Why are NFT Tokens booming? FOMO? - page 2.

aysg76

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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?

Yes we can say that NFT's are hyped at this time due to digital artworks being sold in million dollars in NFT and Jack Dorsey also auctioned his first tweet as NFT.They are another new trend in the market which is boosting the DeFi projects in the chain but we can witness slow growth of NFT when this FOMO comes to an end.They have gained popularity only because of social media news and painting sold at highly extensive prices but it has no growth options.

Sled

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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?

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.

geegaw

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Quote from: btc-facebook on March 14, 2021, 06:06:33 AM

NFT is like Digital Art, it is rare and the price can increase very high in just a few months, this price increase is due to the unique NFT and steps, the more rare the item is, the faster the price will increase.
Usually the increased price is very high for a picture of a world figure. I hope that NFT will last a long time, because after all there are risks if one day NFT becomes worthless because there are too many NFT that appear.

I feel that NFT will hardly become a sustainable trend in the future or even if it can exist with crypto, the returns in the trend will start to diminish when this is just a form of refreshing crypto, refreshing this market, we can look at Defi, IEO and some other form, they are created in times when the market is lacking stimulus, the explosion of the NFT has only increased our chances of making money. Profits will be relatively good for the starters to create more community of players, gradually it will become more rigorous and no longer profitable

btc-facebook

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NFT is like Digital Art, it is rare and the price can increase very high in just a few months, this price increase is due to the unique NFT and steps, the more rare the item is, the faster the price will increase.
Usually the increased price is very high for a picture of a world figure. I hope that NFT will last a long time, because after all there are risks if one day NFT becomes worthless because there are too many NFT that appear.

nimogsm

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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.

asriloni

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Quote from: coiningz on March 13, 2021, 02:05:20 AM

People find new bubble and trying to earn money on it, thats simple

That could be one of reason but it's not only about that. There are lots of parties have been seeing an opportunity to expand their service into the NFT. NFT can be used in the various platforms like game, art and many more. that will always become the main reason why NFT gets booming right now. Remember people will not put their money if they were not seeing it as an opportunity,
I do believe NFT has the same potential as defi.

tabas

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

Quote from: tabas on March 14, 2021, 04:09:06 AM

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

I am wondering why are NFT tokens so hot right now?

Because it is new and with a lot of money flowing into it.

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

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?

Yup, hype and fomo. If it's about the price rally, just as the usual thing we experience. It will somehow cool off and correct and so on.

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.

Although with the hype of the ICO. For those, all investments in the cryptocurrency market, with all the hypes have been flowing into it. Millions of money are being sold for those digital art.
And that's hell of a sale for those digital prints, arts or anything that anyone can think of making as NFT.

Tash

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Tokens is a joke investment. Anyone can make a token in a matter of minutes. All what needs to be done after creation is find some "investor(s)" (a fool to part his money)
Actually there is more value as a gimmick, entertainment value to sent back and forth amongst friends.
3 basic steps to make a token
Investment, lol

Twinkledoe

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Quote from: tabas on March 14, 2021, 04:09:06 AM

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

I am wondering why are NFT tokens so hot right now?

Because it is new and with a lot of money flowing into it.

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

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?

Yup, hype and fomo. If it's about the price rally, just as the usual thing we experience. It will somehow cool off and correct and so on.

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.

tabas

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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?

Because it is new and with a lot of money flowing into it.

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

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?

Yup, hype and fomo. If it's about the price rally, just as the usual thing we experience. It will somehow cool off and correct and so on.

dhemasm

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Because NFT Offers something unique, It was Fungible-Asset on the Blockchain where basically it can't be replace with exact same model. For example if you love to collect Baseball Card from 60s-90s you will know how valuable that card especially with Signature from the player. NFT Disrupting by making the Digital Version which is more transparent, borderless and can't be manipulated, It was perspective from Hobby. From the other Field it can becoming identifier and can be integrated in various verifications.

NFT is very revolutionary and there maybe a slight correction in the future onthe market but I'm sure this hype will continue to the point of it's peak where is already adopted globally.

someone703

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Quote from: killerfrost on March 13, 2021, 01:57:38 AM

Quote from: someone703 on March 13, 2021, 01:02:16 AM

We sometimes don't understand why this is the case, I think as people's current belief in this market gets bigger, these small trends, once stimulated, will create big fomo. And the main purpose is still finding profits, whether it's NFT defi or in the future there are many other things.

Not only the NFT products are generating terrible numbers, but recent projects are also focusing on this area, and it is almost like the profits that those projects bring are huge. That may be part of the reason people are interested in it.

Yes, as I am seeing, NFT development projects are strong, and it seems like these projects are all at least x5x the selling price. That's exactly part of the reason so many people are interested in the NFT, I don't know if this trend will last, but with what's going on I'm really scared.

bayudndy

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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?

Have you heard of IDOs lately?
Projects bring in a lot of profits to investors and this gets them noticed.
And the NFT is really making the hype, I don't think it's worth that much, agree on the application of NFT to the small things to initiate the bigger ones.

coiningz

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People find new bubble and trying to earn money on it, thats simple

Mpamaegbu

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Everyone likes to play games Shocked

, no pun intended. On a more serious note, we should take cognizance of the fact that every bull run has always had a trend it introduces. I ain't surprise with NTF and the BSC DApp stuff dominating the scene now. Remember when we had ICOs, IEOs, STOs, Lending tokens just to mention but four. Investors are always in a hurry to hit a good ROI and will expectedly look for what can make them the most cash. Anything trending, whether from FOMO or true use case, catches their fancies. BTW, I just got on the BSC DApp bandwagon. I'm so loving the swiftness and smooth ease of swapping or buying tokens there. Most times before tokens even hit cex, those accustomed to DApps had already bought cheap. Great concept.

killerfrost

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Quote from: someone703 on March 13, 2021, 01:02:16 AM

We sometimes don't understand why this is the case, I think as people's current belief in this market gets bigger, these small trends, once stimulated, will create big fomo. And the main purpose is still finding profits, whether it's NFT defi or in the future there are many other things.

Not only the NFT products are generating terrible numbers, but recent projects are also focusing on this area, and it is almost like the profits that those projects bring are huge. That may be part of the reason people are interested in it.

someone703

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We sometimes don't understand why this is the case, I think as people's current belief in this market gets bigger, these small trends, once stimulated, will create big fomo. And the main purpose is still finding profits, whether it's NFT defi or in the future there are many other things.

cryptoaddictchie

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Hard to speculate that its just a hype but majority believe it is. You can't blame them as all related nft projects has increase significantly and also got proven its existence by having too many deals made in the past weeks over millions of NFTs being sold at auctions. I dont know but I feel like I should budge in before the nft series or events has come to an end.

southerngentuk

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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?

Nft will support the technical infrastructure to prevent the need for middlemen. At the same time also supports the conversion of physical assets in a new way. The ecommerce giants have been continuously exploiting the users and the corresponding data flow is undeniable. That has added friction and cost to the entire digital asset trading process. The defi scene has also demonstrated its importance in disrupting existing proprietary projects. It seems like a pretty hard thing to achieve. Adoption of the nft will promote trade and provide opportunities for small retailers. It also gives consumers more exposure to the goods they choose. It seems that achieving this goal is the main task.

crwth

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I do believe that people have posted their stuff and hoping it could be auctioned into the marketplace. I think some stuff needs to be addressed if you are participating in it and hoping to make more money with this.

- It's not just purely digital (I guess), or it's an iconic event
- I believe you have to be famous to utilize this.
- One of a kind

I think this could be beneficial for superstars for sure, like in the sports industry.

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