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Some people are spending millions of dollars on NFTs like crazy these days. I've seen a case where a so-called NFT art sold out for million of dollars (USD). It turned out that the so-called NFT art was simply an image available on the web for free. I can't understand why somebody would pay ridiculous amounts of money for something that can be easily copied from the Internet? Am I missing something here?

For what I know, crypto behaves in strange and bizarre ways. First it was the ICO hype. Then came the "De-Fi" hype. And now it's the NFT hype. Who knows what the next big thing in crypto will be?

Thoughts? ???

Yes, they are normal digital paintings, but if a digital art got attention from people, it can worth millions. The digital paintings can be many, but only one of it is tokenized, and the tokenized one is the one that worth the millions while the remaining ones that are not tokenized worth's nothing. The owner of NFT owns a token that proves he/she is the right owner.

I guess it's all about "notarizing" records of digital art on the Blockchain after all? It's a crazy world we're living these days where people pour money into anything that's the "hype of the moment". If I had the money, I would've invested it on something else. Paying millions of dollars on a painting recorded the Blockchain is completely insane. Who knows what will come up next on crypto land?

Most recently, a digital animation of a Pringles "Cryptochip" sold for thousands of dollars on the market. It seems to me that companies are joining the NFT hype with the aim of making money in the least time possible. As long as there's money to made, nothing else matters. Eventually, the hype will fade away as people move on to the next big thing in crypto. Whenever the concept of an NFT will remain a success or turn into a failed experiment, it's yet to be determined. Who knows what the future of the crypto/Blockchain space will be as governments start cracking down the industry with heavy-handed regulations? Just my opinion :)

Hot air.

It is ICO v2.0... Uhm no it is v3.0 because deFi was v2.0

There is absolutely zero reason for something like that to exist. It doesn't make a slightest bit of sense. People are literally selling their PGP keys and whoever buys it only buys it so he can sell it to somebody else.

This is one of the main reason why some of the early NFT supporters would pay an insane amount of money for a digital "art" that looks normal to us and not worth even a penny. The NFT market would still be struggling right now if they haven't done that. They want to attract as many popular artists and companies involved in the industry as they can.

NFT maybe don't have sense to us but I believe that new generation will find it normal and I really think this will be huge in future. It's same like having pokemon cards etc. I would rather have pokemon NFT then a card since is easier.

The certificate is based on blockchain technology, which (again in a very simplified way) is a distributed and decentralized database, which ensures greater security, and the system itself is transparent and each of us can trace literally every transaction registered there. Staying with the example of a movie with a cat - if we create a token dedicated to him, we will put it for sale on the Superrare platform and someone will pay us 2 Ethers for it (the Ethereum cryptocurrency - 1 Ether costs about $ 143), then every internet user can see this transaction ( the Etherscan search engine is used for this). Even if the movie is distributed and will be on the disc of every Internet user, only the token holder will be able to claim the title of its owner. Viralism naturally influences the value of the work.

It looks like people are throwing millions of dollars at NFT, but they are actually paying with Ether, and I seriously doubt that these buyers are some people outside of crypto who yesterday learned about NFT and today decided to buy them with their fiat money. Most likely the NFT buyers are people who got rich from crypto - early ETH investors who bought thousands of ETH below $10 and now have x100 profit to play with. If/when Bitcoin crashes, the NFT hype will crash too.

Still don't get why some people place so much importance on nft, I saw a tweet from cz about a guy who claim he don't own a house nor a car yet throw around $69 million to buy an NFT art,   still trying to figure out point behind such inappropriate spending,  just sounds plain stupid to me.

That would be a hard puzzle to crack so we just have to wait and find out what it would be but it's worth noting that we'd still have another exciting trend to deal with so it's kind of like a norm in the community right now. NFTs have been around for around 2 years or so but they only started gaining attentions around the end of last year and the beginning of this year.   The NFT trend should continue for the next couple of months,  it won't take long before the hype dies down. Don't forget defi is the fuel for the current NFT trend.

The market will keep on coming out with new names and people will go after them without a doubt as everyone thinks that it is money to be made during the initial stages of the project. The ease at which a new innovative structure is introduced are getting faster by the day and i am not surprised by the hype they could create in a short period.

