Why are NFT Tokens booming? FOMO? | Bitcointalksearch.org

doomloop

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Quote from: Sled on March 14, 2021, 08:49:24 AM

Quote from: IggySe7ven on March 12, 2021, 06:53:04 PM

I am wondering why are NFT tokens so hot right now?
The gains in the last week are pretty significant.
I cant imagine everyone running to play some NFT supported video game or really wanting to spend alot of money on buying digital art etc.

So is this insane rally based on Hype and FOMO?

Do you predict the price rally will cool off and retrace soon?

Last 2017 almost all altcoins/tokens are in hypes, and what we experience this time is likely the same. Not only NFT is surging high but many others did. Mind if you try to check your wallet maybe your dead coins stuck there will have a surprise on you.
I would say that our patience is worth it, and I'll be doing it again, do staking after making a sell this time.

This is not like 2017 because it is not really a currency. Bitcoin is a currency, ICO's were currency, NFT is not currency, it is art that you buy, there are tokens specially for this but those are just bought because it will be used to buy art. I am not saying 69 million dollar beeple art makes sense neither, it could be hype or it could be legit, but it is art and that is why it is not the same as 2017 and we can't really reason with it.

I do not think that Mona Lisa worths anything, it is just a semi-decent (there are people who paint better if you ask me) but people go crazy about it so it is not my place to judge someone for paying a lot for an art, people do that, art world does that, and that is how it survives. Which is why I think it is quite important to realize that NFT could be hype but could be very well legit since we have seen these kind of stuff in art before.

wheelz1200

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Quote from: IggySe7ven on March 12, 2021, 06:53:04 PM

I am wondering why are NFT tokens so hot right now?
The gains in the last week are pretty significant.
I cant imagine everyone running to play some NFT supported video game or really wanting to spend alot of money on buying digital art etc.

So is this insane rally based on Hype and FOMO?

Do you predict the price rally will cool off and retrace soon?

Definately fomo, yes I expect prices to cool off. Its not something that will go away anytime soon but equate it to altcoins. Tons put there mostly all turds. Got to weed through them to get to anything good.

danherbias07

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Hype or not won't matter.
The question is if they can keep it up.

Some are laughing at how ridiculous it is to buy a piece of art, gif, even the first tweet of Jack Dorsey.
I bet centuries ago they also laughed at some painters and artworks but now they are selling for millions of dollars.
It's difficult to understand but somehow there are still buyers. I doubt it will end quick while the features is mostly focused on the new era.

ven7net

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Quote from: IggySe7ven on March 12, 2021, 06:53:04 PM

I am wondering why are NFT tokens so hot right now?
The gains in the last week are pretty significant.
I cant imagine everyone running to play some NFT supported video game or really wanting to spend alot of money on buying digital art etc.

So is this insane rally based on Hype and FOMO?

Do you predict the price rally will cool off and retrace soon?

I believe that NFT is a new trend comparable to ICO, IEO and DeFi. We can also say that NFT is a new level of crypto development, which already now makes it possible to tokenize both goods and services. There is a chance that NFTs will be the catalyst for the rapid adoption of crypto around the world. I believe that now is the time to join this trend, as in the future NFTs will only gain momentum, which means we can make good money on this.

RealMalatesta

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Quote from: bitcoinblog on March 16, 2021, 08:18:33 AM

I am also wondering why NFT is so hot. But same time i read in articles that it was very much in demand to make blockchain for NFT products.

In future games like Decentraland or Upland , there u will construct building and give space for advertisement to be installed on those buildings. And advertisers will pay for that and u can earn extra income from ur virtual world. Same like websites are earning from ad placements.

Lets see what will be the future or it will just getting down with time.

There is nothing too shocking about something that hypes, it is just a hype and we have done that many times before and that was always the case, remember ICO times? People ended up investing billions into things that didn't worth a single cent, hell I remember some guy making "scam coin" and literally say that he will scam people and there was a million dollars invested into that, people assumed it would be worth something for just the joke value but it wasn't a joke, he literally scammed them.

