What makes an NFT sell, and sell for thousands or millions of dollars?

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Quote from: iq_armando on March 27, 2021, 10:39:42 AM

What makes an NFT sell, and sell for thousands or millions of dollars?

NFTs can only be sold if you have a rich buyer. Rich people do dumb things with their money. It is their money so why not them do stupidity. They can pay gazillion for worthless stuff. Maybe is just a manipulation and seller return money to buyer. What they did is they got into media and make a hype so others also start buying.

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Quote from: iq_armando on March 27, 2021, 10:39:42 AM

No matter how beautiful, flashy, or weird an image or video is, I don't think it sells like NFT for a lot of money unless you're a famous person.

The hype, the fact that it is an art form that could be used for the first time. NFT is art, well art is sold in NFT form at least and that was never done before, now there is a huge hype for it and that's why it's going for this much. I can guarantee you that it will not be sold for this much amount in the future, it's going to go down for sure and many small time NFT products will worth nearly zero, it's not going to worth this much at all, but I am sure that it is going to be something decent at the top.

Some NFT will worth millions anyway, even when hype dies down, but it's going to be very few of them and almost all of them will go down in price, so even if it is at the top, instead of being 69 million dollars, it will be 5 million dollars or 10 but it will still be worth a lot. There will be some that are 5k dollars today which will worth under 100 bucks in the future. It's all a big hype and nothing more.

nelson4lov

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ARTs have always been high worth assets from the onset. So it's not so surprising to see NFTs and crypto arts trending in the crypto space. But I do feel that NFTs are overrated at the moment and are worth more than they should be simply because of the hype that NFTs have at the moment. One thing I know for sure is that NFTs are here to stay and will be for a very long time. What I don't know is if they'd be worth more than they see currently being sold for. Personally, I have only held a few NFTs so there's only so much that I know. You can't deny how big and lucrative the NFTs market is too.

akirasendo17

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There are a lot of benefits of NFT, if you are collectors of cards for example NBA cards, you know that cards when there are scratch the value is less, while the good cards clean from scratch are expensive especially those like rookie cards and 1/1 cards, imagine you can view those cards anywhere, without damaging the card and does not consume space in your bag you can view it in your phone, is it not great? I think this is just one of the reasons in my opinion.

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The answer is that there are a lot of eccentricities among humans in this world, especially among the rich. For an ordinary person who has an average amount of wealth, it is simply dumbfounding to imagine that a certain person is buying a digital piece of art for tens of millions of USD. I cannot think of any good reason for anybody to buy Jack Dorsey's tweet for millions of dollars other than he has a hundred million available for wasting on the most weird stuff.

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Quote from: uneng on March 27, 2021, 07:48:38 PM

Money laundering? Arts pieces are well known for being traded for this purpose since a long time ago. It won't be different now on this digital era which we are entering.

Everything can be used to lauder money including arts so It could be one of the reasons this NFT are priced that high but that's not the main reason it's been overpriced generally. The whales are just trying to create a buzz around the whole trend of NFT.

They're seeking for attention which they'll get more when millions of dollars are been transacted on some pieces of art. This will bring about more engaged in the technology as others would want to partake so they too can benefits.

Excluding the whole hyping of the technology, there are some NFT that has been sold for outrageous amount and they're really worth it like the very first tweet of the CEO of twitter, those are priceless stuffs that their price tagged are justifiable.

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Quote from: hatshepsut93 on March 27, 2021, 11:22:13 AM

NFT is overpriced because there's a lot of crypto millionaires and billionaires who can afford to drop this kind of money on some ephemeral "ownership" of a digital picture. Some of them might be betting that the value will go up if NFT ecosystem will get more traction, which is very naive, because it actually doesn't offer much - it's not fully legally recognized, so it would be hard to actually enforce your ownership.

My opinion, Art will never be Overpriced and has been around for a long time even though at this time the direction is not clear because as you said, various naïve people only pursue profit but NFT can be a way for the future of Collectible,Art or anything, isn't it interesting where we can collect rare card? for example the Hank Aaron card from 1968 without needing to have the physique card? Removes borders and provides transparency! Even though it's didn't have a clear concept yet, this is a good step for Blockchain.

uneng

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Money laundering? Arts pieces are well known for being traded for this purpose since a long time ago. It won't be different now on this digital era which we are entering.

Yogee

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The early NFTs or the genesis were paid huge amount even if the creators are not that famous as a show of support to the new trend.

Quote from: hatshepsut93 on March 27, 2021, 11:22:13 AM

..... it's not fully legally recognized, so it would be hard to actually enforce your ownership.

Really? Do you still need further registration or additional paper works when proof of ownership is already on the blockchain? All you need is your wallet and prove you own it using your private keys or seed phrase.

........

iq_armando, the tribute to Satoshi caught my attention https://opensea.io/assets/0x495f947276749ce646f68ac8c248420045cb7b5e/38283222118839428537737299459230490688635420731801561016541431483190069952513 I hope you're not going to sell that and take all the proceeds.

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Quote from: iq_armando on March 27, 2021, 10:39:42 AM

No matter how beautiful, flashy, or weird an image or video is, I don't think it sells like NFT for a lot of money unless you're a famous person.

Although there may be its exceptions.

What do you think?

visit

https://opensea.io/collection/armando-v2

Cheesy

Same as crypto. If the buyer thinks that NFT is worth a million dollars, then it is worth a million dollars. It might not make any sense to you but people buy it anyway. People pay huge money to buy fine arts too. Again you may think it is just a waste of money. That's the luxury of being rich. They can afford to waste their money on anything and you cannot.

tsaroz

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Collectibles and arts have always been a lucrative market. It's seems valid for something like the founder of twitter selling his first tweet as NFT and getting a good value because there would just be one of it and a single person would be the owner of it for as long as he/she wants. It's a fame bought with money. But not all NFT's would remain as popular. WIth everyone moving everything to NFT, their value would keep decreasing.

hatshepsut93

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NFT is overpriced because there's a lot of crypto millionaires and billionaires who can afford to drop this kind of money on some ephemeral "ownership" of a digital picture. Some of them might be betting that the value will go up if NFT ecosystem will get more traction, which is very naive, because it actually doesn't offer much - it's not fully legally recognized, so it would be hard to actually enforce your ownership.

jrrsparkles

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Goodluck for your art journey, and you are right not every NFT is going to get the price in millions better try to create an related to famous celebrity or current trending news in the world to get some success.

iq_armando

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No matter how beautiful, flashy, or weird an image or video is, I don't think it sells like NFT for a lot of money unless you're a famous person.

Although there may be its exceptions.

What do you think?

visit

https://opensea.io/collection/armando-v2

Cheesy

Topic: What makes an NFT sell, and sell for thousands or millions of dollars? (Read 203 times)