I’ve read an article or two about mind bogglingly expensive NFTs and how much people are willing to pay for what is essentially just a database entry.

The other day I was thinking about doing exactly the opposite thing, wondering how cheap an NFT could get (including transaction fee). Would it be possible to make NFTs affordable for the masses? What would it take to flood the market with cheap NFTs?

    • ~sunblocker@lemmy.mlOP
      2·
      3 years ago

      That’s what I’m talking about. I might as well profit off of the hype while it’s there.

  • ~sunblocker@lemmy.mlOP
    2·
    3 years ago

    I just tried to buy a “free” NFT on opensea. It was, indeed, free, but EUR 300+ in fees is way too much for my taste. Ain’t got that amount of money to play with.

    • tracyspcy@lemmy.mlM
      1·
      3 years ago

      you can get free nft’s on forums and reddit, there is no tx fees associated since many creators just send them to people who provide their addresses. If you participating in minting of nft’s even if there is no price, there will be fees for sure. in this case you can consider either second layer solutions like bsc or even another blockchains like cardano or solana etc…

  • GenkiFeral@lemmy.ml
    1·
    3 years ago

    Are there useful NTFs? I might put music in the usefl category, but it certainly depends on the music itself. Buying, admiring, or discussing nonuseful things seems useless to me. In a perfect world, practical, useful items would be made beautiful art as well. Doens’t NTF go against the free culture movement, as well? Not saying everyone has to embrace free culture, but why pay for a gorgeous wallpaper when I could get one for free or take/make my own for my own or others’ use?

  • overflow@lemmy.ml
    1·
    3 years ago

    Yes there are cheap nfts the reason why there are so many nfts because of majority of the people buying them atm are speculators interested in flipping them for a profit

  • seragold@lemmy.ml
    0·
    3 years ago

    NFT tech could be used for lots of good and useful things that need not be expensive at all. Please don’t assume the money grubbing speculative idiocy is all the technology is about or good for. That would be a pity.

  • tracyspcy@lemmy.mlM
    12·
    3 years ago

    Very strange question. A price of any asset determines by willingness of someone to buy it with higher price. Cheap NFT is just NFT that no one wish to buy. Market already flooded with NFTs without effective demand. So, do you really want to flood the market with something without demand?

    • ~sunblocker@lemmy.mlOP
      1·
      3 years ago

      I don’t think that way. NFTs are currently used to artificially limit the supply of a practically inexhaustible resource. There is demand that isn’t satisfied on purpose to create a high number on the price tag.

      • tracyspcy@lemmy.mlM
        11·
        3 years ago

        I don’t think that way. NFTs are currently used to artificially limit the supply of a practically inexhaustible resource. There is demand that isn’t satisfied on purpose to create a high number on the price tag.

        whatever way you are thinking, price determines in a way I described you above. A bought NFT for 1USD -> wish to Sell it for 2 -> if there is B that ready to pay 2USD - new price is 2USD, if no one is ready to buy it even for 1 and A sold it to B for 0.5 - then price of NFT is 0.5 USD. Cheap NFT means no one is ready to buy it for a something you consider as a HIGH price. PS there are even tons of free NFTs - just participate in one of many giveaways of NFTs on rarible forum or on reddit.