Economics for Decision making: NFTS Demand and cost

Economics for Decision making: NFTS Demand and cost

The law of demand explains that when a product’s price increases, its demand declines
and with the order reversed, keeping all aspects constant. Thus, the law of demand in economics depicts a reverse relationship involving the cost and quantity of product or service. The concurrent upsurge in demand and cost of NFT does not represent the desecration of the law of demand. The upsurge in NFT’s demand can be presented by a shift to the right in the demand curve, which denotes a rise in the amount demanded at each price (Block & Philbois, 2018).

The demand is due to several reasons; firstly, a change in income impacts the demand curve as some of the buyers are looking for the modern thing to dive their savings due to the income growth (Volpicelli, 2021). secondly, some buyers had a lot of Ethereum’s and are looking for means to use it. Thirdly, the NFT’s demand curve moves to the right due to the buyers’ anticipation that the NFT’s assets will upsurge in price (Volpicelli, 2021). Simultaneously, others are attracted to the exclusivity and blend of the NFT’s Cryptocurrency assets which advanced due to the distinct Ethereum standards.

NFTS Demand and cost
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