What's with the NFT hype?

[MoneyJ]

It looks like people are throwing millions of dollars at NFT, but they are actually paying with Ether, and I seriously doubt that these buyers are some people outside of crypto who yesterday learned about NFT and today decided to buy them with their fiat money. Most likely the NFT buyers are people who got rich from crypto - early ETH investors who bought thousands of ETH below $10 and now have x100 profit to play with. If/when Bitcoin crashes, the NFT hype will crash too.

Lately adoptions of blockchain applications have spurred the price and the values of cryptocurrencies . Now bitcoin has solid foundation and and a clear grasp of the technology bitcoin will never crash. as mass supported will be there to sustain it. Mobile network will be the last piece of component to drive the blockchain technology to its full potential.

[Clement Kaliyar]

Lately adoptions of blockchain applications have spurred the price and the values of cryptocurrencies . Now bitcoin has solid foundation and and a clear grasp of the technology bitcoin will never crash. as mass supported will be there to sustain it. Mobile network will be the last piece of component to drive the blockchain technology to its full potential.

You cannot tell that the price of bitcoin is well and safe, i am expecting a huge correction and we will see the price below $30k by the end of this year or early next year. The technology in bitcoin did not change much after the last rally and it has nothing to do with the present rally.

Anyone who is spending much time studying the new hype, can anyone recommend any promising projects so that i can look into it.

[LogitechMouse]

On my perspective, I don't really know what is the main reason why people are spending millions of dollars for just a single art.
On the collector's perspective, maybe there is a reason for them why they are spending that much just for a single art. They want to collect it for some reasons. Reasons that I don't know either.

One thing more is that NFT's aren't just the arts, drawings, paintings that are just digitized. In-game items that can be sold too are considered an NFT. Blockchain items that can be get in the game and can be sold are considered NFT too.

[TastyChillySauce00]

On my perspective, I don't really know what is the main reason why people are spending millions of dollars for just a single art.
On the collector's perspective, maybe there is a reason for them why they are spending that much just for a single art. They want to collect it for some reasons. Reasons that I don't know either.

One thing more is that NFT's aren't just the arts, drawings, paintings that are just digitized. In-game items that can be sold too are considered an NFT. Blockchain items that can be get in the game and can be sold are considered NFT too.

I think it's just more of hype and trying to gain some popularity by bidding some NFT like jack dorsey's tweet other than that it could be a useful media for artist to sell their art digitally. one more thing regarding the use of NFT in game industry in my opinion it seems very promising as it could act as in game currency, item license etc.

[electronicash]

not all that they sold for millions can be easily copied . is the first tweet of jack in twitter can be copied ? no i dont think so and also the arts that someone else made , they put a signature in it to prevent in from copyrighted .

 its a pleasure if we bought the stuff from someone that is famous and not only that but with the help of blockchain , its possible to transfer the items legaly in your possesion . yes crypto moves in mysterious ways so its not that shocking why nft's are here and expect that there will be more surprises in the future  .

its in blockchain though and its a unique piece of art as the original is going to be deleted. that's what i heard though from an influencer who was vlogging about NTF.
i don't understand though why they are going to buy them as such a high price. you could compare it to the banana art that you can't believe someone will spend that much.



i didn't even heard of crypto kitties anymore after the hype in the past.

[magneto]

Some people are spending millions of dollars on NFTs like crazy these days. I've seen a case where a so-called NFT art sold out for million of dollars (USD). It turned out that the so-called NFT art was simply an image available on the web for free. I can't understand why somebody would pay ridiculous amounts of money for something that can be easily copied from the Internet? Am I missing something here?

For what I know, crypto behaves in strange and bizarre ways. First it was the ICO hype. Then came the "De-Fi" hype. And now it's the NFT hype. Who knows what the next big thing in crypto will be?

Thoughts?

Completely ridiculous. No market exists outside of a few elite players.

It's comparable to the fine arts market - there is only value to the NFTs because people want to pay for them, not because there is any sort of intrinsic value.

It's a fad that is going to pass sooner or later imo. But it doesn't help that celebrities are pouring in on the endorsements for this, although it makes sense for their own personal gain.

[Abiky]

On my perspective, I don't really know what is the main reason why people are spending millions of dollars for just a single art.
On the collector's perspective, maybe there is a reason for them why they are spending that much just for a single art. They want to collect it for some reasons. Reasons that I don't know either.

One thing more is that NFT's aren't just the arts, drawings, paintings that are just digitized. In-game items that can be sold too are considered an NFT. Blockchain items that can be get in the game and can be sold are considered NFT too.

It seems to me that the NFT hype will last for long. Someone sold a digital NFT house for $500,000. More information about the subject can be found here: https://us.cnn.com/style/article/digital-nft-mars-house-scli-intl/index.html. People are making millions by selling both tangible and intangible items via NFTs. Things are going way out of proportions. I'm guessing that governments will try to regulate the space as they did with the ICO craze back in 2017. It shouldn't be long enough before everything goes down the drain.

While "immortalizing" an object through the Blockchain is a good idea, not everything is meant to be an NFT. The same applies to Blockchain technology by itself. What's happening now is an indication that the crypto/Blockchain space is still immature for the mainstream world. We're going to have to wait until governments regulate the whole space, for legitimate projects to blossom like never before. The NFT hype could become "another nail in the coffin" as people look for the next big thing in crypto. Only time will tell us whenever the idea of an NFT will become a success or a failure in the long run. My guess is that NFTs will be solely used for in-game items in the future. It makes no sense to make a digital art or a painting as an NFT as it can be easily extracted from the web at no cost. People will eventually understand this, as they put their money into what matters most.

