How Do NFTs Gain Value? Ways to Gain Other Than Scarcity

Rarity

The supply of a certain digital asset can be the leading factor that determines its value. If it’s limited in supply, it can be considered a valuable asset. Of course, other factors will have to contribute as well like who’s releasing the NFTs. If it’s a public figure, a widely recognized company, or a brand that people deem to have potential, the limited supply will be more attractive to NFT collectors.

Professional golf player Bryson DeChambeau has a limited edition NFT collection that was released on OpenSea in March. The collection consists of only four cards, with three of those cards having 18 editions. A total of 57 collectibles were released, which can be extremely rare if DeChambeau doesn’t release any future editions and his star career in professional golf continues.

NFTs are very similar to limited edition sports cards and other collectibles. With millions of NFTs being offered on different marketplaces, having a collection of digital assets that are tied to something appealing helps give the NFTs their rarity.

Capability

Another significant factor in digital collectibles having value is its capability because many NFTs can be used in other ways besides as art. NFT sellers might have a special feature or included bonuses that come with purchasing an NFT. Some sellers might have an NFT release. Buyers can become a member of a certain group, win physical goods, and more. Sorare is one platform that has combined NFTs with fantasy sports.

Sorare is a fantasy soccer game that allows users to purchase, sell, and own NFTs of players that are licensed from professional soccer teams across the world. There are weekly challenges in which users can set a lineup of their NFT collections and win rewards for scoring the highest points that week depending on what the players do in real life. There are many other platforms like Sorare that allow NFTs to be put to good use.