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.
16 thoughts on “People need to realize that most NFTs aren’t really worth millions. The owner himself is the one inflating the price anonymously.”
NFTs being used for fraud?
I’m shocked. Shocked! Well, not that shocked.
Youre telling me that algorithmically created jpegs are not an inherently valuable resource…?
No dip Sherlock
No I am not. My NFT is worth 17 ethereum.
NFT twitter attacks whoever says this
Another minute, another scam pointing at NFT
There are people who don’t know this? I thought it was common knowledge.
Stop it, these are the Rembrandts and Van Goghs of our time.
I will have you know that all sales from my Adventures of Booger and Dingleberry collection are organic.
Oh, I know this one!! 😂
“…I do believe that NFT technology has a lot of real world applications” also “Now I’m no NFT expert here”
You get to be your own best customer
Worth millions? No. Still have good utility? Yes. We have seen projects like AXS outperform themselves when NFTs just started trending, especially on the P2E genre. And we have also seen projects like DEIP introduce fractionalized NFTs so more than one person can own intangible assets like copyright and trademarks or music based NFTs. It proves that NFTS, if used correctly, have a lot of use cases we don’t see at the moment.
Thank you for stating what should already be common sense to most of the people in here.