So this thread popped again and one thing that I've seen a day ago was about the NFT called 'Beeple'. It was sold for $69M on 2021 and right now, you know how much it costs? $20k.
I guess that the other hyped NFTs from before that were bought expensively also dropped in prices. I think one of the investors and buyers of it is one of the Paul brothers.
A lot of projects are down 90% or more from their ATH, so it is not just an issue with NFT art as much as I don't like it. It is an overall trend of devaluation of different things, because everything back then was hyper inflated. The less useful things that hold less real value are going to experience higher reductions. Still, we are only judging this from the outside with limited information. Who is to say that somebody did not conduct some very successful money laundering, tax write off or something else entirely on this loss? I guess that the other hyped NFTs from before that were bought expensively also dropped in prices. I think one of the investors and buyers of it is one of the Paul brothers.
This is also a plausible hypothesis, and I personally don't see any effectiveness in these tokens other than as a new means of money laundering before they become a focus for law enforcement and financial bodies. Of course, the importance of community within the hype wave is essential for transactions to be convincing and unquestionable.
Since the emergence of this wave of NFTs, dedicated marketplaces have been created to display and trade them. I've been wondering what convincing reason would make someone pay any amount to purchase one. Over time, I've become convinced that they have no real use outside of these marketplaces. Do you know anyone who has benefited from purchasing an NFT other than perhaps finding a naive person to sell it to plus interest? Does anyone know of any useful use for any of these tokens?