More than just basic economics, popular NFTs like CryptoPunks and BoredApes thrive because of the synergy between culture and business.
. These are almost equivalent to “museum quality” art produced by the Old Masters and could easily fetch millions of dollars. But the difference is this: physical artworks are tangible and can be touched in real life, while NFTs only exist in the digital sphere and thus, it is difficult for the layman to justify its exorbitant prices. Now, then why are these popular NFTs, popular?
The answers to that are fairly easy to deduce because it is about supply and demand. When Larva Labs first released the Cryptopunks in 2017, the NFTs were free to claim as long as a “digital wallet” was available. There were only 10,000 such NFTs, each unique, and all were quickly claimed. The scarcity is what determines the value of an NFT, and the CryptoPunk project has recorded US$1.93 billion in lifetime trades so far. It still remains as one of the most sought after NFTs in the world.
Another factor that determines the popularity of renowned NFTs is the hedonic value. This refers to the enjoyment the owner gets out of the product. Owners of the Bored Ape NFT get their satisfaction from knowing that they are part of an exclusive club called the Bored Ape Yacht Club . When famous people are also part of this community, it immediately makes owning a Bored Ape NFT a status symbol and creates the desire for others to join.
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