Why are NFT Tokens booming? FOMO?

[Tash]

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
Investment, lol

[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.

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.

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.

[asriloni]

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

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.

[nimogsm]

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.

[btc-facebook]

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.

[geegaw]

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

[Sled]

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?

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.

[aysg76]

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?

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.

[TedMosby]

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.

[leea-1334]

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.

[Waleedzain323]

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.

[bassbity]

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.

[Jaered]

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!

[tabas]

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.

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.

[javainn]

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.

[asriloni]

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!

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.

[LogitechMouse]

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?

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 .

[JeffBrad12]

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.

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.

[goaldigger]

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.

[bitcoinblog]

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?

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.