Crypto derivatives are new and will keep on popping up in the whole decade . Financial industries will finally embrace blockchain technology as it continues to evolve and change major business models to minimized problems that centralized entities often run into.

I personally will not spend that much money buying things that won't be useful to me, buying a digital painting for millions of dollars which  at the end of the day will only remain on my phone or wallet until I decide to sell it to another person, it's unbelievable, Infact, i still regret the money I wasted buying crypto kitties last year which till now is still on my wallet with no way to sell cus of the extremely high fees on the Ethereum blockchain.

Honestly, I am also a little surprised about the trend of these NFTs and maybe I am missing something.
But collectors have no limits and I believe it will become an increasingly widespread trend.

It seems to me like it is only a fad, similar to Pokemon cards. There are some really talented artists who I would like to own their art but I have no use for a blockchain token. I would rather just buy a digital print from one of the many art websites that are already out there.

They consider NFT as another type of investment that will cost them a lot of money too. The hype is real on those digital arts and we cannot stop it unless we start to see that the hype goes down.
Its effect is taking longer and eventually we will see people who are into it going to stop and go back to the traditional style of investing into crypto by buying bitcoin and other top alt coins.

And the worst thing that may happen here is that the NFT art that he bought will not be as valuable as he is expected it to be in the future. So for those who are thinking to buy NFT item, make sure that it has worth in your life, where no matter what, you know for sure, that it will peg a good market price in the future. Because once everybody is playing on this NFT scene, the original value may lose. Everyone should be smart by now in terms of hype. Don't be screwed by hype. Save yourself from bankruptcy.

I'm sure the buyer has plans on it, But I'm pretty sure that the buyer started a fire on NFT and gave it more hype in the market. It also boosted Beeple (the artist of $69 million digital art) popularity on crypto. One of the motives I'm thinking is that the buyer wants to write his own history in cryptocurrency space by buying NFT with a ridiculous amount of money, Like the infamous laszlo who bought pizza with his 10,000 bitcoins. (https://bitcointalk.org/index.php?topic=137.0)

Those talented artist are expensive and the NFT are for them, so if you’re a norma artist its hard to sell your work since I’ve tried posting some of my art as well, so by this I conclude NFT art are only to those who has an influence. NFT are not just about the art though, there’s a lot of variety and games are one of the best option with NFT, I don’t know the reason about the hype but for sure, bear will come.

We will never know what lies for the future of NFT but looking at the prices, they're really incredible and unbelievable. A million for digital arts and that's the attached value to it.
Some may think that it's another bubble which has also been said to the crypto market but while it's still there be sure to research about it before buying one. And this has also caused many artists to put their works into NFT.

Lately adoptions of blockchain applications have spurred the price and the values of cryptocurrencies . Now bitcoin has solid foundation and and a clear grasp of the technology bitcoin will never crash. as mass supported will be there to sustain it. Mobile network will be the last piece of component to drive the blockchain technology to its full potential.

You cannot tell that the price of bitcoin is well and safe, i am expecting a huge correction and we will see the price below $30k by the end of this year or early next year. The technology in bitcoin did not change much after the last rally and it has nothing to do with the present rally.

Anyone who is spending much time studying the new hype, can anyone recommend any promising projects so that i can look into it.

On my perspective, I don't really know what is the main reason why people are spending millions of dollars for just a single art.
On the collector's perspective, maybe there is a reason for them why they are spending that much just for a single art. They want to collect it for some reasons. Reasons that I don't know either.

One thing more is that NFT's aren't just the arts, drawings, paintings that are just digitized. In-game items that can be sold too are considered an NFT. Blockchain items that can be get in the game and can be sold are considered NFT too.

I think it's just more of hype and trying to gain some popularity by bidding some NFT like jack dorsey's tweet other than that it could be a useful media for artist to sell their art digitally. one more thing regarding the use of NFT in game industry in my opinion it seems very promising as it could act as in game currency, item license etc.

its in blockchain though and its a unique piece of art as the original is going to be deleted. that's what i heard though from an influencer who was vlogging about NTF.
i don't understand though why they are going to buy them as such a high price. you could compare it to the banana art that you can't believe someone will spend that much.

https://i.imgur.com/AAgSqsC.jpg

i didn't even heard of crypto kitties anymore after the hype in the past.

Completely ridiculous. No market exists outside of a few elite players.

