Some people are spending millions of dollars on NFTs like crazy these days.They buy so-called NFT art sold out for ten million of dollars (USD) as their Avatars of social platforms.
It sounds ridiculous,which is exactly its charm.
For what I know, crypto behaves in strange and bizarre ways. First it was the ICO hype. Then came the "De-Fi" hype. And now it's the NFT hype. Who knows what the next big thing in crypto will be?
It's definitely ridiculous.
I think that at the end of the day, people have way too much cash on their hands and they are simply trying to find a place to dump that excess liquidity.
That is pretty much the only use of NFTs, apart from (potentially) being a money laundering device. I do not believe in the long term viability of these collectables, although applied uses like music licensing could be possible.