Why Should I Invest in NFTs?NFTs are cropping up in all corners of the internet, with huge swathes of your favourite public figures also flocking to get involved. But one question that is in the minds of the first-time investor is: why should I buy these non-fungible tokens? What makes NFTs a lucrative purchase? Well, lucky that you landed on this blog as we lay out some of the key reasons why you should set up your wallet and get collecting.
1) They’re scarce
A big part of the value from NFTs comes from their scarcity, a concept that is also seen in the physical art world. The fact that a piece is one of a kind, or one edition of a limited collection, increases demand, which therefore drives up the price. It’s the same concept as when you’re doing an online clothes shop, you put something in your basket and you get notified that there’s limited stock, or maybe even only 1 left. All of a sudden you want it 100 times more. The same concept applies to NFTs, increased scarcity = higher perceived value. Ultimately meaning you can flip your NFT for a profit.
2) They’re collectible
Collections are a large part of NFT culture. Collectibles and collecting are also themes that are popular in most aspects of modern day life, whether it’s trading cards, car/ bike collections or a shot glass from every country you’ve ever been to. No? Just me? OK but you get the point; human beings love to collect. The process of finding the new piece, being the first to snatch it up and having the satisfaction of seeing it amongst your other finds, brings us great gratification. Evidence that this principle is a large driver of purchasing NFTs is the incredibly popular CryptoPunks, created by Larvalabs. 10,000 collectible characters on the Ethereum blockchain, where Punk #9998 just sold for a record-breaking $532 Million (kind of) !
Another one of the most successful NFT collections is the Bored Ape Yacht Club, made up of 10,000 Apes with unique properties. Source: Twitter @Mememinterapp
3) Artist Support
If you love art, this is a big one. Where in the past, purchasing a piece of art, by an artist you love, would involve the gallery taking typically between 30-60% of the selling price; NFTs cut that commission cost down dramatically to almost 0.
For some digital artists, the process of creating their own website and getting their name out there can be challenging and time consuming. It can sometimes, despite the best efforts, result in limited reach and engagement. At Hyprr, we work with several artists and offer support through spotlighting on the platform, drawing in a wider audience. Supporting creators is hugely important to us, which is why we also have a tipping feature, where you can tip your favourite creators’ work or they can create a paywall for supporters to unlock exclusive content. It doesn’t end there either, some NFTs have utility where you may be entitled to the physical piece of art as well, so you can have the best of both worlds!
Set up your Hyprr wallet today to start exploring our NFTs for yourself, we have lots more exciting drops coming soon.
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