You’re undoubtedly curious about How NFT Price Increase or determine if you’re considering venturing into the world of non-fungible tokens (NFTs).
NFT Value Explained
Each non-fungible token is issued on the blockchain of a certain cryptocurrency, and it follows that these tokens can only be purchased and sold using the respective coin. NFT value explained in the following sections.
The Value of Cryptocurrency an NFT was minted on is the primary factor determining an NFT’s value. Most non-fungible tokens (NFTs) are created on Ethereum, Polygon, and Solana; hence, most NFT exchanges support those cryptocurrencies.
NFT Market Volatility
The market for non-financial derivatives is quite volatile. The value and volume of a particular NFT collection and the overall usage of the markets on which they are sold are both subject to fluctuations, and these changes can occur in any direction. The fluctuation of the Meebits NFTs market, as shown on DappRadar
An illustration of the market activity of a well-known NFT over the past 30 days is provided here. In the middle of February, there were some days with sales of over $100,000, but the rest of the month was quite slow in terms of the number of sales.
The volatility of the NFT market can be the root cause of a large number of unpredictable factors. For instance, a person of influence may advocate for a particular project, or one project may announce the addition of additional features for an already existing project.