Why are NFT Tokens booming? FOMO?

[IggySe7ven]

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?

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[X-ray]

I am wondering why are NFT tokens so hot right now?

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

So is this insane rally based on  Hype and FOMO?

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

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

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.

[IggySe7ven]

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?

[FairUser]

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.

[bussybuddy]

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.

[TravelMug]

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.

[IggySe7ven]

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 ?

[tsaroz]

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.

[crwth]

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.

[southerngentuk]

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?

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.

[cryptoaddictchie]

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.

[someone703]

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.

[killerfrost]

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.

[Mpamaegbu]

Everyone likes to play games  , 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.

[coiningz]

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

[bayudndy]

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?

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.

[someone703]

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.

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.

[dhemasm]

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.

[tabas]

I am wondering why are NFT tokens so hot right now?

Because it is new and with a lot of money flowing into it.

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?

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.

[Twinkledoe]

I am wondering why are NFT tokens so hot right now?

Because it is new and with a lot of money flowing into it.

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?

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.