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?
Be very careful, it seems more and more obvious to me that a great deal of those ‘sales’ are manufactured and were not legitimate and most likely it was done to deceive investors or it is just a way to launder money.
Think about it, a scammer could create a NFT, buy it himself for all the money he has establishing a base price for his NFT, then he does this over and over again and now it seems as if all is art is selling for high prices, then finally the previous buyers of their works, which was no one else but himself, put their works for sale and now they earn a lot of money, I am sure this is happening all over the market and as such I would not spend any time thinking about it or what is next big scam that is coming to the market.