Bitcoin Forum

I wasn't an early cryptocurrency investor, but I recall many horrible things during the 2018 bear market, such as how the market was hopeless and how media news here and there were hurting all investors who had all gone into different alts, including those with a real use-case and those with a shady use-case. The big tech companies were all afraid of what bitcoin and altcoins would do to them because they feared losing customers, the media wasn't helping with their negative portrayal of cryptocurrency, it was so difficult to approve an ordinary ETF in the US that was rejected many times, which has now become the norm, and the SEC was never too friendly with cryptocurrency.
The rise of Non-fungible tokens and because of the large sums of money involved, the originality of artwork into NFTs has captivated everyone's interest, they call it adoption since they could easily use the corporate influence to produce paintings and auction them at a high price for art lovers, they call that an adoption, isn't that awkward and betraying?
This demonstrates that these firms only go where there is free money to be had from their consumers,  and I continue to find NFT uninteresting.
They are working hard to promote NFT as a trend, but I believe it is overhyped.

That's the world we've found ourselves in and the sad thing about this is that there's very little we can do about it. It's the current trend and in all my time in crypto, I would suggest not going against the trend even if you find it uninteresting. Even if you dislike NFTs, I suggest getting your hands dirty with it and then when you've profited off it, you can then start pushing into other trends since NFTs isn't your thing. NFTs are super hype right now and I don't think anyone would stop to think about how much money is being thrown away at these NFTs as far as it's being thrown at them. Each to their own.

Some of the NFT trends don't make sense sometimes, A work can be sold for a fantastic price, But it's an art and hobby that not everyone understands. Including me
But the trend of NFT gaming is quite interesting, We can earn money by playing Games. And it got a good response from the market. Trends like this, Even if we like it or don't like it, But we can take advantage of this trend to benefit.

You can't blatantly trust how the media and big tech companies saying since I believe they only did it for the sake of self-interest. At the very least even if you heard how the news spread around or the big tech information you had and should to dig deeper about what is actually the fact.

As an example, recently Facebook and other big companies backed a project called Diem(former of Libra) which I doubt it would do any good to the overall cryptocurrencies ecosystem, especially its decentralization and trustless natures'. What I want to say is, you stated that you acknowledge you known which project has a real use case. Then I don't think there is any benefit if make a decision based on the news or following what the big tech or even governments itself. Just using common sense of the project will behave and its potency will give you a heads up.

There is no denial that NFT is overhyped right now, everyone who is in crypto for few years sees that. We saw what happened to ICOs in 2017 and how most of those project who made millions went bust soon after.
Its clear that 90 % of NTF sold today will be useless when the next big thing comes around.

Would also like to point out that this has changed a lot recently. It is not about being friendly, it about doing what is right and the SEC is going the right thing, even if you might disagree. Their objective now is to regulate cryptocurrency for the betterment of the investors, which is a good thing for some naive newbies who get misled into scam projects.

See in this sector, other than hype there is no other method to develop a market for a useless thing. Bitcoin does not come into this because it has its own deflationary growth and it is available to be spent on many places.

But all other altcoins are based on hype, the maximum of that can be seen by what happened to DOGE the last few months.

This hype cycle needs a new topic to run, they went from vapoware altcoins>ICO and its hundred other naming variations>DeFi>NFT. Very soon something new will come in and the NFT will be come useless too. It is how this market is, you can simply choose to ignore it and continue to focus on what coins you have felt will rise in future.

Everybody I guess. Yes thats crypto work in this society. More investors now are joining the nft trend. We cant blame them as they wanted to profit too on the ones that being gained a lot. You cant compare the bear market last few years ago to now, cause before there are different ways and no certain thing as nft could be viewed that will change the crypto world. Anyway, I am more bullish than your being negative here.

The idea is to make the art sector inclusive in blockchain, give art creators a decentralize space to showcase their creativity, but it seems the trend has create more interest and hype than expected, i don't think it has anything to do with selfishness, it is normal for people to show much interest in the new trend happening, crypto has more people showing interest in it than before because the trend still keep growing, it is the same with nft.

