It has now become a trend to collect NFTs for a cheaper price and then later trade them for a better price. Even though the NFT market is the most exploited thing in the crypto world, there are also so many good NFTs available that can be purchased by people. There are some standards available to pick the right NFTs for our collections. Some NFTs are meant only for collection purchase and some NFTs would have some real use case. I usually prefer collecting NFTs that would give me something in return.
Real money is also revolving around the NFT market providing enormous opportunities to people who would like to trade them for real value. There are some limited edition NFTs that would be cheaper during the sale but later after people realize that there is a demand and there is a real-world utility behind that the price would start spiking after the sale is over and people would pump the price and still make it affordable.
Market around NFTs
There is always a price market around NFTs. People trade their collections in the NFT market whenever there is a good quote. There are also situations when there is a huge demand for some of the NFTs and that can be a good time to sell and book a profit. Nearly a year back someone contacted me and wanted to know more about how NFTs can be used as their club passes. They told me that they are part of a club and only some privileged members are allowed to be in the club for free and that too a few times a month. They wanted to find out if they can use NFT as a criterion to enter the club or make use of the benefits of the club.
I did tell them that it is a great idea to sell some limited passes in the form of NFTs and we could build a system on top of that where it allows people a few times for holding an NFT. The club owners can check for the NFT and they can allow them to enter the club. This is one good idea for clubs and party houses where there are events only once in a while and people who have paid a lot of money to purchase the NFT can attend the club or the party house.
One important thing here is that people can even purchase the NFTs for cheap and sell them to someone else for a better price. Anyways there would be restrictions on the number of entries only based on the number of times someone can use the NFTs per month. So even if people exchange the NFTs with each other, it is not big deal. This is how the market is created around some NFTs that can be used as a pass.
Price fluctuations are important
NFTs can be traded for real money and the above example is the best one to describe how it can be used as the best example. There should always be price fluctuations in the market and that is also very important. There will be instances where the NFT passes would be sold for a higher price when there is a demand during some events and would trade low when the market is silent and there are no planned events in the future. People can make use of these price fluctuations and they can buy cheap and sell them for a great price.
Unique NFT use cases
Just buying and holding NFTs is not going to help anyone. There should be lots of use cases available to keep the price of NFTs intact. There can also be some special perks introduced just for NFT holders. Apart from the privilege passes that are given to a user for holding NFTs, there can also be additional benefits for people holding NFTs. In the gaming world, people holding NFTs for a longer period of time get some sort of Airdrop. When a game is launched, they first sell the NFTs and then introduce a reward for the NFT holders and later when the game is ready they launch the game. This is how the use cases are created for NFTs. But yeah based on each type of project the use case also differs. But overall NFTs can be a great tool and can be used in a unique way to create a market around it.
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