How to Increase the Value of an NFT in the Long Term

Tags: nft

NFT enthusiasts have undoubtedly wondered: Why do many NFT projects perform well in the early stages but gradually disappear and become meaningless after a few months? (Especially during the current bleak market downturn). The truth is, NFTs are currently facing a major problem: a lack of focus on community building and long-term value.

Most NFT projects are seen as a quick profit scheme. The community, culture, and actual value of NFTs are overlooked, causing them to lose their appeal and value over time.

So how do we change this? How can NFTs increase in value and become sustainable in the long run?

Why do NFTs lose value after a short period of time?

Lack of focus on community: Many NFT projects don’t prioritize building a community, connecting, and interacting with users. This leads to a weak community, lacking the strength to support and promote project development.

Lack of long-term value: Many NFT projects focus solely on quick profits from the initial launch (TGE), neglecting the development of real and sustainable value. They often use short-term marketing strategies like airdrops, giveaways, or hype marketing to attract attention and create FOMO (Fear Of Missing Out) for users, but don’t bring real value to the community.

Too many “rug pull” projects: The emergence of numerous “rug pull” projects – fraudulent projects aimed at profiting illicitly from users – has damaged trust in the NFT market, making users hesitant to invest in the long term.

The changing way people build identities in Web3: The trend of investing in memecoins encourages anonymity, making it difficult to build and maintain NFT communities.

Lack of liquidity: Many NFT projects lack liquidity, making it difficult for users to sell their NFTs. This leads to a decline in NFT prices and a loss of value.

Fierce competition: The NFT market is becoming increasingly competitive, with thousands of new NFT projects launching daily. This makes it more difficult to attract users’ attention, leading to a decline in NFT prices.

Lack of support from investors: Many investors don’t believe in the potential of NFTs, leading to their unwillingness to invest in NFT projects. This makes it harder to raise capital for NFT projects, affecting their development.

How to increase the value of NFTs in the long term?

According to Click Digital, to increase the value of NFTs in the long term, we need to change our approach and focus on the following key factors:

Building a strong community: Community is crucial for promoting NFT development. A strong community will be a source of support, motivation, and real value creation for the project. This can be achieved by organizing events, competitions, games, community activities, and creating communication channels to connect and interact with users.

Focusing on long-term value: NFT projects need to focus on building real and sustainable value, rather than just aiming for short-term profits. They need to develop features and functions that are useful for users, creating tangible benefits for NFT holders.

Creating real value for users: NFTs need to offer real value to users, such as access to exclusive services, special privileges, or opportunities to collaborate with other projects.

Building trust and transparency: Transparency and trust are crucial for attracting investment. NFT projects need to be transparent in their operations, information about the development team, and project roadmap.

Building a culture for NFT collections:

Increasing liquidity: NFT projects need to ensure liquidity for their NFTs, making it easier for users to buy and sell NFTs. This can be achieved by collaborating with reputable NFT trading platforms, creating liquidity support mechanisms, and providing user-friendly services.

Support from investors: NFT projects need to attract support from investors to generate capital for project development. This can be achieved by organizing project presentations, connecting with investment funds, and building strong relationships with investors.

Support from partners: NFT projects need to collaborate with partners to create added value for their NFTs. For example, collaborating with brands, artists, or other organizations to create exclusive products and services for NFT holders.

Enhancing security: Security is a crucial issue in the NFT market. NFT projects need to ensure the security of their NFTs to avoid the risks of theft or attacks.

Laws and regulations: The development of the NFT market needs to be supported by clear laws and regulations. This will help create a safe investment environment, attract more investors, and promote the development of the NFT market.

It can be seen that to change the current situation, we need a change in mindset and approach. Everyone needs to understand that NFTs are not just a tool for quick profits but an opportunity to create long-term value and build a strong community.

Here are some helpful tips from experts:

Jun Kim – Hashed Capital: “To build a long-lasting community and culture, you need a passionate founder and a founding team that believes in the long-term vision.”

NFT Expert: “It’s not entirely the fault of the projects in this situation. Most people are drawn to NFTs by the illusion of wealth that the 2021 price surge brought. Most of them are still here to look for quick profits rather than long-term investments.”

We need to change our mindset, focus on real value, and build a strong community. That is the path for NFTs to truly develop and become sustainable in the long run.

Real-life examples of NFTs with long-term value

Bored Ape Yacht Club (BAYC): BAYC is a prime example of a successful NFT project due to its strong community building and provision of real value to users. The BAYC community is very active, regularly organizing events, activities, and supporting each other. They have developed many utilities for users, such as access to exclusive events, special privileges, and opportunities to collaborate with other projects.

CryptoPunks: CryptoPunks is a collection of NFTs known for their uniqueness and rarity. They were created by Larva Labs, a reputable development team in the Web3 community. CryptoPunks have proven their long-term value, with their value growing significantly over the years.

Axie Infinity: Axie Infinity is an example of an NFT project that combines gaming and decentralized finance (DeFi). Players can earn money by playing games, collecting and trading Axie characters.

Review

The truth is, NFTs still have immense potential for development. By changing our mindset, focusing on real value, and building strong communities, NFTs can become a crucial part of the digital economy in the future.

NFTs are in their early stages and are highly volatile, but their potential is undeniable. Current issues such as the lack of community, real value, and liquidity are major challenges that need to be addressed. However, the NFT market is still attracting the attention of many people, and its development depends on changing the mindset and approach of both NFT creators and users.

Conclusion

NFTs have tremendous potential to change how we own and interact with digital assets, from art to virtual real estate. To maximize this potential, NFT projects need to focus on building strong communities, providing real value to users, ensuring transparency and security, and keeping pace with the development of laws and regulations related to NFTs. By doing so, NFTs can become a crucial part of the digital economy and bring immense benefits to both creators and users.

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