Like any other tradable assets, the prices of NFTs fluctuate. Their prices may go down or rise, depending on the market conditions.
Ultimately, the price of any NFT has the potential to rise if many people are willing to purchase it.
For instance, the prices of NFTs which represent artworks of popular creators rise with time.
This is the case with many utility NFTs, which are the non-fungible tokens that represent physical pieces of art.
Also, some utility NFTs can allow people access to special events such as clubs or games. This is because they act as event tickets.
When a lot of people want to get the service whose tickets are in the form of NFT, the price of such NFT tends to rise.
On the other hand, pump and dump activities of NFTs may also result in sudden rises in the prices of the associated NFTs. However, the prices of NFTs can also fall if there is low demand.
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