Bitcoin Forum

I am wondering why are NFT tokens so hot right now?
The gains in the last week are pretty significant.
I cant imagine everyone running to play some NFT supported video game or really wanting to spend alot of money on buying digital art etc.

So is this insane rally based on  Hype and FOMO?

Do you predict the price rally will cool off and  retrace  soon?

It's caused by in NFT you can use your NFT to own something special just like rare card, rare art or something else.

Yes it is based on the FOMO. I do believe FOMO will be ended soon but the opposite thing might happen anytime.


Im quite skeptical with it but it looks like NFT becomes even stronger from day to the day. I don't think the price will retrace soon. I will keep watch the market dude.

I understand the use behind it, I especially like the idea with NFT items in games etc, it's just that there isn't that many games out or people that use NFTs now at the moment and I don't think average Bitcoin user is spending hundreds or thousands on NFT art, so I think the price is just driven by FOMo and momentum but it can't be going up so fast and continue to do so,  any reason you believe it won't crash soon?

It is a way to take full advantage of the features from defi, this new trend I think next time it will create a new wave for projects to build and develop. I think 2021 will be a year when the NFT really makes a fever and its heat is increasing as the time of NFT auctions has so much money to say is unimaginable.

I also think it is attracting a lot of people.
And the market will have new money, and we will have a new cycle.
To me, NFT is not of much value, but it is okay to put the profit first.

Yes, pure FOMO, others compare it to ICO craze.

Just look at ENJ right now, more than 30% surge in price, no one can explain except that it is being use as NFT tokens. I'm not really sure though, this is different, and I have a feeling that it can be sustain for a bit, NFT arts, specially NFT game tokens. We all know that there are a lot of gamers, it's a worldwide phenomena in the last 5 years or so. NFT might grow big in the future.

I don't doubt that there is future in NFT especially with game industry, but If we look right now from  my understanding there is hardly any games out there right now that use NFT for the market to be this hot.

I know there is alot of hype being created in the media about rich people buying NFT and the insane prices etc, but at  the moment I cant see average folks spending alot of money on NFT avatars etc, I just feel like there isn't much actual progress to show for right now and the whole FOMO is just based on  tabloid news about NBA, Mark CUban  and speculations of what will happen in the future, and how long can this FOMO be maintained for the prices to keep going up.

On a different note, does anyone know if the   majority of crypto gaming industry is  radically changing their plans to include the NFT's ?

News like this are the main reason behind NFT boost

https://www.cnet.com/news/christies-nft-auction-closes-at-69-million-as-digital-art-sets-off-a-gold-rush/

With the success and attention towards NFT, almost all of the new coins have added NFT features or at least claims to develop that in future. This has created a similar circumstance as Defi hype. The early investors would surely profit on it, but it would have risks involved.

I do believe that people have posted their stuff and hoping it could be auctioned into the marketplace. I think some stuff needs to be addressed if you are participating in it and hoping to make more money with this.

- It's not just purely digital (I guess), or it's an iconic event
- I believe you have to be famous to utilize this.
- One of a kind

I think this could be beneficial for superstars for sure, like in the sports industry.

Nft will support the technical infrastructure to prevent the need for middlemen. At the same time also supports the conversion of physical assets in a new way. The ecommerce giants have been continuously exploiting the users and the corresponding data flow is undeniable. That has added friction and cost to the entire digital asset trading process. The defi scene has also demonstrated its importance in disrupting existing proprietary projects. It seems like a pretty hard thing to achieve. Adoption of the nft will promote trade and provide opportunities for small retailers. It also gives consumers more exposure to the goods they choose. It seems that achieving this goal is the main task.

Hard to speculate that its just a hype but majority believe it is. You can't blame them as all related nft projects has increase significantly and also got proven its existence by having too many deals made in the past weeks over millions of NFTs being sold at auctions. I dont know but I feel like I should budge in before the nft series or events has come to an end.

