How To Add More Value to Your NFT Collection

Paigambar Mohan Raj
Source: GOBankingRates

The Non-Fungible Token (NFT) market has been downtrend for most of 2022. The industry saw a meteoric rise in popularity in 2021. Many average investors turned into overnight millionaires. It was beyond comprehension for many how an image on the blockchain could be worth so much.

One of the unique features of NFTs in the royalty collection. Every time an NFT is traded, the creator receives a percentage of the sale. This makes it even more lucrative to have a piece whose value increases in time.

Throughout 2021, many NFT collections have fetched tens of millions of dollars. So let’s look at how one can add value to their NFT collection.

How to make your NFT more valuable?

There are many levels to an NFT; let’s break it down layer by layer.

The first is the piece of art itself, and it comprises the assets that make up your NFT collection. “Good” art doesn’t necessarily mean a good NFT collection. As we have seen, many non-fungible collections are not necessarily good art.

What makes an NFT attractive is its “story.” This “story” is the second level that adds value to a collection. For example, the OG Rex collection contains dinosaurs that survived their demise as the asteroid missed Earth, and a story adds further weight to a digital asset.

Source: Opensea

Then there is the crowd at whom the collection is aimed. If the collection contains cars, it makes sense to aim at the car community. Albeit there will be others who would queue up, you get the idea.

Exclusivity is another crucial factor that adds value to digital art. This point is pretty self-explanatory. Just like Bitcoin gets its value from its scarcity, a rare collection is always worth more than something that has more of it. For example, there will only ever be 10,000 Bored Apes, and this has helped the collection to bring in millions of dollars.

Source: Coinculture

Once your NFT is exclusive enough, you can think about the community. Having an engaged community dramatically increases a collection’s worth, and the Bored Ape community is an excellent example of how to keep your buyers engaged.

The next value-adding layer is utility. If a non-fungible token has some use, for example, in a video game, its value is sure to go higher. Some NFT collections have other use cases too. The OG Rexes have a talent agency in the metaverse, where they can showcase their abilities.

Is this a sure-shot guaranteed plan?

Well, no. But it sure will add more value to a non-fungible with no use cases and is just an image on the blockchain. Moreover, these aren’t the only things that can add value to a collection; creators can add anything they like to make their art more unique. In the future, artists will surely break more rules about what makes “good art.”

NFTs have shown another way that artists can make money. Moreover, they have also helped in copyright infringement cases too. The NFT space has been stumbling in 2022, and additionally, the overall crypto industry is in the gutter for the moment. But that being said, the NFT space is sure to pick up steam shortly. Technology has a lot of promise, and the world is no short of artists who can put it to good use.