Can anyone tell me the true value of NFT?

[Dharmmie]

Although I have been holding cryptocurrency for 5 years,

and everyone said that NFT is the next trend,

but I still don’t understand the value of NFT.

Can anyone tell me?



Why can a pixel image sell for 4200 ETH? Where is its value? What kind of people will buy it?


https://pixelverse.ai/
My friend invested in this NFT project in seed round, should I participate?

[Brus123]

It is a contradictory question, and everybody can answer it only on their own. If you don't consider something valuable, you just shouldn't buy it, otherwise it will be a waste of money.
Some collectors really see value in such digital pictures and nobody can object as everyone has their own idea of beauty and value. Personally I don’t invest in NFT-art, because I don’t find them very attractive. Especially such works like crypto punks.

[Reid]

We are the same. We don't see art on some things but others do.
I don't know how but that is how unique we are individually so there is no right answer for it.
Even the physical paintings that is worth millions of dollars, I don't understand why they are so valuable.

But there is one NFT art that got my attention. It's the one with lots of images in it and almost microscopic. Maybe it also depends on the taste of each person.

[vitya1982]

I don't understand it too. I understand why Nyan cat was sold for a big money, it's a big thing in meme history. But these crypto-punks, rocks and others... What's the point and why are they so expensive?

[tabas]

Just like art collectors, those people who buy these NFT arts sees the value of it and they might give it time to it as they own it being limited, it adds value to the true picture of it.
Some says that it's being used to launder money but I think we're all the same that we don't appreciate the value of it but these wealthy people sees that.

[DapanasFruit]

It is a contradictory question, and everybody can answer it only on their own. If you don't consider something valuable, you just shouldn't buy it, otherwise it will be a waste of money. Some collectors really see value in such digital pictures and nobody can object as everyone has their own idea of beauty and value. Personally I don’t invest in NFT-art, because I don’t find them very attractive. Especially such works like crypto punks.

We actually have the same stand on NFT though I have a slightly different take on NFT gaming. usually, like Bitcoin we are considering it not just as money or currency but also as a store of value...am thinking that maybe NFT most especially images can be considered as a store of value as well. And we also have to remember that the concept of currency can be different from one person to another...in the old economy anything considered as valuable can be traded and therefore can be used just like money. But honestly, I could not find any value while looking at those cryptopunks or even digitalized art for that matter...what is valuable to me is the real thing...though this concept of what is real is being challenged everyday. Whew...things can really be confusing sometimes in NFT.

[Bttzed03]

~ Why can a pixel image sell for 4200 ETH? Where is its value? What kind of people will buy it?

Quite strange isn't it? Some people will do anything to support (or hype) NFTs by buying them at an insane price. It seems to be working as some artists/influencers/popular figures have started selling things they can convert to NFT. Just an hour ago, I read that Steph Curry of the Golden State Warriors spent $180,000 on an Ape artwork.

Anyway, I think the whole NFT market is still inflated and we can't really determine it's true value until the dust settles down.

[anu1908]

rarity and uniqueness is probably the answer. just like collectibles or cards. why people spend $100k to buy a bunch of cards? do they contain mytical power or something? the answer is probably no. it is valuable because there is only 10 of them in the world. eg; yugioh, pokemon, etc.

[Teknisi88]

In theory, anyone could mark their work for sale with NFT, but this way of working has been fueled by various media outlets recently talking about its multi-million dollar sales.
as an example, On February 19, the animated Gif Nyan Cat, a flying cat meme that appeared in 2011-sold for over 500,000 USD. A few weeks later, musician Grimes sold some of his digital art for over 6 million USD.

[LittleBitFunny]

~ Why can a pixel image sell for 4200 ETH? Where is its value? What kind of people will buy it?

Quite strange isn't it? Some people will do anything to support (or hype) NFTs by buying them at an insane price. It seems to be working as some artists/influencers/popular figures have started selling things they can convert to NFT. Just an hour ago, I read that Steph Curry of the Golden State Warriors spent $180,000 on an Ape artwork.
Anyway, I think the whole NFT market is still inflated and we can't really determine it's true value until the dust settles down.