So long story short, there is nothing shocking about NFT neither, it is useless and shouldn't be seen as a real investment and people will keep investing into these things as long as it doesn't drop, one day there will be people trying to sell their NFT and will fail and at that moment you will see that all those "art" that is sold will become nothing.

smartbitco

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Quote from: bitcoinblog on March 16, 2021, 08:18:33 AM

I am also wondering why NFT is so hot. But same time i read in articles that it was very much in demand to make blockchain for NFT products.

In future games like Decentraland or Upland , there u will construct building and give space for advertisement to be installed on those buildings. And advertisers will pay for that and u can earn extra income from ur virtual world. Same like websites are earning from ad placements.

Lets see what will be the future or it will just getting down with time.

That is really a good idea by the way. Advertisement space in games ... amazing. So advertisers will use game token to pay for the ad space ? or that will use ETH or any NFT supporting blockchain token ? How that payment will work ?

terciduk123

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Quote from: IggySe7ven on March 12, 2021, 06:53:04 PM

I am wondering why are NFT tokens so hot right now?
The gains in the last week are pretty significant.
I cant imagine everyone running to play some NFT supported video game or really wanting to spend alot of money on buying digital art etc.

So is this insane rally based on Hype and FOMO?

Do you predict the price rally will cool off and retrace soon?

Maybe NFT is a new trend this season, after the DEFI trend became popular and the price of some DEFI tokens increased, currently the price of some NFT tokens continues to increase, even CMC has made a special list for NFT tokens. I think the NFT trend will continue.

https://coinmarketcap.com/nfts/

TopTort777

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Quote from: Twinkledoe on March 14, 2021, 04:19:09 AM

You can compare it with the defi hype. But once people realized that the value of NFT really depends on what it is really representing for, slowly they will die down. However, since they are just starting to hit the market, expect that most of the NFTs will be overpriced in the market. If you want to get a hold one of these NFTs, make sure that you are paying for something that will really be valuable years from now. Because for sure, a lot will try to sell worthless NFTs for thousand bucks or more.

Worthless or not, overpriced or not - each item has its own buyer. I suppose that compared to DeFi, NFT wont die. They will be like comix, baseball cards, stamps, pokemon cards and etc. They dont have a real value or real usage, but fans and collectors are willing to pay bags of money for old and rare items.

bitcoinblog

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Quote from: IggySe7ven on March 12, 2021, 06:53:04 PM

I am wondering why are NFT tokens so hot right now?
The gains in the last week are pretty significant.
I cant imagine everyone running to play some NFT supported video game or really wanting to spend alot of money on buying digital art etc.

So is this insane rally based on Hype and FOMO?

Do you predict the price rally will cool off and retrace soon?

I am also wondering why NFT is so hot. But same time i read in articles that it was very much in demand to make blockchain for NFT products.

In future games like Decentraland or Upland , there u will construct building and give space for advertisement to be installed on those buildings. And advertisers will pay for that and u can earn extra income from ur virtual world. Same like websites are earning from ad placements.

Lets see what will be the future or it will just getting down with time.

goaldigger

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FOMO and Hype, yes but there's something on NFT that it makes more valuable nowadays.
I think there's a lot of good artist and collectors that didn't get their want easily because of barriers but the NFT, I think it fix that problem and make things possible. Its too early to burst the bubble, but time will come and people will realize the real value of NFT in the market either to keep going up, or time to go down.

JeffBrad12

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Quote from: nimogsm on March 14, 2021, 05:21:59 AM

yes, this is just a new trend, how quickly it appeared so quickly and will end.I don't really understand how pixel images can be so expensive.If someone needs it, then let it be.

I think that depends on how rare the art and that will bring value to the NFT of such art. As far as i know, this is also using various factors to determine how much value will be worth to be priced for the NFT.
You can see how jack dorsey was even selling NFT for his first twitter and that's how FOMO is happening right now.
People are only care about how to buy NFT without trying to consider whether it will worth their money or not. This will be end soon.

LogitechMouse

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Quote from: IggySe7ven on March 12, 2021, 06:53:04 PM

I am wondering why are NFT tokens so hot right now?
The gains in the last week are pretty significant.
I cant imagine everyone running to play some NFT supported video game or really wanting to spend alot of money on buying digital art etc.

