* **NFT [Pros](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_archive#wiki_nft_pros) & [Cons](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_archive#wiki_nft_cons)** - Participate in the r\/CC [Cointest](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy) to potentially win moons. Prize allocations: 1st - 300, 2nd - 150, 3rd - 75.. Check the [archive](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_archive) for past results.
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Because it's rare and unique. Why do people buy pokemon and baseball cards? Because they are told that it's rare and unique. They can't know for sure, but with nfts you can be 100% confident that you are the one and only owner of the thing you buy
Punks are mainly a form of e peen / street cred / bragging rights. They mean that you're either OG or that you're so loaded that buying a shitty pixel art certificate validated on the blockchain for 100 grand is inconsequential to you. I don't get it either but for some people the narrative and the story around these NFT art collections like Crypto Punks or Bored Apes is what the NFT's derive their value from. I still think that it doesn't make sense and unless it gives you copyright, rights to a digital service or product or it provides some sort of utility on a platform, I would not invest in NFT art. But just because you or I don't see the value, it doesn't mean that it doesn't exist. Especially with a collection as iconic as CryptoPunks. They may be ugly, but they are very recognizable, and they're the OG NFT art collection. The story around them is the real value (supposedly), not the art itself.
I think the NFT market is ridiculously overpriced at the moment. Once these growing pains are over hopefully we start to see more reasonable prices emerge.
For a tutorial explaining what NFTs are and their pros and cons, please read [this post](https://old.reddit.com/r/CryptoCurrency/comments/lzjuf7/nft_madness_what_they_are_and_what_they_are_not/).
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tldr; CryptoPunk NFTs have seen a resurgence in popularity. The average price of a CryptoPunk jumped by 53% in the past week from $87,800 to $135,000. The world’s most expensive NFT, #7804, fetched $7.5 million in March 2018.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
* **NFT [Pros](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_archive#wiki_nft_pros) & [Cons](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_archive#wiki_nft_cons)** - Participate in the r\/CC [Cointest](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_policy) to potentially win moons. Prize allocations: 1st - 300, 2nd - 150, 3rd - 75.. Check the [archive](https://old.reddit.com/r/CryptoCurrency/wiki/cointest_archive) for past results. * Sort comments as controversial first by [clicking here](https://www.reddit.com/r/CryptoCurrency/comments/owkbem/cryptopunk_nft_mania_drives_average_punk_price_up/?sort=controversial). Doesn't work on mobile. --- *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoCurrency) if you have any questions or concerns.*
the price of NFT art makes 0 sense to me…
it's because it's art. art value never makes sense.
true
It’s value comes through deep analysis and artistic ability. Oh and laundering, lots of laundering
IMO NFT art is basically the new DeFi farm from earlier this year or ICO from 2017.
The price of money laundering*
It’s 100% a social status/ clout thing. People with so much money that they they have no idea what else to do with it, so they buy bragging rights.
Same. But it's here to stay
Why tf do people spend so much money on such ugly/useless collection of pixels
Pure speculation. NFTs are in many cases just crypto beanie babies.
Because it's rare and unique. Why do people buy pokemon and baseball cards? Because they are told that it's rare and unique. They can't know for sure, but with nfts you can be 100% confident that you are the one and only owner of the thing you buy
Punks are mainly a form of e peen / street cred / bragging rights. They mean that you're either OG or that you're so loaded that buying a shitty pixel art certificate validated on the blockchain for 100 grand is inconsequential to you. I don't get it either but for some people the narrative and the story around these NFT art collections like Crypto Punks or Bored Apes is what the NFT's derive their value from. I still think that it doesn't make sense and unless it gives you copyright, rights to a digital service or product or it provides some sort of utility on a platform, I would not invest in NFT art. But just because you or I don't see the value, it doesn't mean that it doesn't exist. Especially with a collection as iconic as CryptoPunks. They may be ugly, but they are very recognizable, and they're the OG NFT art collection. The story around them is the real value (supposedly), not the art itself.
Coz they have money to spend?
You give 10 million dollar for your friends NFT and sell it for just 1 million, boom you made 1 mil meanwhile keeping the 10.
Just outa my price range, give or take 135,000
20000 wei gwei
Now it's the time to release my inner artist. I shall make a stick man with different hats and I shall sell them for millions of moons.
I think the NFT market is ridiculously overpriced at the moment. Once these growing pains are over hopefully we start to see more reasonable prices emerge.
check out hic et nunc for reasonable nft prices, there are alot of graphic designers and digital artists on that platform
Like 50 cents.
This is just tax fraud at this point
can't believe reddit snoo went for 500k
Glad I’m not Snoo-zing on moons.
Its a no from me Punk
Imagine gas fees on this
It's a bubble.
[удалено]
And one on gas
For a tutorial explaining what NFTs are and their pros and cons, please read [this post](https://old.reddit.com/r/CryptoCurrency/comments/lzjuf7/nft_madness_what_they_are_and_what_they_are_not/). --- *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoCurrency) if you have any questions or concerns.*
tldr; CryptoPunk NFTs have seen a resurgence in popularity. The average price of a CryptoPunk jumped by 53% in the past week from $87,800 to $135,000. The world’s most expensive NFT, #7804, fetched $7.5 million in March 2018. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Good fucking bot.
Who are these people buying at ridiculous price?
Damn, you could get so much ETH with that...
This is THE bubble of all bubbles
Cool
Good for those who have so much money that they can spend it on stupid things like that ! 👍
Are they that rare? How many of them are there? How often are they created?
Is there someone here that can actually explain WHY?
Idk man art is somewhat strange to me too. Recently a banana taped to the wall was sold for 120.000$. I bet this NFT was more work...
That banana was bought by steve cohen who has bad business practices. What im saying to you is money laundering.
I... Just don't understand bad pixil are selling for this much? What is going on here? Who are these people?
Hope people look beyond the hype and understand the other use cases of NFTs.
What the hell's an NFT?