Exactly, non-fungiable token doesn't have any true value. someone sold a single pixel image for 4200 ETH that doesn't mean actually it has that much worth, but the buyer spent 4200 ETH for a worthless image. you know a traditional artwork also does not cost that much money. People who are investing money to buy NFT are nothing but MUGs or they have much money to throw to the blank space. The Hype will be ended at any time.

[DOH!]

NFT is an abstraction of both value and actual meaning.  Several NFT platforms quickly hit $1 billion in sales.  some NFTs at Opensea are priced beyond imagination.  But the NFT space is sane and similar to the core of crypto, NFT can create any value or it can be a passing hype.  But I believe that NFT has more potential for practical applications than just art.

[Shohanur]

Crypto market is not stable that's why the price or the value of NFT is not fixed yet. Our visions are not same and we might miss the meaning of a art but some collectors don't do at all. We have to think different way about NFT. It is bring new opportunities also.

[King Khaizan]

NFT is a digital asset that represents real-world objects such as paintings, music art, in-game items, to short videos.

They are bought and sold online, are often paid for with cryptocurrencies, and are generally coded using the same basic software as other crypto assets.

One of the things that makes NFT investment attractive is that it has no exchange rate.

In other words, NFT is a digital asset that can be owned exclusively by its buyers with varying values.

[eaLiTy]

~
Why can a pixel image sell for 4200 ETH? Where is its value? What kind of people will buy it?

The price depend upon how you evaluate them. I am not going to spend millions for pixel images, you can only understand the value if you are really into the art. In the beginning even i was thinking why would anyone spend insane amounts like this but then when i started working for NFT projects then i understand why people are willing to spend money. There are many that are there to resell them at a higher price but then there are hardcore fans who wanted them for their collection .

[WalkerIVIV]

I can't tell you the true value of such NFT, the buyers might have different opinion other than us but wasting millions dollars just for a limited low pixel picture just the strange thing that i have ever seen in this crypto universe.
I can also mention another ridiculous NFT that worth even million dollars like this one https://twitter.com/etherrockprice

People were paying a low quality picture of rock and it got a name as etherock. The NFT trend was so crazy or we can assume that if there are some manipulations on it.

[RussianEnglishTranslation]

Although I have been holding cryptocurrency for 5 years,

and everyone said that NFT is the next trend,

but I still don’t understand the value of NFT.

Can anyone tell me?



Why can a pixel image sell for 4200 ETH? Where is its value? What kind of people will buy it?


https://pixelverse.ai/
My friend invested in this NFT project in seed round, should I participate?

I know that you can find better deals on Mintbase on NEAR protocol than on opensea on Ethereum. A NFT rock on Mintbase goes for 50usd vs 3 million on opensea.

[asriloni]

I know that you can find better deals on Mintbase on NEAR protocol than on opensea on Ethereum. A NFT rock on Mintbase goes for 50usd vs 3 million on opensea.

It seems like that you're missing the point. The problem is why an NFT picture gets overpriced like that. If you're talking about the comparison of the price will not be matched with what uniqueness, prestige that you will be getting it by owned a rare NFT on the opensea.

Just look at that VISA was also buying crypto punk NFT. It's about the uniqueness combined with the hype. You can also get NFT rock even cheaper in unpopular NFT marketplace that was operated in the different blockchain other than Opensea and mintbase.

The true value of rare NFT just on its limited edition and uniqueness. it doesn't have any others utility usage but some NFT may offer the ability for the owner to stake it to get benefit from what they have owned it.

[Olatunjex]

Because NFT has the characteristics of unique identification, the text, pictures, and videos loaded with NFT are equivalent to having a unique identification in the digital world.

[poodle63]

Maybe because in the opinion of someone who own this kind of NFT, it's cool to have them and maybe it's because NFT like cryptopunk is very limited.
Although most of us think that it should not have that high value it can be different for the fan of this NFT because they willing to spend money for just owning NFT like cryptopunk. It's unique and can be used to gain popularity as well for company or famous person.

[Dharmmie]

Just like art collectors, those people who buy these NFT arts sees the value of it and they might give it time to it as they own it being limited, it adds value to the true picture of it.
Some says that it's being used to launder money but I think we're all the same that we don't appreciate the value of it but these wealthy people sees that.

If it is a physical art, I can understand that it has unique value, but for online NFTs, such as a pixel image, can’t I directly ctrl-c AND ctrl-v? Shouldn't I have it?