So is this insane rally based on Hype and FOMO?

Do you predict the price rally will cool off and retrace soon?

When ICO is booming, there is so much hype on it but after few months it wear off.
When IEO is booming, there is so much hype on it but after few months it wear off.
When DeFI is booming, there is so much hype on it and right now it is slowly wearing off.
Now NFT is also booming, hype is there but for sure it will go down in the next months.

All of what is happening right now is purely base on hype and FOMO already. I'm holding ENJ tokens since it was below $0.50 and now my initial money is at x4. I'm planning to sell it anytime soon or when the Gas Fees of Ethereum go down. I'd like to take some profits while the market is up. Right now, we are seeing people FOMO'ed. All markets have time that they will go up but there will be times that they will retrace so to answer your question, yes there will be a time that it will retrace

.

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Quote from: Jaered on March 14, 2021, 11:27:07 AM

If you ask me, I think its mostly FOMO that is driving it. Like the example of a particular painting existing only on the blockchain as an NFT and a jpg file selling for about 70 million dollars. Insane!

Similar as DEFI trend that was getting driven by the hype and NFT too but NFT is a bit different consider there are lots of implementation of NFT in the various platform like game and many more. that depends on how rare that NFT that being sold in the NFT market. If that's a rare NFT and that will make the price of NFT becomes even crazy.
These days people valued each NFT based on how rare NFT is.

javainn

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fomo is becoming more mainstream for this NFT token. but in my opinion there are other additional factors that cause NFT to become one of the booming tokens this month, but we can't exactly determine whether that factor is, what is certain is that the NFT token will make a new million this year.

tabas

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Quote from: Twinkledoe on March 14, 2021, 04:19:09 AM

You can compare it with the defi hype. But once people realized that the value of NFT really depends on what it is really representing for, slowly they will die down. However, since they are just starting to hit the market, expect that most of the NFTs will be overpriced in the market. If you want to get a hold one of these NFTs, make sure that you are paying for something that will really be valuable years from now. Because for sure, a lot will try to sell worthless NFTs for thousand bucks or more.

Yes, we can. The hype is almost the same for Defi and the NFT, as we see on its craze. They're both having the same attention from many investors and thinking that they can bank profit on it. I'm also thinking that it will suddenly lie low soon and will start dying off. Then, those who have made millions through their digital arts will just sit and enjoy the money that they've earned through it. While those believers who are too late will have to embrace the reality that the hype's gone.

Jaered

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If you ask me, I think its mostly FOMO that is driving it. Like the example of a particular painting existing only on the blockchain as an NFT and a jpg file selling for about 70 million dollars. Insane!

bassbity

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NFT development is often a tricky thing, but when they can combine tokens with games, it will create two distinct streams, game enthusiasts, and token enthusiasts. collaborate in one network. it will obviously add a huge impetus to the market. enough with the center as a token, but potentially market-leading by gamers. that's an innovation that was born from digital-art skills that managed to combine the two into one.
Fomo and Hype are quite effective fuels. foremost is the purpose of the NFT token.

Waleedzain323

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People don't want to lose the opportunity as they lost in 2011 in BTC. so they think NFT is the new upcoming era that can boom the prices and will be beneficial financially in future. so NFTs are now getting hype.

leea-1334

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Agree with OP and this is what I keep telling people especially with NFT. It is just incredibly stupid to pay money for tokens that can be mined in a few seconds. It takes maybe a few hundred dollars to pay a freelancer for the art,,, and then use some random gimmick to piece randomly those art to make new art. Not original. Not worth.

TedMosby

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https://bitcointalk.org/index.php?topic=5274318.0

I have no idea about NFT market right now. It’s like a gambling or HYIP. The FOMO aspect is really high on this field.
Personally, I will be more interested in NFT with some special features, instead of a random useles graphic.
Pardon me, but I am not trying to undervalued art. I respect the art aspect on NFT, but the market could make it worthless in value of art. The hype is just for the price, not the art.

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