Just trying to understand how NFT works when trying to sell - page 2.

Trojane

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Quote from: TreyARC on February 04, 2022, 02:35:15 PM

Sorry if this doesn't make sense I'm just trying to figure out more about NFT, they aren't actually like coins and tokens when trying to sell them right? Even if I buy a NFT at 0.03ETH and a week later it rise up to 0.06ETH it still depend on if there will ever be a buyer that will be at this new price right? No volume or liquidity like tokens and coins listed on exchange, am I right?

That's very true dude; it all depends on the availability of a willing buyer that will accept to offer the due price for the commodity and YES you'll make your profit but if you don't get in touch with a good buyer or you don't even have a buyer at all to sell them, then they're gonna fall on auction and definitely it's not gonna be the same price with which it was bought, maybe...maybe not!!
Non-fungible tokens aren't investments to me...

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Quote from: TreyARC on February 04, 2022, 02:35:15 PM

Even if I buy a NFT at 0.03ETH and a week later it rise up to 0.06ETH it still depend on if there will ever be a buyer that will be at this new price right? No volume or liquidity like tokens and coins listed on exchange, am I right?

NFTs do not operate as regular cryptocurrencies, which is one out of the total supply and a sale of one coin determines the price of the whole crypto. NFTs are different and each is sold differently as such there can be no price increase without the seller fixing the price or the buyev placing a bid, a digital art cannot simply rise I'm value, except it is put in a type of auction where no price is set and the value can ride based on seller's demands.

You are right about no volume or liquidity.

Rikafip

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If you plan to invest in NFTs and then resell them, just be aware of the fact that initial sellers are often buying their own NFTs just to get an impression that there is some interest, so you don't end up with some expensive NFT that you thnik there is a lot of interest just to find out that you can't sell it.

Whole NFT market (especially those JPEGs) is currently in a big bubble and you don't want to own bunch of them once that bubble bursts.

JeromeTash

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Quote from: TreyARC on February 04, 2022, 02:35:15 PM

Sorry if this doesn't make sense I'm just trying to figure out more about NFT, they aren't actually like coins and tokens when trying to sell them right?

True, there has to be a willing buyer on the other side for you to be able top sell your NFT. It's more like buying an Art piece, and then you try auctioning it. Sometimes you will get a buy who will buy your art piece at a good price, sometimes no one will be interested in buying it

Quote from: TreyARC on February 04, 2022, 02:35:15 PM

No volume or liquidity like tokens and coins listed on exchange, am I right?

You are right

TreyARC

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Sorry if this doesn't make sense I'm just trying to figure out more about NFT, they aren't actually like coins and tokens when trying to sell them right? Even if I buy a NFT at 0.03ETH and a week later it rise up to 0.06ETH it still depend on if there will ever be a buyer that will be at this new price right? No volume or liquidity like tokens and coins listed on exchange, am I right?

Topic: Just trying to understand how NFT works when trying to sell - page 2. (Read 259 times)