Only then appears the huge financial welfare effect to be able to attract everybody’s attention, forms the tendency. That’s the magic of encryption. There are miracles everywhere.

It was supposed to be like that. But did that work out like it was supposed to be? No, because this section is plagued by hype inducers and shills who make sure hype runs to allow them to make profit.

If something is allowing you to make profit, it is normal that people will show interest in it. I would agree with you that the depiction of this as "Selfish" by the OP is wrong and only a personal comment.

There are some art creators out there with genuine interest in this but will never get the attention they need to grow because of such profit making mongers. Sadly but true that real art creators will prefer to always stay in the fiat market and not move.

Rightly said, as with all hype backed crazes out in the internet and the followership of "trends" by social media, this will also die down at some point. So if you buying them, you need an exit plan and be able to execute that too. It will not last long, so dont get fooled into buying worthless shit like what happens in every hype cycle.

The new trends of NFT have become quite a hype in the market and we all want some hot topics about the same.But when you see some normal stuff, artwork,jpeg image being sold worth millions in the market it arouses certain curiosity in our mind that what's so special about them? But this whole thing is just a new trend to prove decentralisation of art field and it's the value of transaction not the artwork.Just like today Sam Bankman Fried founder of FTX auctioned his test nft to check the platform and it started at $550 but was sold at $270k which shows this is not the value of that artwork but just a transfer of value.This is trend and people tend to do such things in order to be part of it.

Actually developers really follow trends and try to create something that is really popular at this specific time. As even projects with real use-case and innovative ideas can be unpopular because there is a hype around another sphere. What comes to NFT, we meet them in the entertainment sphere most often now, but they can perform more complicated tasks as well, like storage of documents, for example.

I am a keen watcher of NFT market since the very beginning. And I have strong feeling that NFT market of artworks will be vaporized and destroyed sonner than later. People may argue that art could have different meaning and appeal to different segments of people, but digital art makes literally no sense to me.

90% of the artworks listed in various marketplaces, are not original. Get a subscription of Veectzy or placeit, you will get millions of such artwork at nearly free of cost. Add some random  shapes to those, boom - you have a digital artwork ready to be sold in NFT marketplace. Since I have been designing artworks for my own t-shirt business, I can relate to these.

NFT will only live in games market where people will buy in-game accessories from the game's developers. Otherwise, the whole NFT things is a hype and nothing else!

Lots of the people involved in it are mostly interested in making quick money, I haven't seen any useful NFT yet.
 It's hard to get people to do the right thing when money becomes their main priority. Wish people will be made to earn money based on how much problem they solve, how well the problems are solve and how many people benefit from the solutions
.. that should make them create things that are useful and good/safe for people..

This is not a financial advice, anything other than gaming NFT is nonsense to me, the only part that makes sense to me in NFT world in using tokens to pay for in game upgrades, weapons and other, ART NFT projects are overhyped, this is how I feel everyone has their own choices to make

It's very natural if it's like that because the hype is really high and companies and some developers (including scammers) are trying to take advantage of this momentum to make this their advantage regardless of whether the project they make will be useful or not.
I think it's true that NFT is very good but it's only a few and indeed of the many NFTs that exist today most are almost completely useless and it's tantamount to a scam.
and if things like this are allowed to drag on for so long I think this will have a bad impact on the future of NFT. I feel very worried if the hype is too high like this, people's expectations will be excessive and events like a few years ago in the ICO will repeat itself here.

but indeed for NFT games so far it's quite good and I still play some interesting NFT games splinterlands and AXIE.

NFT is not just artworks, that is the thing about prices. I understand that some monkey picture should not go for hundreds of ethereum, that makes sense but there are games you can play with NFT now, which should be the point. I understand that there are way more stuff that we could do with NFT nowadays and focus on that. Axie Infinity is the only one that made the big news, but that is just one example, there are so many games out there in the world right now doing so much great stuff.

As long as you offer people an option pay a little, game a little, earn a little trio then they will do that because what else could make you money while having so much fun. Obviously some people are doing it as a job, but that doesn't change the fact that they are still doing it, and many are doing it because it is fun as well. I have seen people get rich with NFT games and still continue just for fun instead of selling and turning that money into cash (or other crypto).