Why are NFT Tokens booming? FOMO?

[TopTort777]

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.

Worthless or not, overpriced or not - each item has its own buyer. I suppose that compared to DeFi, NFT wont die. They will be like comix, baseball cards, stamps, pokemon cards and etc. They dont have a real value or real usage, but fans and collectors are willing to pay bags of money for old and rare items.

[terciduk123]

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?

Maybe NFT is a new trend this season, after the DEFI trend became popular and the price of some DEFI tokens increased, currently the price of some NFT tokens continues to increase, even CMC has made a special list for NFT tokens. I think the NFT trend will continue.

https://coinmarketcap.com/nfts/

[smartbitco]

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.

That is really a good idea by the way. Advertisement space in games ... amazing. So advertisers will use game token to pay for the ad space ? or that will use ETH or any NFT supporting blockchain token ? How that payment will work ?

[RealMalatesta]

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.

There is nothing too shocking about something that hypes, it is just a hype and we have done that many times before and that was always the case, remember ICO times? People ended up investing billions into things that didn't worth a single cent, hell I remember some guy making "scam coin" and literally say that he will scam people and there was a million dollars invested into that, people assumed it would be worth something for just the joke value but it wasn't a joke, he literally scammed them.

So long story short, there is nothing shocking about NFT neither, it is useless and shouldn't be seen as a real investment and people will keep investing into these things as long as it doesn't drop, one day there will be people trying to sell their NFT and will fail and at that moment you will see that all those "art" that is sold will become nothing.

[ven7net]

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 believe that NFT is a new trend comparable to ICO, IEO and DeFi. We can also say that NFT is a new level of crypto development, which already now makes it possible to tokenize both goods and services. There is a chance that NFTs will be the catalyst for the rapid adoption of crypto around the world. I believe that now is the time to join this trend, as in the future NFTs will only gain momentum, which means we can make good money on this.

[danherbias07]

Hype or not won't matter.
The question is if they can keep it up.

Some are laughing at how ridiculous it is to buy a piece of art, gif, even the first tweet of Jack Dorsey.
I bet centuries ago they also laughed at some painters and artworks but now they are selling for millions of dollars.
It's difficult to understand but somehow there are still buyers. I doubt it will end quick while the features is mostly focused on the new era.

[wheelz1200]

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?

Definately fomo, yes I expect prices to cool off.  Its not something that will go away anytime soon but equate it to altcoins.  Tons put there mostly all turds.  Got to weed through them to get to anything good.

[doomloop]

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.

This is not like 2017 because it is not really a currency. Bitcoin is a currency, ICO's were currency, NFT is not currency, it is art that you buy, there are tokens specially for this but those are just bought because it will be used to buy art. I am not saying 69 million dollar beeple art makes sense neither, it could be hype or it could be legit, but it is art and that is why it is not the same as 2017 and we can't really reason with it.

I do not think that Mona Lisa worths anything, it is just a semi-decent (there are people who paint better if you ask me) but people go crazy about it so it is not my place to judge someone for paying a lot for an art, people do that, art world does that, and that is how it survives. Which is why I think it is quite important to realize that NFT could be hype but could be very well legit since we have seen these kind of stuff in art before.