I love crypto but still dont understand the NFT hype

I know there are many real world use cases for NFT’s. So I expect them to stay. But all I see for know is copy pasta of succesfull projects. I mean why was there so much hype about the Bored Apes? Their design looks cool, but that doesnt make it worth 100k per bored ape. Because BAYC had so much success they are now building a metaverse (wasnt planned in the beginning). So first the hype & then they looked for a use case to sustain the hype.
Most NFT’s I’ve seen, look like they are made for kids. Can somebody explain it to me? Do you buy NFT’s just to speculate or do you really like the Art behind it? Because most of the projects are cringe af to me. Would never buy anything close to it if it was a poster or something like that in a store.

Looking forward to your answers.

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11 thoughts on “I love crypto but still dont understand the NFT hype”

  1. You should try the game “gods unchained” this explains the videogame aspect… But yeah. It’s like hemp. A million uses but only one is primarily targeted .. we are in the process of swapping nft jpegs I to nft gaming items being the main thing traded. Gods unchained does over a million a day in volume and is a small niche game

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  2. The closest comparison I can find is those rare mint condition pokemon or sports cards. To most, they are worth nothing, yet some of them have sold for millions. As long as there are more people who want them in their collection as opposed to the number of them that exist, their price will reflect that.

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    Edit: Everything else is just pure speculation by people who are trying to “win the lottery” and get rich quickly. Most of them lose the money in the end and the ones that do not are either very lucky or great salesmen.

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  3. Hi! I love draw and the nfts world is pretty new to me, I entered in in march. I’ve seen tons of works I don’t like, but most of all made in series with no handwork on them. Maybe I’m too old and I can’t really understand this kind of art and I don’t know if what I do can be loved. I notice that in most cases people serach investment and profit and don’t look what they buy, if they like it or not, but there is also people choosing by taste and not by intention of profit. Sorry for my bad English 😜❤️❤️❤️

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  4. Imagine CryptoPunks (Larva Labs) for instance. They were first distributed for free and now they sell for millions. I believe that the value of some collections is intangible due to many reasons like the history importance (CryptoPunks were the first NFT on Ethereum). I recently joined a campaign from Unique to receive a fraction of a CryptoPunk.

    > Do you buy NFT’s just to speculate or do you really like the Art behind it?

    I rather focus on the projects themselves. I like the way the nft infrastructure is being built, especially by projects building on Substrate (Polkadot). I like some nft arts, but I agree with you when you say that …

    > Most NFT’s I’ve seen, look like they are made for kids

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  5. I only dabble in NFTs right now but I agree with the sentiment that NFTs of jpegs is not only kinda boring, but just scratches the surface of the potential for NFTs.

    My best example I have is iTunes. For all the music I purchased through iTunes, I don’t actually own it. I’ve only rented it for a long time. I’ve even had certain songs dropped from albums I bought. With an NFT it’s definitely mine. It can’t be taken and I only lose it if I lose access to my NFT wallet.

    This opens the door for musicians to be in control of selling their product directly to consumer with NFTs. I also have a copy of the book Alice in Wonderland as an NFT. So, again, authors have control over their work and are able to sell it as an NFT.

    I think the NFT movement isn’t even in the infant stage yet, it’s a zygote. JPEG NFTs are just a simple example of the potential and what the marketplace would look like. Several years from now I think NFTs are going to be more commonplace and multifunctional.

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  6. The closest to utility I’ve seen are Reddit collectibles. At least you can use them as avatars for now, much like people buy skins in videogames etc – and who knows what Reddit has in store for the future?! A huge, huge company involved in web3 shows promising signs imo.

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  7. Look into what BAYC holders are doing with IP rights to their Apes not just Snoop Dog and Eminem but Web 3 Personalities selling branded beers and merchandise creating full brands based on their NFTs.

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  8. It’s more about the smart contracts than the art IMO. Giving power back tomthe people. Eg. Have a house linked to a smart contract you can buy sell and trade that house instantly.

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