NFT hit or miss?

[slothparade]

What does everyone think about these new NFTs? Ive been watching them, I personally dont see a future in them but, you never know they might blow up like crypto. 

Personally I was going to put $10 maybe $20 in and see how it goes, just dipping my toes in the bath first, then slowly increase from there. I feel like its not your average investment, and because I don't see much of a future I dont want to dump heapes of money into it. 

So what do you guys think? Worth giving it a go or just give it a miss? Does anyone actually have and NFTs? I know one of my mates has invested a little bit in it and has made a few $. 

 

[Fab1]

Just buy a house in Sydney and it  will increase in value by 10 million next week.

[Little_Flatty]

Any 'investment' that doesn't generate positive cash flows through doing something useful (like providing a roof over someone's head, making a product that people want to buy etc) is going to be risky. Same goes for gold (the original crypto); on its own, it doesn't 'do' anything useful and the value of gold depends on other people who want to buy it.

By all means, go for it, but treat it like buying a bit of bait at the shop; you might get a return for it (a decent fish) or you might not (in which case your money is spent and gone). I personally would want more guarantees than that. But it does take a bit of mental fortitude to hold back when your friends are all boasting about making money off crypto, NFTs etc.

[Rebel]

Buy shares in Drug suppliers, you can't go wrong.

Also Mining.

[James Clain]

I am reasonably into crypto and NFT's. The worth of Crypto is controlled by the supply and demand of that particular currency as a whole as it is exchanged and traded on exchanges through a buyer's asking price and a seller's selling price. NFT's are similar however in their case they hold individual worth as they are not apart of a grouped currency (however still being built on the same / similar technology). Think of an NFT as a real life painting, which NFTs digitally are (digital artwork, but not always).

What controls why a panting is valuable varies and can be very subjective: the artist who made it, the fame of that artist, the quality or significance of the work, maybe even money laundering. 

The same goes for NFT's making them have the potential to skyrocket to extremely high prices however gaining a hold of ones that are capable of doing this are hard as the initial price may be out of reach. one might also not be involved in any wrong doing (cough cough, money laundering) that is going on.