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?

  • 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.