The blockchain revolution has arrived and with it, the emergence of non-fungible tokens (NFTs) in the IMVU metaverse as a new type of item.
With NFTs now available in IMVU, many users have begun to ask themselves: How are NFTs priced?
We’ll take a look at the different factors that determine the prices of NFTs in IMVU, from their initial cost to the resale cost. By the end of this article, you will better understand how NFTs are priced and the key factors that influence their prices.
How are initial costs determined for the Drop?
A variety of factors helps IMVU determine that price, including quantity, quality, and type of item.
In our next phase of NFTs, creators will be able to mint and sell their own NFTs and determine their own pricing.
Why do the prices of NFTs change over time?
Once the NFT has been purchased, the customer is considered the owner of the NFT and can choose to keep it or resell it at any price they choose.
The future resale price of the NFT is entirely up to the owners and users to decide whether they want to purchase an NFT listed at that price or not, so it could be higher or lower than the initial sale price set on the initial drop.
As with any collectible item, the scarcity, and variable demand for items will mean that the prices may fluctuate.
How can I tell if an NFT is being sold by the original seller?
When you click an NFT item for sale in the IMVU shop, you can view the original user who listed the NFT, the Seller of the specific NFT item, and the Sales History for that specific NFT item.
The original seller’s name is under the item name (ex, “by IMVUNFT”). The Seller is the user currently listing the specific NFT item you’re viewing for sale. And the Sales History shows all transactions that a specific NFT has had, including the date and price of previous sales.
The pricing of an NFT in IMVU is determined by the initial creator, but the future price is determined by the market, the current owner’s price, and the buyer’s willingness to pay.
NFTs are unique digital assets, and their pricing is determined by the same factors that affect physical collectibles.