Perceived Value of NFTs
What is Value?
What is the criteria to judge the value of a piece of art? Is it the reputation of the artist? Is it his technique? The size of the art? The medium it was produced on? The subject?
Can we objectively determine the value of something that has no tangible utility, is not essential, yet is desirable?
Without the expectation of the artist or collector, one would arrive at the real (or actual) value of the art; however, perceived (or intangible) value is what the collector actually thinks the piece of art is worth. And in the art world, it seems we can agree with the perceived value. Essentially, if enough people with the means agree that the piece of art possesses a certain value, the art assumes that value.
Up or Down, Now or Never?
What we have described not only applies to the valuation of art. In actual, it does apply across the board to anything perceived to be worth collecting. This has been seen in antiques, books, comics, trading cards, coins, stamps and anything else humans have deemed worthy of hoarding.
Ultimately, rarity, real or imagined, is the be-all and end-all when it comes to value. The law of supply and demand determines price. So, when an item is judged to be rare, yet is desirable in the eyes of many, there are no prizes for guessing that price has only one way to go. Up.
In addition, for items that are rare, the opportunities to purchase them are rare too. If you miss that opportunity, no amount of money may make the opportunity present itself again. So, for true collectors, price is never an issue since the opportunity to own the desired item is priceless.
The Valuation of NFTs
NFTs have experienced a remarkable boom this year.
Beeple’s digital collage fetched $69 million, Jack Dorsey’s first tweet sold for $2.9 million. A New York Times article sold for $555,000. Edward Snowden, the whistleblower’s artwork sold for $5.4 million. Nine plots of land on blockchain game Axie Infinity were sold for over $1.5 million. Paris Hilton managed to sell her NFTs for $1.1 million. A digital house by digital artist, Krista Kim, sold for half a million.
Now, how did these astronomical valuations come about?
Call it FOMO, faith in the future of NFT or astute investing, all these collectors felt good about the purchase and believed so strongly in the value that they were willing to pay those prices.
Whatever it was, all these pieces had things in common. They were rare, culturally significant, and the opportunity to obtain them will not come again any time soon.
The Mars Panda NFT Marketplace
If you want a piece of the NFT action, you know where to go.
Mars Panda NFT Marketplace is one of few platforms that provides a one stop shop for your NFT creation, purchasing and trading needs. The safety of AI fraud detection and whitelisted creators, coupled with easy to use interface and concierge services makes minting, purchasing or even participating in an auction for your next NFT a breeze. Making payment is a piece of cake too since there are multiple ways to transact with our digital wallet using either fiat or crypto currencies.
And do not forget… for a limited time only, we are running a competition for a chance to win rare, first mint Mars Panda NFTs. Only 101 of them will ever be produced and they are the first from Mars Panda. Just 1 out of the 101 will be for sale ($1000) and the proceeds will go to charity. 1 of the remaining 100 can be yours if you successfully complete the tasks in the competition! It will definitely not be a surprise if these NFTs eventually become much sought after based on what we have covered above about the value of rare collectibles. You can find out more about the competition here.
There is much value to be uncovered in the world of NFT. You too can play with the world, join us now on Mars Panda NFT Marketplace!
About Mars Panda
Mars Panda is a complete eco-system which consists of:
• Games, Social Media and Ecommerce Aggregation
• Yield farming DeFi
• Mars Panda game with NFT game elements
• NFT Marketplace
We aim to fuse mainstream eCommerce and Gaming to the crypto world of NFTs and DeFi, on one seamless, unified platform.
Find us at:
Legatus Global Pte Ltd is an entity that has obtained a regulatory exemption under the Payment Services Act (“PSA”) for digital payments token services. Legatus Global is commissioned to handle the issuance of Mars Panda Token (MPT) as well as the KYC/AML during the private sales and distribution of tokens to private investors. Legatus Global is also handling the process for private sales and distribution.
