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The LinkedIn headers have gone too far now
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Recs for sushi grade tuna to buy pls? Thanks!
Rising Star
Quite literally the worst thing i’ve ever seen
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PRQ is about to 🚀🚀🚀
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Makes sense now.
Using coin on Robinhood vs a wallet?
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Rising Star
Someone else willing to buy at a higher price. The “greater fool” theory.
Greater fool theory. Just don’t get stuck being the greatest fool.
Roughly the same as how beanie babies work
Or art
Rising Star
If you can understand why Bitcoin appreciates in value, you should be able to understand why an NFT can appreciate in value
BTC (and maybe other cryptos) are specially designed to be deflationary- so in the theory they will go up in value just by time (burning coins / less mined / etc etc)
An NFT (while I think is here to stay in some form or another) isn’t designed the same way.
NFTs are all about ownership.
I don’t care actually care which block on the chain my BTC or other crypto is, just how much I own.
Chief
In addition to the above: 1. depends on the project and community. As popularity of the project increases the average floor price increases. A famous Twitter guy or celebrity endorses it boom the floor price
2. Also, lot of shady things happen on OpenSea. There was a news on how OpenSea employees front run the minting with the help of project creators.
3. Coinbase Binance and FTX all creating their own NFT market place so in anticipation of that the prices might go even higher
perception, but there can be intrinsic value to them. some act as passes to a particular social circle, akin to a country club. some accrue tangible benefits, such as allowing you to mint other nfts, or giving you tokens if you stake them.
it comes down to the community and execution. look at how many hyped projects were hindered by failed launches (e.g. the sevens). look at the ones that are successful - they don’t miss a beat (e.g. bored apes).
then there are others that are just art, and there isn’t really an explanation for that except that they (or you) like the art
It goes up because the seller bought their own NFT for a really high price to give the appearance of an appreciating asset.
NFT is a ponzi scheme as all financial products.
Remember everyone said same thing of crypto 5 years ago. My advice - buy a cheap one in a fun community and you will see why.