Explain what NFT's are and why they have value

[Street Hunger]

Thanks in advance

[Street Hunger]

This is sort of NBA related I guess because NBA NFT's were a huge thing for a while and now I don't hear anything about them

[Real Men Wear Green]

NBA Fungible Tokens. It's a jpg file saved in a different format that FOMO will drive some people to pay you surprising amounts of money for. I do still regret not buying some of that Trump NFT and then selling it the next day.

Act quickly it will all be worthless in a few minutes. If they aren't already.

[Mask the Embiid]

Digital Art. You either get it or you don’t

[Full Court]

Why they have value....

They have no intrinsic value. Their value is nothing more than what someone is willing to pay for it.

[ShawkFactory]

Why they have value....

They have no intrinsic value. Their value is nothing more than what someone is willing to pay for it.

You could say that about pretty much anything.

[Full Court]

You could say that about pretty much anything.

Maybe, but in the case of NFTs it's different. Prices are set by markets, but most things have inherent value based on utility. Tools, machines, computers, smartphones, food, etc. all have some level of value based on utility.

Art has no utility, but NFTs are even a little different from traditional art when it comes to value. Some people might want, say, a painting first and foremost because they like looking at it, but also based on how it goes with the decor of their home, or the kind of image it presents. NFTs don't even have that. People are buying them because....they think the value might increase. It's not like they're even looking at the digital image all the time to admire it like they might a traditional piece of art. Or maybe they do - who knows.