Nonetheless, crypto behaves in many strange and bizarre ways. No one knows what will happen in the future with the crypto/Blockchain industry. Since everything involves risk, we should proceed with caution before putting our money into something as new and unpredictable as crypto. NFTs are extremely risky, the same way "De-Fi" is, and other crypto/Blockchain ventures. As long as you do your own research instead of making a decision based on someone else's opinion, there should be nothing to worry about. Just my thoughts

[bitgolden]

While "immortalizing" an object through the Blockchain is a good idea, not everything is meant to be an NFT. The same applies to Blockchain technology by itself. What's happening now is an indication that the crypto/Blockchain space is still immature for the mainstream world. We're going to have to wait until governments regulate the whole space, for legitimate projects to blossom like never before. The NFT hype could become "another nail in the coffin" as people look for the next big thing in crypto. Only time will tell us whenever the idea of an NFT will become a success or a failure in the long run. My guess is that NFTs will be solely used for in-game items in the future. It makes no sense to make a digital art or a painting as an NFT as it can be easily extracted from the web at no cost. People will eventually understand this, as they put their money into what matters most.

I think it is obvious that there are some overpaid situations happen as well, and it is obvious that some of them are just cool looking things that do worth the money. Would I pay 500k dollars for that digital house? Not even if I had a billion dollars. But would I pay for some of them?

I would, I have seen great deals and great things that I would love to own, sure it's not great that they are overcharged right now but I feel like with NFT getting this popular right now of course the price tag would be high for most of them. So, there is this fine line, it is when things are way too expensive for what they are, and things that are good level for what they are, it's just a decent level not one way or not the other way.

It's not about 500k, some NFT could worth that much I am sure, but a silly photo of a house designed but not even real is not 500k, a real art that is actually painted but uploaded digitally could be, depending on how good it is and who painted it.

[Coinsfera]

Some people are spending millions of dollars on NFTs like crazy these days. I've seen a case where a so-called NFT art sold out for million of dollars (USD). It turned out that the so-called NFT art was simply an image available on the web for free. I can't understand why somebody would pay ridiculous amounts of money for something that can be easily copied from the Internet? Am I missing something here?

For what I know, crypto behaves in strange and bizarre ways. First it was the ICO hype. Then came the "De-Fi" hype. And now it's the NFT hype. Who knows what the next big thing in crypto will be?

Thoughts?

People have different purposes in buying those NFTs. They may become famous just by paying a huge amount of money. Or already famous people sell it to donate this money to the charities. Even those that are available on the net such as tweets, the buyers of those nfts receive some ownership on those tweets. Also, they can sell it for a higher price in the future.

[Heisenberg_Hunter]

I would like to quote one of my post which says about NFT :

A few things can never be recreated and one such thing is art. For some really good artworks, even if the artist think of recreating it he could not get to the near perfection as they did the first. There are quite a few of artists in bitcointalk like @Corrosive whose original corroded plate art can never be recreated even by themselves because each corrosion is unique. Here Digital Art in the form of NFTs are nothing but funny speculative shits just for the riches and people who are willing to take a good amount of risk by bidding on a digital art

At the time of writing, Grimes Death of the Old Digital Art is auctioned and the current high bid stands for nearly $388,000 : Grimes Death of the Old Shocked Will any normal person pay $300,000 just for a digital video? This is why true crypto enthusiasts call Digital Art and Games based on NFT are highly speculative and they won't sustain for a longer period of time. Digital Art can never replace the brilliance of Physical Art (atleast this is my thought on the speculative NFT market)

Digital Art market is a money making market just like how Defi and ICO functioned. Digital arts can be recreated the same way by any another artist but physical art can never be done so. The crypto riches view this crypto art scene as a place to park their easy free money which they made from being a trader or miner since the early days of cryptocurrency. Through this, you can mitigate the risk of paying taxes and as such face any legal problem which exchanging the money for fiat. There are celebrity artists like bosslogic whose digital art is really good and deserves a price to be bid upon.

As you said, they are a digital representation of an image on the blockchain and there are no other use cases of them. You can transfer the value of ownership to someone in the future by selling it for a higher price. I have seen trevor jones bull art selling for 10x higher than what they were initially priced last year. The same goes with cryptografitti bill board art which is currently a much valuable piece. If you were aware of the happenings in collectibles board, you can find the auction of #1 United Nodes of Bitcoin auction taking place and the rest of the pieces were sold for 0.15 btc I guess.

[tippytoes]

Some people are spending millions of dollars on NFTs like crazy these days. I've seen a case where a so-called NFT art sold out for million of dollars (USD). It turned out that the so-called NFT art was simply an image available on the web for free. I can't understand why somebody would pay ridiculous amounts of money for something that can be easily copied from the Internet? Am I missing something here?

For what I know, crypto behaves in strange and bizarre ways. First it was the ICO hype. Then came the "De-Fi" hype. And now it's the NFT hype. Who knows what the next big thing in crypto will be?

Thoughts?

People have different purposes in buying those NFTs. They may become famous just by paying a huge amount of money. Or already famous people sell it to donate this money to the charities. Even those that are available on the net such as tweets, the buyers of those nfts receive some ownership on those tweets. Also, they can sell it for a higher price in the future.

But ever wonder what will happen to these NFTs when the hype is already over? What is the assurance that they will be valuable in the future and will fetch more than what they are expecting for their possession. From my end, if you will spend thousands of dollars for this kind of digital art, I would prefer buying a physical art instead. Though people have different preferences when it comes to this matter, but think of the possible future of NFTs. Will they really be valuable in the future or will just die down just like other hypes?