BEES.Social Provides Explanation Of NFT Floor Prices
October 11, 2021 at 18:18
BEES.Social, the world’s first Decentralized Autonomous Organization (DAO), is uploading videos with NFT floor prices explained. The organization's main focus is to empower people by providing them with the information they need in order to take advantage of the Crypto Revolution.
NFT stands for Non-Fungible Token, and they are cryptographic tokens (which can be explained as data units stored in a blockchain). Each represents a unique digital asset which cannot be exchanged for an equivalent. In economics, fungible goods are goods which are defined more by their value than by their unique properties. For example, currency notes can be considered a fungible good. A dollar bill can be exchanged for another dollar bill; one note may be brand new and the other may be a tattered note, but they have the same value in practice.
This is not applicable to most goods, such as art, furniture, real estate or even collectibles, as the value of each item is based on their unique properties. For these types of goods, it may be said that they are non-fungible items, which can be tokenized, representing ownership on a block chain. These items can take any form, such as digital collectibles, works of crypto art, parcels of land in metaverses, video game mods and items and even actual goods (such as art or property). Those interested may watch the NFT training videos on the BEES.Social Youtube channel for more information on this topic.
The concept of a 'Price Floor' is important for NFTs. Since NFTs are non-fungible cryptographic tokens that represent goods with unique properties, it is a given that each one should have a different price. However, at any moment, suppliers of NFT markets representing sets and subsets of digital collectibles, generative art drops and many other forms of crypto art tend to converge on a common ground. This concerns a price discovery point of view, and they will establish what is the lowest asking price, which is known as the Price Floor. In NFT Price Floors, it is accepted that the price floor concept is becoming increasingly relevant to the non-fungible token space, as revealed through interesting initiatives that bridged the world of digital collectibles and crypto art with DeFi.
Predictably, AMM liquidity provision services (via ERC20 index tokens and other lending services) allow an individual to use NFTs as collateral. This is also likely to give a boost to the price floor concept of a sector. The usefulness of the price floor concept may be connected to the level of granularity offered in connection to the data in each collectible set or crypto art drop. It is worth being aware that, in the case of some NFTs, with abundant series and subsets, having a general price floor may not be as useful as for subsets which are more homogeneous.
Though there are questions about the concept of the price floor, it can also be a very useful metric for all the emerging financial applications that aim to connect the gap between NFTs and the DeFi ecosystem. If it is possible to use a price floor as a reference point for NFTS, the ideal next step will be to obtain a market capitalization — which would be the result of multiplying said price by the total supply. Given that the input price used will be the price floor, the resulting market-cap is known as the Floor Cap.
BEES.Social provides their users the opportunity to join the Crypto BEES Colony by staking in the Hive of their choice. All members gain all-inclusive access to a vibrant colony of Crypto BEES where they can learn and earn within the Cryptocurrency Revolution. The members also have the opportunity to benefit from BEES.Social Crypto Education, which the organization provides in many forms for their members and for the public, particularly through the educational videos they post. For example, a person can watch BeesSocialTV, which gives first-hand education about DeFi Crypto projects through BEES.Social's unique and engaging game, called Swarm. Swarm is an innovative platform which is particularly useful to people who have just begun to learn about the Crypto Industry, Decentralized Finance, Yield Farming and profit in the current Cryptocurrency Revolution.
To learn more about BEES.Social, those interested may visit the group’s official website and social media channels. The team can also be contacted via phone and email.
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