It’s usually just the owner of the NFT inflating the price to make it more valuable for the next person to buy.
Other times its the artist himself also inflating it by selling it to himself anonymously at a huge mark up so his NFT collection gets more hype.
I really don’t wanna use the word “bubble” cause I do believe that NFT technology has a lot of real world applications where it could be useful. But yeah eventually these “million dollar” NFTs are gonna burst some form of bubble in the market.
Now I’m no NFT expert here. The only time I ever got into NFTs was a couple days ago and technically I didn’t even pay anything cause it was given away free by Solana Prime. But I’m most definitely sure a JPEG is not worth hundreds of millions of dollars…
This whole thing really frustrates me cause the NFT market and crypto in general gets a bad look because of this.