For the first time ever, people can own digital tokens that are crypto-currencies of their own domain. Digital assets that a consumer can own, directly linking them to the identity of a business, brand, or artist through blockchain technology.
As an asset, the NFT functions like a piece of stock. The consumer has the ability to resell NFT’s for a price that is higher than originally paid for, turning a profit.
The value an NFT brings to the table is that it puts power in the hands of genuine artists with the combinations of branding and identity, consumers can take ownership with.
There is potential in viewing the NFT as a relationship you create with your audience as an artist, brand, company, etc.
Take “CryptoPunks” for example. The original sale of “punk one” went for $5,000 USD. Right now, the average sale of these artworks is $21,160 USD, and the highest being sold at $1M and $2M
The total value of punks sold over the last year was $141,262,705.96! https://www.larvalabs.com/cryptopunks
We purchase identity by associating with ideas.
The market is ultimately what drives up the demand for these items. NFT’s are conceptual assets that a consumer can take ownership of. Combined the potential to sell at will, these tokens are currencies that associate identity and value.