As digital collectibles, NFTs are sought-after and valued because they’re rare. While most NFTs exist as a series of several digital pieces, there are also 1:1 NFTs – one-of-a-kind, unique digital collectibles. One of one pieces tend to command higher prices because of their rarity.
But what exactly makes them more expensive? Read on to find out!
What Is A 1:1 NFT?
One of one or 1:1 NFTs are non-fungible tokens that are minted as single editions. This means that, like most physical artwork, only one digital certificate of a 11 NFT exists at any time. This is different from other NFTs that mint multiple versions or multiple copies of the same digital art piece, and thus can be owned by many people – only one person can own 1:1 art.
This rarity makes 1:1 NFTs more likely to be sought-after and priced highly, especially those made by major creators. Since they’re unique and one-of-a-kind, 1:1 NFTs can also award the token holder bragging rights.
What Makes NFTs Valuable
Not all digital tokens are valued equally. Some may be cheaper, some may be more expensive. But what exactly makes an NFT more valuable than others? Here are three factors that influence NFT prices:
It’s a basic economic principle that scarcity and rarity create demand, and demand raises prices. The same goes with NFTs. The rarer it is, the higher its price.
This is why 1:1 art from famed artists like Mike Winkelmann (better known by his online handle Beeple) or an especially rare generative piece like CryptoPunks by Larva Labs can potentially cost millions on the market.
While most NFTs are valued due to their aesthetic or artistic appeal, some are also sought after due to the benefits it provides. For instance, buying a certain NFT may get you exclusive membership to a community or provide discounts at certain stores. NFT gaming also falls under this category, where buying NFTs means you get exclusive in-game items.
Like-minded people tend to gather, and some NFT projects leverage that. Collections like Bored Ape Yacht Club provide owners with an exclusive club that can only be accessed by BAYC NFT owners. Since many celebrities like Justin Bieber and Jimmy Fallon own these NFTs, people are motivated to buy BAYC pieces to be in the same circle as them.
What Makes 1:1 Pieces Expensive?
Many 1:1 NFT pieces that hit the market are expensive, but what makes them valued so highly? Here are three reasons why 1:1 digital assets often fetch high prices:
Only One In Existence
1:1 NFTs are by definition unique and one-of-a-kind. In the same way that there can only be one Mona Lisa in the world, there can only be one “Everydays: The First 5000 Days” by Beeple. Because of its uniqueness, the high demand will make it a very expensive piece.
Usually Created By Famous Artists
Another reason why 1:1 NFTs tend to fetch high prices is that many of them are created by famous artists. The aforementioned piece by prominent digital artist Beeple sold for a whopping $69.3 million. Other famous 1:1 artists include XCOPY who made “Right-Click and Save As Guy” and Pak who created the NFT “Clock” alongside Julian Assange.
Provides One-Of-A-Kind Experiences
Some NFTs aren’t just simply digital art – there are NFT projects and collections that give extra perks to token holders. For instance, the OneOf 2022 Sports Pass offers 1:1 NFTs that grant holders exclusive VIP access to sports events in various major cities.
Frequently Asked Questions About 1:1 NFTs
Where can you find 1:1 NFTs?
Almost all NFT marketplaces sell 1:1 NFTs. However, more “high-end” NFT marketplaces like SuperRare may offer more 1:1 NFTs compared to other digital marketplaces.
What kind of NFTs are there?
NFTs come in many different shapes and forms, so they’re not just limited to digital images. Some common NFT types include:
- Digital images
- Collectible trading cards, like basketball and baseball cards
- Gaming items
- Real-world assets like real estate
- GIFs of big sports moments
- Event tickets
- Memes and pieces of digital history, like Jack Dorsey’s first tweet
How much are NFTs worth?
Just like any other piece of art, the value of an NFT highly depends on many things like its rarity, aesthetic appeal, and overall marketing demand. This means that an NFT can cost anywhere between mere cents and thousands or millions of dollars.
1:1 NFTs are valued because they’re unique and one-of-a-kind. In fact, 1:1 pieces from famous artists can fetch millions of dollars on an online art marketplace.
Looking to create your own series of 1:1 art? Tokenfy is here to help. Visit our website and see how our NFT launchpad services can get your NFTs out there, even without any technical know-how!