We sometimes don't understand why this is the case, I think as people's current belief in this market gets bigger, these small trends, once stimulated, will create big fomo. And the main purpose is still finding profits, whether it's NFT defi or in the future there are many other things.

Not only the NFT products are generating terrible numbers, but recent projects are also focusing on this area, and it is almost like the profits that those projects bring are huge. That may be part of the reason people are interested in it.

Everyone likes to play games  :o, no pun intended. On a more serious note, we should take cognizance of the fact that every bull run has always had a trend it introduces. I ain't surprise with NTF and the BSC DApp stuff dominating the scene now. Remember when we had ICOs, IEOs, STOs, Lending tokens just to mention but four. Investors are always in a hurry to hit a good ROI and will expectedly look for what can make them the most cash. Anything trending, whether from FOMO or true use case, catches their fancies. BTW, I just got on the BSC DApp bandwagon. I'm so loving the swiftness and smooth ease of swapping or buying tokens there. Most times before tokens even hit cex, those accustomed to DApps had already bought cheap. Great concept.

People find new bubble and trying to earn money on it, thats simple

Have you heard of IDOs lately?
Projects bring in a lot of profits to investors and this gets them noticed.
And the NFT is really making the hype, I don't think it's worth that much, agree on the application of NFT to the small things to initiate the bigger ones.

Yes, as I am seeing, NFT development projects are strong, and it seems like these projects are all at least x5x the selling price. That's exactly part of the reason so many people are interested in the NFT, I don't know if this trend will last, but with what's going on I'm really scared.

Because NFT Offers something unique, It was Fungible-Asset on the Blockchain where basically it can't be replace with exact same model. For example if you love to collect Baseball Card from 60s-90s you will know how valuable that card especially with Signature from the player. NFT Disrupting by making the Digital Version which is more transparent, borderless and can't be manipulated, It was perspective from Hobby. From the other Field it can becoming identifier and can be integrated in various verifications.

NFT is very revolutionary and there maybe a slight correction in the future onthe market but I'm sure this hype will continue to the point of it's peak where is already adopted globally.

Because it is new and with a lot of money flowing into it.
Yup, hype and fomo. If it's about the price rally, just as the usual thing we experience. It will somehow cool off and correct and so on.

You can compare it with the defi hype. But once people realized that the value of NFT really depends on what it is really representing for, slowly they will die down. However, since they are just starting to hit the market, expect that most of the NFTs will be overpriced in the market. If you want to get a hold one of these NFTs, make sure that you are paying for something that will really be valuable years from now. Because for sure, a lot will try to sell worthless NFTs for thousand bucks or more.

Tokens is a joke investment. Anyone can make a token in a matter of minutes. All what needs to be done after creation is find some "investor(s)" (a fool to part his money)
Actually there is more value as a gimmick, entertainment value to sent back and forth amongst friends.
3 basic steps to make a  token (https://bsvtokens.net/en/)
Investment, lol

Although with the hype of the ICO. For those, all investments in the cryptocurrency market, with all the hypes have been flowing into it. Millions of money are being sold for those digital art.
And that's hell of a sale for those digital prints, arts or anything that anyone can think of making as NFT.

That could be one of reason but it's not only about that. There are lots of parties have been seeing an opportunity to expand their service into the NFT. NFT can be used in the various platforms like game, art and many more. that will always become the main reason why NFT gets booming right now. Remember people will not put their money if they were not seeing it as an opportunity,
I do believe NFT has the same potential as defi.

yes, this is just a new trend, how quickly it appeared so quickly and will end.I don't really understand how pixel images can be so expensive.If someone needs it, then let it be.

NFT is like Digital Art, it is rare and the price can increase very high in just a few months, this price increase is due to the unique NFT and steps, the more rare the item is, the faster the price will increase.
Usually the increased price is very high for a picture of a world figure. I hope that NFT will last a long time, because after all there are risks if one day NFT becomes worthless because there are too many NFT that appear.

