As FTT was created by FTX and its main usages are directly tied to the FTX platform, its value will fluctuate according to FTX’s own popularity and performance. In addition, the situation of the entire crypto market and Ethereum (ETH) may also affect FTT’s value as well.
Moreover, FTT was created to have a max supply of 352,170,015 FTT. FTX also has the policy called Buy & Burn in which FTX buys a certain amount of FTT weekly depending on the revenue generated by the platform. FTX then burns the bought FTT to reduce total supply until there is half of the max supply. Since July 2019, FTX has already burned more than 10 millions of FTT.