approach that studies a variety of factors affecting the price of the NFT asset. In addition, this analysis also analyzes the crypto management system in the market.
- Sentiment analysis: approaches of opinion study, perspective and expectations or the expectations of the public to the cryptocurrency asset. All public opinions are the basis for predicting the fate of the coin ahead.