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The Present and Future of NFT Rental Market — Where is it Headed?
What can NFT owners really do with their NFTs other than holding onto them?
2021 was an exciting year for NFTs, as NFT sales soared during the latter half of the year. Although sales volume estimates differ per different sources and these sales volume estimates don’t capture off-chain transactions (i.e. transactions taking place at auction houses), DappRadar stated that NFT sales volume totaled $25 billion in 2021, up from $95 million the year before.
People buy NFTs for various reasons — out of FOMO (Fear of Missing Out), belief in their intrinsic values, belief in the cause a specific NFT project supports, access to the community of NFT holders, or opportunity to flip them (sell at a higher price in the future).
For expensive NFTs such as CryptoPunks or BAYC (Bored Ape Yacht Club), they are sold at prices ranging from tens of thousands dollars to millions of dollars. Owners hold onto these NFTs for few specific reasons — it gives them access to an…
