I've just taken part in my first NFT project (but not simply an image, a whole metaverse ecosystem), but I must admit the whole space is superheated and over-hyped. I find it all a bit silly. Certainly, owning a JPG NFT is not sensible - anyone can make a copy of the image - you just own the 'receipt of ownership' as it were. Whoopee. And most image NFTs being all digital…there's no physical artefact, like an actual painting, to hold onto as the 'real deal'.
These days, you just need to add 'blockchain' to some project, and people roll in, hoping to make a million… In most cases, that blockchain part is (practically speaking) almost superflous. And people get excited about tech that has been around for ages e.g. distributed rendering!…but now 'on the blockchain'. Using your idle GPU on network connected device. To Render NFTs (among other things
I have some of the tokens for this project - because other people believe they have value - but as someone who worked on this kind of shit in 2006 (yea, didn't finish it, but it was not new even then) and knows quite a bit about the render back-end, this not rocket science but people are lecturing me on how "groundbeaking" it is and how it redefined everything blah blah.
So bottom line: it's hugely overhyped, and many says its in a bubble. I think when the bear market arrives - as it always does - many NFTs wil go to 0.
I simply don't care enough to be the proudly block-chain certified owner of most NFTs. As usual, a lot of celebs and influencers have driven up the hysteria. And the prices…Jeebus…millions of USD?! For crazy ugly pictures….the mind boggles.