The NFT market is red hot! The single sale of August is $1.9 Billion of the month.
People speculated that there is no way it is a bubble. However, others think it is just the beginning of the NFTs.
What is a bubble?
It is a cognitive bias that makes the group think valuation is worth it as it is but the reality is overvalued.
Arguments agree as a bubble
Everyone is rushing into the market. Celebrities, big corporations, and wealthy investors are all into the NFTs.
Arguments disagree as a bubble
Sports, entertainment, and institutional financial services are starting investments into NFTs.
Bubble or not?
Well, both arguments are very similar and they can go both ways.
Yes! The bubble is just a speculated idea too! There is no actually a bubble until it pops. Nobody knows what will happen until it happens.
The bubble is not important and uniqueness is a key
The NFTs market is part of the crypto market now.
Miners are benefiting from the NFTs sales as the Ethereum gas fees shoot up.
Investment in arts will benefit from the market because the valuation of art was speculated and it was hard to prevent fraud. NFTs provide a method to prevent fraud.
The entertainment, sports, and gaming Industry had a new way to promote their unique games through NFTs and become collectibles.
The movie industry has a new way to sell their own products with a unique copy to exclude any copycats.
I don’t think bubbles really matter as long as people continue using them.
Do you think NFT is a bubble?
Photo by Federica Campanaro on Unsplash
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Disclosure: I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose cryptocurrencies are mentioned in this article. This information is only for educational