I feel that NFT will hardly become a sustainable trend in the future or even if it can exist with crypto, the returns in the trend will start to diminish when this is just a form of refreshing crypto, refreshing this market, we can look at Defi, IEO and some other form, they are created in times when the market is lacking stimulus, the explosion of the NFT has only increased our chances of making money. Profits will be relatively good for the starters to create more community of players, gradually it will become more rigorous and no longer profitable

Last 2017 almost all altcoins/tokens are in hypes, and what we experience this time is likely the same. Not only NFT is surging high but many others did. Mind if you try to check your wallet maybe your dead coins stuck there will have a surprise on you.
I would say that our patience is worth it, and I'll be doing it again, do staking after making a sell this time.

Yes we can say that NFT's are hyped at this time due to digital artworks being sold in million dollars in NFT and Jack Dorsey also auctioned his first tweet as NFT.They are another new trend in the market which is boosting the DeFi projects in the chain but we can witness slow growth of NFT when this FOMO comes to an end.They have gained popularity only because of social media news and painting sold at highly extensive prices but it has no growth options.

I have no idea about NFT market right now. It’s like a gambling or HYIP. The FOMO aspect is really high on this field.
Personally, I will be more interested in NFT with some special features, instead of a random useles graphic.
Pardon me, but I am not trying to undervalued art. I respect the art aspect on NFT, but the market could make it worthless in value of art. The hype is just for the price, not the art.

Agree with OP and this is what I keep telling people especially with NFT. It is just incredibly stupid to pay money for tokens that can be mined in a few seconds. It takes maybe a few hundred dollars to pay a freelancer for the art,,, and then use some random gimmick to piece randomly those art to make new art. Not original. Not worth.

People don't want to lose the opportunity as they lost in 2011 in BTC. so they think NFT is the new upcoming era that can boom the prices and will be beneficial financially in future. so NFTs are now getting hype.

NFT development is often a tricky thing, but when they can combine tokens with games, it will create two distinct streams, game enthusiasts, and token enthusiasts. collaborate in one network. it will obviously add a huge impetus to the market. enough with the center as a token, but potentially market-leading by gamers. that's an innovation that was born from digital-art skills that managed to combine the two into one.
Fomo and Hype are quite effective fuels. foremost is the purpose of the NFT token.

If you ask me, I think its mostly FOMO that is driving it. Like the example of a particular painting existing only on the blockchain as an NFT and a jpg file selling for about 70 million dollars. Insane!

Yes, we can. The hype is almost the same for Defi and the NFT, as we see on its craze. They're both having the same attention from many investors and thinking that they can bank profit on it. I'm also thinking that it will suddenly lie low soon and will start dying off. Then, those who have made millions through their digital arts will just sit and enjoy the money that they've earned through it. While those believers who are too late will have to embrace the reality that the hype's gone.

fomo is becoming more mainstream for this NFT token. but in my opinion there are other additional factors that cause NFT to become one of the booming tokens this month, but we can't exactly determine whether that factor is, what is certain is that the NFT token will make a new million this year.

Similar as DEFI trend that was getting driven by the hype and NFT too but NFT is a bit different consider there are lots of implementation of NFT in the various platform like game and many more. that depends on how rare that NFT that being sold in the NFT market. If that's a rare NFT and that will make the price of NFT becomes even crazy.
These days people valued each NFT based on how rare NFT is.

When ICO is booming, there is so much hype on it but after few months it wear off.
When IEO is booming, there is so much hype on it but after few months it wear off.
When DeFI is booming, there is so much hype on it and right now it is slowly wearing off.
Now NFT is also booming, hype is there but for sure it will go down in the next months.

All of what is happening right now is purely base on hype and FOMO already. I'm holding ENJ tokens since it was below $0.50 and now my initial money is at x4. I'm planning to sell it anytime soon or when the Gas Fees of Ethereum go down. I'd like to take some profits while the market is up. Right now, we are seeing people FOMO'ed. All markets have time that they will go up but there will be times that they will retrace so to answer your question, yes there will be a time that it will retrace :).

