There's so much positive commentary on NFTs here, so I'll offer a contrary opinion...

NFTs are currently extremely overhyped and even more extremely overvalued.

First off, NFT = Non-Fungible Token. One of the largest value props of Bitcoin is that it's fungible. One sat is worth just as much as the next sat, and the network doesn't discriminate. With NFTs, you're creating tokens which each have a distinctive, subjective value, rather than a more widely agreed upon objective value, determined from multiple global exchanges.

Nothing wrong with subjective value. To some degree, most value is subjective, but I feel like people are investing in these non-fungible tokens as if they were fungible.

The value of holding a token which is tied to some other object, whether it be physical or digital, makes very little sense to me. Okay, so you're the owner of this particular digital image because you hold the private keys to a digital token linked in some way to the image. What does that do to you? What extra satisfaction is there for the key holder?

Compare this to an original painting that one has physical possession of. The painting itself has value over a digital image of the painting for several reasons - it's a physical object, and more about the painting can be appreciated because of the nuances that can't be replicated with a digital scan - the feel and visual texture of the medium, how it looks at different light angles, etc. This I can understand. But the digital image is something so cheap with modern technology that it is indefinitely replicable for a cost that is very near zero.

Disclaimer - I bought a bunch of rare pepes back in 2017 because it was novel and fun, and a good network stress test. Though why people are willing to trade large amounts of real BTC for these digital tokens is beyond me. In pre Bitcoin world, it would be like trading a bar of gold for Pokemon cards - sure, you might get lucky, and get some valuable card you can pass off to someone else, but fundamentally it's trading real wealth for more subjective, imaginary value. Part of me feels bad when I sell a Pepe card for BTC. And I would never be buying Pepes at these prices.

NFTs may have a place in the collector's world. But this initial hype doesn't correlate to the "value" offered by corresponding digital tokens. From my perspective, this is a giant money grab from both artists and speculators looking for another way to cash in from noobs caught up in the current crypto hype cycle.

That being said, I'm all about the free market, and other people's choices are ultimately none of my business. The above is me thinking aloud and voicing my opinion. Happy to hear from people as to why NFTs give them value, or other arguments as to what justifies the current hype.