This is because they are not identical to each other.įungible items like cryptocurrency and fiat money can be exchanged with one another without losing value because their value is not tied to their uniqueness.Īn example of a fungible item is a dollar bill. How Do NFTs Differ From Cryptocurrencies?Ĭryptocurrencies are identical to each other and can serve as a medium of commercial exchange, NFTs on the other hand, cannot be exchanged or traded at equivalency. The product appeal to a wide range of buyers If the NFT is in high demand, the seller will not want to sell it at a price lower than the value of other NFTs in the project.īut if the reverse is the case and the demand for the NFT is low, the seller will most likely pick a low floor price in order to sell out the NFT quickly before it freezes out.Īs stated above, the floor price of an NFT is determined by the demand for the NFT.īelow are factors that can affect the demand for an NFT and ultimately affect the floor price of NFTs: The major determinant of the value of NFT floor price is the demand. In most cases, NFT investors use the floor price to determine the rarity of an NFT and find out if the NFT project has the chance of appreciating in value.
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Knowing how to calculate the floor price of an NFT will save you the trouble of making a bad investment.
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The seller can decide to choose a floor price that is less than that of other similar NFTs within the NFT project. NFT floor price is often determined and set by the owner of the NFT. NFT floor price is the lowest price an individual is willing to sell an NFT for.Īlternatively, the NFT floor price can also be the lowest amount of ETH a person is able to spend to own an NFT or become a member of an NFT project. NFT creators can choose to attach a commission to the file and get paid for every sale or resale of the file.įloor price refers to the lowest price for an NFT collection that someone can buy directly from the market. To convert a digital object to an NFT, you just need to mint or put the object on the blockchain as a token and put the digital artwork for sale. The blockchain acts as a decentralized ledger that is used to track the transaction history and ownership of the NFT, and this makes it difficult to be counterfeited or altered.Īny digital object can become an NFT and anyone can make an NFT.
In simple terms, NFTs are unique crypto tokens managed on a blockchain and they can be considered as modern-day collectibles.Įach NFT is coded with a unique ID and other metadata that are impossible to replicate on other tokens. These goods can be anything ranging from artwork, music, digital real estate, or videos. A non-fungible token (NFT) is a digital asset or a unique identifier that assigns, links, or proves ownership of unique physical and digital goods.
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