I think that depends on how rare the art and that will bring value to the NFT of such art. As far as i know, this is also using various factors to determine how much value will be worth to be priced for the NFT.
You can see how jack dorsey was even selling NFT for his first twitter and that's how FOMO is happening right now.
People are only care about how to buy NFT without trying to consider whether it will worth their money or not. This will be end soon.

FOMO and Hype, yes but there's something on NFT that it makes more valuable nowadays.
I think there's a lot of good artist and collectors that didn't get their want easily because of barriers but the NFT, I think it fix that problem and make things possible. Its too early to burst the bubble, but time will come and people will realize the real value of NFT in the market either to keep going up, or time to go down.

I am also wondering why NFT is so hot. But same time i read in articles that it was very much in demand to make blockchain for NFT products.

In future games like Decentraland or Upland , there u will construct building and give space for advertisement to be installed on those buildings. And advertisers will pay for that and u can earn extra income from ur virtual world. Same like websites are earning from ad placements.

Lets see what will be the future or it will just getting down with time.

Worthless or not, overpriced or not - each item has its own buyer. I suppose that compared to DeFi, NFT wont die. They will be like comix, baseball cards, stamps, pokemon cards and etc. They dont have a real value or real usage, but fans and collectors are willing to pay bags of money for old and rare items.

Maybe NFT is a new trend this season, after the DEFI trend became popular and the price of some DEFI tokens increased, currently the price of some NFT tokens continues to increase, even CMC has made a special list for NFT tokens. I think the NFT trend will continue.

https://coinmarketcap.com/nfts/

That is really a good idea by the way. Advertisement space in games ... amazing. So advertisers will use game token to pay for the ad space ? or that will use ETH or any NFT supporting blockchain token ? How that payment will work ?

There is nothing too shocking about something that hypes, it is just a hype and we have done that many times before and that was always the case, remember ICO times? People ended up investing billions into things that didn't worth a single cent, hell I remember some guy making "scam coin" and literally say that he will scam people and there was a million dollars invested into that, people assumed it would be worth something for just the joke value but it wasn't a joke, he literally scammed them.

So long story short, there is nothing shocking about NFT neither, it is useless and shouldn't be seen as a real investment and people will keep investing into these things as long as it doesn't drop, one day there will be people trying to sell their NFT and will fail and at that moment you will see that all those "art" that is sold will become nothing.

I believe that NFT is a new trend comparable to ICO, IEO and DeFi. We can also say that NFT is a new level of crypto development, which already now makes it possible to tokenize both goods and services. There is a chance that NFTs will be the catalyst for the rapid adoption of crypto around the world. I believe that now is the time to join this trend, as in the future NFTs will only gain momentum, which means we can make good money on this.

Hype or not won't matter.
The question is if they can keep it up.

Some are laughing at how ridiculous it is to buy a piece of art, gif, even the first tweet of Jack Dorsey.
I bet centuries ago they also laughed at some painters and artworks but now they are selling for millions of dollars.
It's difficult to understand but somehow there are still buyers. I doubt it will end quick while the features is mostly focused on the new era.

Definately fomo, yes I expect prices to cool off.  Its not something that will go away anytime soon but equate it to altcoins.  Tons put there mostly all turds.  Got to weed through them to get to anything good.

This is not like 2017 because it is not really a currency. Bitcoin is a currency, ICO's were currency, NFT is not currency, it is art that you buy, there are tokens specially for this but those are just bought because it will be used to buy art. I am not saying 69 million dollar beeple art makes sense neither, it could be hype or it could be legit, but it is art and that is why it is not the same as 2017 and we can't really reason with it.

I do not think that Mona Lisa worths anything, it is just a semi-decent (there are people who paint better if you ask me) but people go crazy about it so it is not my place to judge someone for paying a lot for an art, people do that, art world does that, and that is how it survives. Which is why I think it is quite important to realize that NFT could be hype but could be very well legit since we have seen these kind of stuff in art before.