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28 September 2021

The ongoing NFT boom: Can supply of nonfungibles outweigh demand?

The ongoing NFT boom: Can supply of nonfungibles outweigh demand?

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While these were both some of the first pieces of art to be featured on the Ethereum blockchain, Andrew, founding chief marketing officer of stablecoin project, told Cointelegraph that he believes EtherRocks, in particular, will continue to rise in value due to the fact that only 100 were created.

The same could possibly be said of the historical significance of an EtherRock.” In turn, Andrew explained that EtherRock NFT holders instantly become part of an exclusive club, which also triggers astronomical prices for EtherRocks: “The ultimate logic for me is that in the next three to 30 years, NFTs created in 2017 will be extremely treasured.

Fungibles also pointed out that some of the most sought-after NFTs today also provide owners with access.

According to Scaramucci, Flatter aims to expose traditional collectors to a broader market where they can experience digital art and experiences in a unique and exciting way: “Flatter NFT owners will have access to a community that includes shared experiences, events, early and exclusive access to happenings.”.

In terms of value lost over time, Lau pointed out that there are a lot of parallels between NFTs and traditional art

As a result of supply potentially outweighing demand, he believes that some NFTs will inevitably lose value, while others will accrue in value as new creators and experiences rise in popularity

Santiago Roel Santos, a decentralized finance investor, further told Cointelegraph that although not all NFTs will hold their value, he does expect to see the next Picasso emerge from this movement: “At this point, every major artist, creator and studio is thinking about NFTs and have a strategy.” But even if value is lost, Fungibles remains optimistic:

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