It's comparable to the fine arts market - there is only value to the NFTs because people want to pay for them, not because there is any sort of intrinsic value.

It's a fad that is going to pass sooner or later imo. But it doesn't help that celebrities are pouring in on the endorsements for this, although it makes sense for their own personal gain.

It seems to me that the NFT hype will last for long. Someone sold a digital NFT house for $500,000. More information about the subject can be found here: https://us.cnn.com/style/article/digital-nft-mars-house-scli-intl/index.html (https://us.cnn.com/style/article/digital-nft-mars-house-scli-intl/index.html). People are making millions by selling both tangible and intangible items via NFTs. Things are going way out of proportions. I'm guessing that governments will try to regulate the space as they did with the ICO craze back in 2017. It shouldn't be long enough before everything goes down the drain.

While "immortalizing" an object through the Blockchain is a good idea, not everything is meant to be an NFT. The same applies to Blockchain technology by itself. What's happening now is an indication that the crypto/Blockchain space is still immature for the mainstream world. We're going to have to wait until governments regulate the whole space, for legitimate projects to blossom like never before. The NFT hype could become "another nail in the coffin" as people look for the next big thing in crypto. Only time will tell us whenever the idea of an NFT will become a success or a failure in the long run. My guess is that NFTs will be solely used for in-game items in the future. It makes no sense to make a digital art or a painting as an NFT as it can be easily extracted from the web at no cost. People will eventually understand this, as they put their money into what matters most.

Nonetheless, crypto behaves in many strange and bizarre ways. No one knows what will happen in the future with the crypto/Blockchain industry. Since everything involves risk, we should proceed with caution before putting our money into something as new and unpredictable as crypto. NFTs are extremely risky, the same way "De-Fi" is, and other crypto/Blockchain ventures. As long as you do your own research instead of making a decision based on someone else's opinion, there should be nothing to worry about. Just my thoughts ;D

I think it is obvious that there are some overpaid situations happen as well, and it is obvious that some of them are just cool looking things that do worth the money. Would I pay 500k dollars for that digital house? Not even if I had a billion dollars. But would I pay for some of them?

I would, I have seen great deals and great things that I would love to own, sure it's not great that they are overcharged right now but I feel like with NFT getting this popular right now of course the price tag would be high for most of them. So, there is this fine line, it is when things are way too expensive for what they are, and things that are good level for what they are, it's just a decent level not one way or not the other way.

It's not about 500k, some NFT could worth that much I am sure, but a silly photo of a house designed but not even real is not 500k, a real art that is actually painted but uploaded digitally could be, depending on how good it is and who painted it.

People have different purposes in buying those NFTs. They may become famous just by paying a huge amount of money. Or already famous people sell it to donate this money to the charities. Even those that are available on the net such as tweets, the buyers of those nfts receive some ownership on those tweets. Also, they can sell it for a higher price in the future.

I would like to quote one of my post which says about NFT :


Digital Art market is a money making market just like how Defi and ICO functioned. Digital arts can be recreated the same way by any another artist but physical art can never be done so. The crypto riches view this crypto art scene as a place to park their easy free money which they made from being a trader or miner since the early days of cryptocurrency. Through this, you can mitigate the risk of paying taxes and as such face any legal problem which exchanging the money for fiat. There are celebrity artists like bosslogic whose digital art is really good and deserves a price to be bid upon.

As you said, they are a digital representation of an image on the blockchain and there are no other use cases of them. You can transfer the value of ownership to someone in the future by selling it for a higher price. I have seen trevor jones bull art selling for 10x higher than what they were initially priced last year. The same goes with cryptografitti bill board art which is currently a much valuable piece. If you were aware of the happenings in collectibles board, you can find the auction of #1 United Nodes of Bitcoin (https://bitcointalk.org/index.php?topic=5282254.msg55386280#msg55386280) auction taking place and the rest of the pieces were sold for 0.15 btc I guess.

But ever wonder what will happen to these NFTs when the hype is already over? What is the assurance that they will be valuable in the future and will fetch more than what they are expecting for their possession. From my end, if you will spend thousands of dollars for this kind of digital art, I would prefer buying a physical art instead. Though people have different preferences when it comes to this matter, but think of the possible future of NFTs. Will they really be valuable in the future or will just die down just like other hypes?