Why Do NFTs Have Value?
10In this episode, another viewer asks the question, “Why do NFT’s have value?” Will, from bees.social, starts the explanation by saying that the community behind the NFT gives value by first buying the NFT’s for a price that sets the initial value. He further explains that the NFT may be backed by an Ethereum asset known as an ERC721 and when the ERC721 goes up in value, the NFT also goes up in value. Ray, also from bees.social, then explains that there are other factors in the NFT crypto space that help give NFT’s value such as the actual artwork, the use case, previous ownership of the NFT, and the liquidity of the NFT.
0:00 - 0:11 Intro
0:12 - 1:07 Why Do NFT’s Have Value?
1:08 - 2:09 Factors That Give NFT’s Value
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