In the midst of a tumultuous time for crypto, NFTs and blockchain gaming have remained resilient, with growth in both sectors and the values of famous NFT collections largely unchained. So, what gives NFTs their value?
Token Gamer and NFT Insider have decided to combine forces to launch a WAX-centric, weekly podcast, WAX Lyrical. John Nichols of NFT Insider and I will discuss a new topic every week, as well as feature special guests in the near future. If there’s a topic you’d like us to cover, make sure you let us know through the Token Gamer Discord or Twitter, or the NFT Insider Discord or Twitter.
In last week’s episode, we opened the floor and took questions from listeners. Some were light and speculative, some were dark and difficult, and some were utterly beyond us! This week, John and I decided to tackle a complex and broad subject that both of us follow with interest.
Episode 9: What Gives NFTs Their Value?
The crypto markets are awash with red. The new folks to crypto are suffering, refreshing their portfolios, bewildered. Those of us who have been here a while are relatively unphased. However, in times of turmoil, it is arguable there is the most to learn.
Earlier this week, I discussed whether NFTs and blockchain gaming are now impervious to crypto’s cycled, heavy dips. It’s too early for a definitive answer, but DappRadar’s most recent report on user behavior, suggests we may be in the first throes of a decoupling. Where cryptocurrencies receded, blockchain gaming and NFTs grew and strengthened. Now, they’re in their biggest test since Play to Earn (P2E) games took the world by storm.
If NFTs do not follow the negative trends of cryptocurrencies, why not? From where is their value derived and what can we learn from that information? John and I discuss what influences an NFT’s price, both short-term and long-term, and how being armed with this knowledge can mean you avoid purchasing from collections doomed to fail.
Finally, we’d like to ask that if you listen to us on Apple Podcasts and/or Spotify that you rate us five stars and leave us a review if you enjoy WAX Lyrical. This helps both our podcast and the WAX ecosystem as a whole!